10 Minutes to Financial Freedom
Only 10 minutes? I find it difficult to introduce myself in that little time, but I'm up to the challenge. So fasten your seatbelts. Ready ... set ... go!
Save
Do not confuse saving money with spending less, as in, 'I save money when I buy things on sale.' You are not saving at all; you are spending less. Saving money means that you actually put money into a safe place for some future time. Do that. Starting right now and forevermore, make it a rule that you will put some amount of your paycheck into a savings account before you spend any of it. Make it automatic, and you won't miss what you don't see. Goal: 10 percent of all you receive straight into savings.
Give
Give away the same amount as you save. Just give it away, no strings attached, as an act of gratitude for what you have. Goal: Give back 10 percent.
Live
Rein in your lifestyle so that it fits into 80 percent of your net income. Reduce your spending in every area of your life by a small amount and you will be able to achieve this, probably sooner than you ever dreamed.
Credit
You need only one credit card. Put the others away so you cannot use them. If you have a balance on the one card you will keep, do not carry it with you. You've given up that privilege until you are able to pay it down to $0 every month.
Debt
The only debt that is safe for you to carry is secured debt (mortgage, car, or anything with collateral). All others are dangerous to your wealth. Make a plan to pay all your credit card debts quickly. See this as critical to your financial health.
Cash
It's proven that you will spend about 30 percent more if you depend on plastic to pay for day-to-day spending. Leave the plastic at home. Live as much as possible with cash. Inconvenient? Yes. That's the point.
Plan
Society wants you to believe that living spontaneously brings freedom. Just the opposite is true. You need a budget (which is just a way that you 'pre-spend' your paycheck on paper) so that you know ahead of time where the money will go. Write it down and then stick to it.
Get Support
You need to know that you are not alone. There are thousands of people getting control of their financial lives, too. Find a website like Debt-Proof Living or one of countless personal financial blogs out there. Sign up and visit daily. Get involved to stay on track.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
2 hours ago
- Business Wire
Ares Management Enhances Infrastructure Debt Team and Global Positioning to Advance Growth
NEW YORK--(BUSINESS WIRE)--Ares Management Corporation ('Ares') (NYSE: ARES), a leading global alternative investment manager, announced today enhancements to its Infrastructure Debt team, including the most recent addition of Jon Plavnick as a Partner. Mr. Plavnick is based in New York and will focus on sourcing, structuring and managing infrastructure debt investments throughout the Americas. In addition, Spencer Ivey, Ares Partner and Head of Americas and Asia-Pacific Infrastructure Debt, has relocated to Ares' Sydney office to help accelerate the strategy's buildout in the Asia-Pacific region. Mr. Plavnick brings nearly two decades of experience in infrastructure debt, most recently serving as a Partner at Global Infrastructure Partners ('GIP'), where he played a key role in advancing the firm's global infrastructure private credit platform. Prior to GIP, he was responsible for high-yield and distressed private credit opportunities as a Managing Director at Oaktree Capital Management, in addition to previous roles at BNP Paribas and Deutsche Bank. 'Over the past three years ago, we have continued to enhance the positioning of our Infrastructure Debt platform as a leading, scaled financing solutions provider to businesses and assets across the digital, transport, energy and utility sectors,' said Patrick Trears, Partner and Global Head of Ares Infrastructure Debt. 'We are thrilled to welcome Jon, and we look forward to benefitting from his deep sector knowledge, strong origination network and commitment to collaboration as we continue to reinforce the strength of our capabilities. In addition, having worked with Spencer for 15 years to build our existing platform, I am confident that his focus on expanding our presence and increasing our access to the attractive opportunities in the Asia-Pacific region should further propel our global growth.' 'Equity investment in infrastructure has increased significantly, bolstered by the assets' essential nature and demonstrated resilience through cycles, and the resulting demand for flexible and scalable financing continues to outweigh supply,' said Mr. Plavnick. 'I believe the Ares Infrastructure Debt platform is well positioned to meet this exciting opportunity, and I am eager to work alongside Patrick, Spencer and the talented global team as we build on their achievements and deploy in the key sectors that we believe will define the next wave of infrastructure.' Originally from Australia, Mr. Ivey has helped lead the platform's growth from New York over the past 11 years, including through Ares' acquisition of the Infrastructure Debt business in 2022. 'Driven by secular demographic tailwinds, including rapid urbanization and a growing middle class, coupled with industry megatrends of digitization and the energy transition, the opportunity for private infrastructure debt capital in Asia-Pacific is significant,' said Mr. Ivey. 