An Island We Are Not.... 5 Ways To Keep Most Of Your Income!!

There seems to be a consensus with most of my friends and peers that money seems to run out faster these days.  Cost Of Living, if given legs, have run so far ahead that it seems impossible to catch.  Given the state of the US economy; rampant unemployment, uncontrolled inflation, increased tax audits, and trillions (about to be 14 trillion) owed by our national debt, its no wonder we as a nation are having a hard time cracking the money riddle.  Here are 5 suggestions on ways to keep more money in your pocket not just for the short term.

1. Pay Yourself First. 

I'm sure many of you have heard this before.  Take out a portion of your income after being paid and save it in an untouchable (and I mean untouchable!!...  No buts.. Untouchable!) bank account.  Now many would say, "Well, I just barely make enough money to cover all my expenses"  Trust me, we as humans are very adaptable creatures.  If we are given $10,000.00 we find ways to spend all that.  At the same token, if we are given $3,000.00 we find ways to spend all that also.  Start out even just a dollar; the purpose is to build the "Habit" of stashing away for a rainy day.

2.  Keep Life Simple, You can afford to be extravagant if excess money is there anyway.

Heard of "Living Like the Joneses?"  Or, Heard the phrase "If he can do it, So can I."  The context of these statements are not at all negative depending on the situation.  However, If these statements are placed where one competes (mostly materially), then this can be a problem.  As the economy continues to provide massive uncertainty, it may be wise to hold back on things not of immediate value.  Just remember, your situation is unique with others, so your needs and necessities should not be compared with others as well.

3. Invest in yourself.

Have enough income and cash to invest?  Buy a good valued condo to rent and receive cash flow.  Have a great business idea? Invest on the Time and Education in knowing what it takes to succeed in that business.  Want to earn more income at work?  Show value by doing extraordinary things compared to your job description.  The point of this is for you to spend time, energy, and money investing for your future. 

4. Learn more about taxes.

Taxes is the single most expense, if not mastered, will create a huge hole in your financial future.  Trust me, I know.  Find a good accountant that can help you with your financial planning.  Know their background, years of service, and people they have worked with in the past.  Know the deductions and tax loopholes that may reduce the amount of taxes (legally) you may have to pay.   

5. Find Great Services and Deals!

Yes they do exist!  Government agencies (although funds are starting to be limited), businesses, grocery stores, and online deals have greatly helped millions of Americans with alternative options.  Instead of buying things at full face value, be resourceful in finding similar products for a whole lot less. Spend the time, to save the money.  Online coupon-model businesses such as Groupon and Living Social, a hot business nowadays, have helped millions to save on purchases.  check it out, I have. 

As the economy continues to recover, expect a few things to happen.  Expect taxation, higher education fees, higher business fees, higher penalty fees, higher government and state fees, and higher cost of food and shelter.  It is now more imperative to be financially ready to cope at all these expenses to continue a comfortable lifestyle.  Being a multiple service and product Business Owner, Realtor, and Insurance Agent, I know what is going on out there.  My clients and I have long talks regarding what is currently occurring in their lives and mine.  If you are having financial challenges, don't fret, your not alone.  Things will get better in the future as long as you decide to make it better.

My suggestions?  Trust in yourself, save for a rainy day, pay yourself first, invest (if possible), work smarter, reduce liabilities, be a company asset, produce more (sales), and watch out for taxes.  I guarantee, you will save more income than you spend in the up coming future.