Grundlage zur finanzielle Freiheit

Principle No. 1
Save and invest 10% to 15% of your after-tax income .Pay yourself first. It's the rock-solid foundation of every wealth-building strategy, and the most often compromised. Why be consistent? Because it works! Just as you allocate dollars to pay your bills and support your lifestyle, make it mandatory to sock away a portion of your income for savings and investment-as much as 15%. Remember: this is in addition to the money that you invest in your employer's 401(k) or other company-sponsored retirement plans. Also, and most important, once you've targeted these funds for your program, leave it alone. Allowing it to grow is the whole point.Take these steps to develop a savings and investment plan:
.Set realistic goals
.Calculate the amount you need to save
.Use direct deposit to build savings
.Consult a financial planner

Principle No. 2
Be a proactive and informed investor. Let's get this straight: your chances of building wealth are optimized when you invest. While it's true that you should try to save every cent you can, your bank accounts will only take you so far. To the risk-averse, bank accounts offer reassurance, but the problem is that the average yield on a money market is 3.5% and that can easily be eaten up by inflation and taxes. For instance, if inflation is a modest 1.5%, then the yield on your savings account has been reduced to a mere 2%-and that's without the tax hit. By investing in equities, bonds and /or mutual funds, you take full advantage of the power of compounding--taking a small amount of dollars and watching them multiply exponentially. For example, if you were able to invest $100 a month in a vehicle that produced an average return of 18%, you would have earned $33,625 in 10 years and $91,921 in 15 years. The key to becoming a proactive and informed investor is knowing how much money your have to invest, the amount of time you need to reach your investment goal and how much risk you can tolerate. Here's how to get going:
.Bone up on the basics (Learn about the stock and bond markets, financial terms, calculations and indices)
.Identify a specific investment strategy (The longer you have until retirement, the more aggressive you want to be because you have time to wait out market cycles)
.Quantify your risk tolerance, figure out how much you should invest

Principle No. 3
Be a disciplined and knowledgeable consumer. Being a smart consumer is just as important as being a savvy investor. That doesn't just mean knowing how to shop for bargains, but being cautious and avoiding scams. You are the watchdog of your money, so you should know your rights as a consumer and demand that the businesses and services you deal with are accountable. The worst sources of consumer complaints can be traced to five kinds of businesses: retail stores, home improvement and remodeling companies, general service firms, auto repair shops and mail-order services. When dealing with dealing with services, remember the age-old phrase, caveat emptor --let the buyer beware. Take these steps:
.Don't try to keep up with the Joneses
.Do you homework (Research the product or service ahead of time)
.Shop off-season
.Avoid impulse purchases
.Verify that it's a reputable business
.Before making a purchase, figure out whether you can afford it

Principle No. 4
Measure personal wealth by net worth, not income. Your net worth is not the equivalent of your paycheck or the draw from your business. Rather it is calculated by subtracting your current liabilities from your current assets. By evaluating your wealth in this manner, you can better shape your financial goals and figure out what you have to leave to your loved ones in the case of your untimely death. If you have a negative net worth, which means that you owe more than you own, you should consult with a professional on how you can strengthen your financial position.The goal is to be able to provide for your family without worry and to retire hassle free. True wealth means having a wide array of options and gaining control of your future.
Here are a few things you can do to optimize your net worth:
.Develop a net worth statement
.Establish wealth goals
.Establish a plan to retire rich
.Max out your tax-deferred retirement plans
.Adjust asset allocation as you age

Principle No. 5
Engage in sound budget, credit and tax management practices. Everyone needs a financial safety net. To develop one, you must begin by having consistently responsible money management habits. A catastrophic event or the accumulation of massive credit card debt can wreck even the best of households. By establishing budgets and engaging in regular planning, you can insure against such disasters.Here's how to get and stay on track:
.Allocate time to plan your financial future
.Create an annual household budget
.Set up a monthly cash flow statement
.Manage your credit
.Check on your credit regularly
.Keep good tax records

Principle No. 6
Teach business and financial principles.We should do whatever we can to give the children in our lives (and that may include nieces, nephews and grandchildren) a head start. You don't have to wait until your child is about to leave home to teach them basic principles about business and personal finance. Set aside a couple of hours regularly to talk to young people about budgeting, investing and entrepreneurship. These discussions will help foster a healthy respect for money, responsibly and hard work.Here's what you can do:
.Set a time to review family finances with your kids
.Get your children to start investing early
.Give investment as gifts
.Get your kids involved in investment clubs
.Advise your kids to earmark some for savings and investment
.Make money management fun (Monopoly will make investing engaging to young people)

Principle No. 7
Use a portion of your personal wealth. Many communities embrace the practice of tithing--getting a congregation to contribute 10% of its income to the church. You may not be in position to contribute that level of funding but you can make a donation. However, be sure to factor such expenditures into your annual and monthly budget. Here's how you can get involved in your community:
.Work with your church to get involved in your community
.Sponsor community activities
.Serve on community boards
.Get matching grants from employers
.Invest in socially responsible funds
.Set up a nonprofit corporation or foundation
.Set up a trust

Principle No. 8
Support the creation and growth of profitable, competitive black-owned enterprisesOne of the cornerstones of wealth building is entrepreneurship. In boosting the value of a business, you create a powerful asset. What role should you play in developing viable black enterprises?
.One way to support black-owned businesses is as a consumer.
.The second method is by becoming an investor in a thriving entity
.Steps to take to support black businesses:
.Seek out black-owned businesses
.Become an advocate in your company
.Become an investor

Principle No. 9
Maximize earning power through a commitment to literacy and professional excellence. These days, you have to overachieve in corporate America--be all that you can be and then some. That means learning to work smarter instead of harder. In a business environment that is increasingly operating at Net speed, you have to become even more technologically literate as well as financially savvy. The reality is that the more skills you acquire and the more valuable you make yourself to your company, the bigger bucks you will be able to earn. But while you strive for a higher paycheck at your company or a better job, take full advantage of your company's benefits as a means of enriching your quality of life. To get started, develop a vision of your life and how your work fits into that vision. Here's how you can ascend the corporate ladder and get wealthy doing it:
.Assess your workplace worth (Evaluate your competency skills)
.Constantly upgrade your skills
.Negotiate the salary you deserve
.Interview your employer
.Find mentors to help you
.Position yourself to be headhunted

Principle No. 10
To ensure that my wealth is passed onOne of the most important reasons for accumulating wealth is passing it on to the next generation. For too long, this was not a tradition with the black community but this has been changing. Transferring wealth means more than just building it through equity investments or building the value of a business. You must engage in solid tax planning for your heirs. Without careful planning, your rock-solid estate could shatter, leaving your heirs with a mere fraction of the assets you intended. The following will safeguard your material legacy:
.Coordinate your assets
.Prepare a will
.Make sure you have ample life insurance
.Develop a trust
.Power of attorney (Take measures to protect you and your assets if you are no longer able to manage)