So, the question is where exactly should you place your next dollar?

If we are not completely clear as to where our extra dollar will go, we will waste the time we spent getting that dollar. Usually, if we do not have a clear plan, we fall into the trap of the advertisers. We’ll just buy anything. We could live our lives like that for years.

I plan on creating a prioritized list of where my next dollar will go, and the next dollar, for the next 5 years. My goal is to create as many extra dollars as I can, to go into the investment category of spending.

If you are confused as to where the money should go, sit down, strategize, crunch the numbers, plan, list the tasks, and then execute.

Once the plan is in place, all we have to do is execute. We can throw away all the confusion, worry, and sleepless nights, because we know exactly what we’re doing and how long it is going to take us to get there.

If you do not have an extra dollar, look at my post on how to cut costs.

Good luck!

1. Increase income.
2. Decrease costs.

It is interesting to note that even if one makes millions a year, it is still possible to spend more than one makes. So, regardless of one’s income situation, eliminating costs makes cents. :-)

I like to look at it like where cutting costs is actually generating income.

Here is a strategic plan to reduce all costs.

1. Open up a spreadsheet.

2. Make a list of every single one of your costs.

3. Create another list by that one that gives a strategy to lower, or eliminate, each one of those costs.

4. Make a third list, after the second, that starts with the easiest strategy to execute to the hardest one to execute.

5. Execute the entire third list, beginning with the easiest task.

How did it work for you?