Note: During the month of March, I'm migrating old Money Boss material to Get Rich Slowly — including the articles that describe the “Money Boss method”. This is the first of those articles.
Nearly everyone I know wants to become financially independent, to retire early. But most folks have no idea how to do so. The method I describe in this article is simple to understand, although it might be tough to implement. I call it the “Money Boss method”.
With the Money Boss method, you manage your personal accounts as if you were managing a business. Doing so allows you to maximize profit and pursue Financial Independence – or any other any other money goal you choose.
For more on this concept, check out the Get Rich Slowly course, which teaches you how to become the CFO of your own life.
Financial Independence occurs when you’ve saved enough to support your current spending habits for the rest of your life without the need to earn more money. You might choose to work for other reasons – such as passion or purpose – but you no longer need a job to fund your lifestyle.
To achieve Financial Independence – or achieve other money goals – heed the basic rule of personal finance: To build wealth, you must spend less than you earn. Forget the standard advice to save 10% or 20% of your income. To be a money boss, practice extreme saving. Your goal should be to save half of everything you earn. (And more is better.)
Sound impossible? It’s not. Most of the advice here at Get Rich Slowly 3.0 is built around helping you save half. To do so, you’ll need to conduct a three-pronged attack. [Read more…]