1. Create a budget.
If this sounds too obvious, I’ll say it again for reinforcement – are you maintaining a budget? Seriously. Miami is one of the flashiest cities in the world. If you don’t have a budget I’ll put it another way — Estas loco? It has been proven that our propensity to spend money in Miami is directly proportional to our physical proximity to Brickell/Downtown Miami and South Beach. A budget is by far the best way to keep track of your money. If you have a budget, you’re already way ahead.
2. Want to build up your credit score fast?
Pay your bills on time. In other words, “Do what you say you’re going to do, Miami.” Your payment history comprises 35% of your credit score. By contrast, your length of credit history accounts for only 15% of your overall score.
3. Time is your biggest asset.
Spend extra time with the people you care for most in life. This is easier said than done in Miami traffic. You’ll need to...
Many of you have heard the old adage, If you fail to plan you plan to fail. Your financial planning begins with your cash flow planning – your budget, in other words. This spending plan keeps you focused on working toward achieving your financial goals. The order of operations is this:
Establish and quantify financial goals
Think this through carefully: How much do I need in my emergency fund? How much debt do I have to repay? How much should I accumulate in my retirement accounts?
Your budget – write down income and expenses
Here is where the budget comes into play. Use the budget as your roadmap to make sure you achieve your goals. Empirically I can tell you: after just 3 months of budgeting, 8 out of 10 people say they feel more in control of their money. We have a great budget template that we’d be glad to share with you. Send an email to [email protected] with the request and we’ll send it out.
Budget for the year
The budget should run out a full...