'By leveraging the deep experience of our team and the strength of Ares' global Credit platform, our Asia-Pacific business is focused on providing differentiated solutions to support the infrastructure demand in this market.' These developments follow recent team enhancements designed to further strengthen the global Ares Infrastructure Debt platform. This includes the addition of investment professionals Brent Canada as a Partner in New York in 2022 and Lorenzo Ceretti as a Partner in London in 2023. In addition, Daniel Katz, who joined Ares in 2006 and was previously a Partner in Ares' U.S. Direct Lending strategy and co-led portfolio management, was appointed Head of Portfolio Management for Ares Infrastructure Debt in 2024 and oversees portfolio monitoring and restructuring. With over two decades of industry experience investing across market cycles, the global Ares Infrastructure Debt team has an established track record and longstanding relationships that allow the platform to seek to generate exclusive deal flow and high-quality investment opportunities. As of March 31, 2025, the Ares Infrastructure Debt strategy managed nearly $11 billion in assets and has deployed over $21 billion in its 15-year history. The team's approximately 25 investment professionals operate across offices in London, New York, Singapore and Sydney. About Ares Management Corporation Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of March 31, 2025, Ares Management Corporation's global platform had approximately $546 billion of assets under management with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit
Bloomberg
2 hours ago
- Bloomberg
Malawi Faces $2 Billion Reserves Hole on Debt Arrears, IMF Says
Malawi's debt bill this year will be $2 billion more than what it holds in foreign reserves, according to the International Monetary Fund — an amount that's equivalent to almost a fifth of the nation's total economy. The Washington-based lender expects the southern African nation's gross reserves to slide to $118 million this year. Subtracting outstanding foreign-currency debt arrears, payments and what the fund labeled foreign currency drains leaves the balance deep in the red, projections published by the IMF on Tuesday showed.
Yahoo
6 hours ago
- Yahoo
China's Long Bonds Join Global Drop as US Trade Tensions Ease
(Bloomberg) -- A global selloff in longer-dated bonds has finally spilled over into Chinese debt, as easing US trade tensions and Beijing's efforts to tackle deflation damp demand for the notes. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US Why the Federal Reserve's Building Renovation Costs $2.5 Billion Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Milan Corruption Probe Casts Shadow Over Property Boom How San Jose's Mayor Is Working to Build an AI Capital Futures on China's 30-year government securities fell as much as 0.7% on Wednesday to head for the longest run of losses since the contracts were launched in April 2023. Yields on similar-maturity debt in the cash market were on track to rise for a sixth straight session after climbing one basis point to 1.92%. Long-end bonds have borne the brunt of investors' ire worldwide as election largesse and tax cuts trigger fears of bigger fiscal deficits in major markets such as Japan and the US. In the case of China, the rise in yields may suggest that pessimism toward the domestic growth outlook is easing, although a continued increase would likely drive up the cost of government financing. Another extension of the US-China trade 'truce would likely be positive for risk assets, and may encourage a further rotation from bonds to equities,' said Lynn Song, chief Greater China economist at ING Bank NV. 'It would not be surprising to see 30-year yields move higher toward 2% in the event we get risk-positive developments in August.' China's longer-dated notes had earlier shrugged off the selloff in their global peers as investors wagered that authorities would ease policy further and keep liquidity loose to fight persistent deflation. But the focus has now shifted to Beijing's anti-involution drive to curb oversupply in industrial products and boost prices. Becky Liu, head of China macro strategy at Standard Chartered Bank, said the campaign reduces the risk of a prolonged period of deflation and interest-rate cuts. However, the supply-side reforms may be less effective than earlier efforts seen in 2015 to 2016, and this should limit the upside in yields, she added. On the trade front, US Treasury Secretary Scott Bessent said he will meet his Chinese counterparts in Stockholm next week for a third round of talks aimed at extending a tariff truce and widening the discussions. The decline in bonds also came on the heels of the launch of a 1.2 trillion yuan ($167 billion) mega-dam project in Tibet, which is expected to provide more support to the economy. --With assistance from Julia Zhong. Elon Musk's Empire Is Creaking Under the Strain of Elon Musk Burning Man Is Burning Through Cash A Rebel Army Is Building a Rare-Earth Empire on China's Border Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All ©2025 Bloomberg L.P.
