Last January, I gave you my Top Financial Tips for 2010. Seems to me that it would be fair to recap my personal progress in “Practicing what I Preach” as most people (including me) are usually no great at doing just that.
1.) Save as much of your income as you UNCOMFORTABLY can!
- I can honestly say that my family and I actually DID save WAY more in 2010 than we ever have in the past. We were able to bank over 50% of our take home pay, as well as pay down some debts. This was accomplished through some very deliberate attempts to not blow money on all the little junk that can add up so quick. I’m very proud of our saving habits this year!
2.) Place a bet on US Stocks.
- Tip #2 also seemed to be right on the money for 2010. US stocks performed WONDERFULLY in 2010, and early in the year I was able to allocate significant funds from my IRA into about 10 great, US based companies. I had a couple of investments up almost 100% (CBI being one of them). I’m hopeful that you took my advice on this one and consulted with a solid financial professional, regarding investment options, early in the year!
3.) Study IRS tax laws!
- I’ve got to admit that I didn’t do a great job on this one in 2010. I worked very hard to understand where I stood with my tax situation this year, but did not spend too much time researching new tax laws or seeking out new tax saving strategies. I will need to do a better job in 2011 as it appears tax issues are getting more complicated every time Congress gets in a room together.
4.) Work Harder!
- I’m a big believer there NO-ONE works to their optimal potential…it is just human nature. That being said, I truly had a great year at work! I know I can work harder in 2011 though, as the house fire that I had to deal with for 6 months took a significant mental toll on the family. I’m hopeful that now that we are back and life is getting back to normal, 2011 will be a year of hard work, lots of fun and great rewards!
5.) Strive to become debt free! 6.) Be Generous and Be Thankful!
7.) “Have fun, love people, and drink great coffee!”
- I truly did work hard on 5,6 and 7 in 2010…especially on the coffee side…we seem to enjoy a lot of coffee here in Michigan!