| I am sharing these personal finance guidelines for | | | | class and the wealthy. The wealthy value their time |
| anyone who wants to achieve financial freedom. Of | | | | and they commit spending their time creating and |
| course, everyone wants to have financial | | | | working plans and strategies for increasing personal |
| freedom...but wanting it is not always enough. You | | | | wealth. Meanwhile, broke people are more likely to do |
| also have to be willing to do the work and (more | | | | things like spend three hours a day watching TV or |
| importantly) to learn what is really going to produce | | | | an hour arguing with the phone company over a $10 |
| results. These strategies for increasing personal | | | | charge on their bill. |
| wealth and financial freedom will help you to learn | | | | Start keeping track of how you are spending your |
| what works, and doing the work is up to you. | | | | time and ask yourself: "Am I spending my time on |
| The First Step to Financial Freedom: Powerspending | | | | things which will help me add value to my life or not?" |
| of Money | | | | Most likely, you already know the answer...but it is |
| The first of the personal finance guidelines is to | | | | important to be honest in order to motivate yourself |
| spend money for value. This is the practice of | | | | to change. |
| "Powerspending" and it is one of the most commonly | | | | The Third Step to Financial Freedom: Powerspending |
| neglected strategies for personal wealth. Start by | | | | of Your Talents |
| keeping track of all your financial transactions by | | | | Powerspending of talent is using your talents in a |
| writing them down. Then, go through the list every | | | | way that they add value to your life instead of to |
| week and ask yourself: "Am I spending money in a | | | | someone else's. Brian Tracy said that every person |
| way that adds value to my life or to someone | | | | has at least one idea a year that would make them a |
| else's?" Things which add value to other people's lives | | | | millionaire if they just acted on it. In the same way, all |
| are: paying interest on loans, spending money on | | | | of us possess talents which could bring us a lot more |
| things that do not add economic value to your life | | | | wealth than we realize. The problem is that we spend |
| and which you do not really need and "bandit costs" | | | | too much of our time investing this talent working |
| such as late fees, overdraft fees, penalties, and so | | | | for someone else so that they can profit from our |
| on. | | | | talent....and they are. In fact, they are generating |
| The Second Step to Financial Freedom: | | | | more profit from our talent or else they would not |
| Powerspending of Time | | | | be able to afford to pay us. |
| Powerspending of time is using your time to do | | | | So take inventory of your spending when it comes |
| things which will add economic value to your life | | | | to money, time and talent and begin focusing on |
| instead of things which simply waste time. Donald | | | | Powerspending those resources towards building your |
| Trump talks about this in his book on building wealth. | | | | own financial freedom. |
| He talks about the difference between the working | | | | |