A good habit to get into on the road to building wealth.

Looking back on my success with money,
there is one important characteristic that
has worked for me over the years, and that
is having RESPECT for it.

How do you treat your money?  Are you
taking care of it, or do your behaviors
and actions make it disappear from
your life?

You will most likely not find this attribute
taught in books about building wealth.
Usually, you will find ideas on how to
get rich in real estate and the stock market,
or how to succeed in business.  The information
provided in these books is practical, but it
is a matter of getting to the core of money.
Handling it with respect will mean the difference
between you being rich or poor.

This leads us to our third philosophy of
Money on Your Terms:

I treat my money with respect.

Money is oftentimes misunderstood and mistreated,
thus having the respect for it can be a bit of
a challenge.  Overcoming this challenge starts
with your wallets or purses.  From there, it moves
to how you organize and spend it.  Finally, it
moves to the way you invest it.

Let’s talk about fundamentals and why doing
things in a certain way will lead you to continually
winning with money:

1. Your purse and wallet
When someone shoves their money into their
pockets or wallets, crumping the bills, it
demonstrates a lack of respect for it.  It is
a matter of neatly arranging the bills in
your wallet or billfold by seeing to it that
your 1s, 5s, 10s, 20s, 50s, 100s are
grouped accordingly.

2. Spending plan
Do you know where your money is
going every month, or is there a constant
fog with more month left than money?
By organizing your money with a written
budget, you are taking control and directing
your money where you want it to go.
Furthermore, by controlling your spending,
you are establishing boundaries, which
means you have respect for it.

3. Invest wisely
The final area to have respect for money
is to save regularly and invest the money
carefully.  Look at it this way: if you have
a house plant and want it to live, you will
water it and continue to let it grow.  If you
don’t water the plant, it will die, which shows
you don’t care.  Well, it is the same with money.
By saving regularly, you are continuing to
sprinkle money into your account.  It will
grow and grow.  The best part of this is that
it will work hard for you, and by investing
your cash with low risk, it will work for you 24/7.
Throwing it in a highly speculative investment
is a sure sign that it will leave you for good.
Therefore, educate yourself and learn to
save and invest wisely.

Move forward and live by the philosophy to
have respect for money.  By sticking to the
fundamentals of respect, you will be taking
care of your money, and in turn, it will take
care of you.  You can have money on your
own terms once you understand and respect it.

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