Wealth comes to those who spend carefully, use debt wisely, and develop a regular savings program. There are some common threads that run throughout many areas of your financial life. When I look at where the typical family in America is financially, I am saddened. I believe that if each family lived with these rules, the world would be a much better place:

1. Live below your means.

2. Allocate time, energy, and money efficiently to build wealth.

3. Turn to God in times of need.

4. Question needs versus wants.

5. Financial freedom is more important than high social status.

The Bigger Questions

Whenever you consider purchasing something think, “Is It adding to or subtracting from my wealth?”

Assets are things that bring wealth. They have value and grow over time. They have the ability to provide you income today, tomorrow, or at some point in the future. Examples of assets include certificates of deposit (CDs), savings accounts, mutual funds, stocks, bonds, and investment real estate. Liabilities, on the other hand, are things that take away from your wealth. They require that you make payments at some point to reduce what you owe. Examples of liabilities include mortgages, loans, credit cards, and IOUs.

As you begin to work through this area of your life, evaluate:

* What is my monthly income? How can I increase it?

* What are my monthly expenses? How can I reduce these?

* What assets do I own? How can I get better returns?

* What liabilities do I owe? How can I pay these off as quickly as possible?

* What else do I own? Do I really need it or can I sell it to help with my goals?

Questions like these will help you get into the mind-set you need to succeed financially. Financial freedom should be the goal of every individual. If you are not planning ways to add to your wealth, chances are you will never end up accumulating any. There needs to be a process, a plan, and a strategy to overcome your weaknesses and add to your strengths. With God on your side, all is possible. The only thing holding you back is you!