Personal Finance: Kiss Your Money

Summary

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KISS is a modern day acronym often used as a substitute for the phrase "Keep It Simple Stupid." It is sometimes aimed at someone proposing a complex and convoluted solution to a problem, when a simple straight forward cnswer would do.

The KISS method for creating family wealth is simple and straight forward. When using KISS in this context, it means, "Keep It Simple and Save." A simple, understandable and doable plan is the ultimate in financial sophistication. Let's see how this KISS method works.

Establish a savings goal of between 10 to 20 percent of your gross income. You are probably thinking, "Sure I want to save, but I can barely pay my bills." The secret is to save first and spend what's left over. Savings must be the first item in your budget every month. Pay yourself first, because you do all the work. Set up an automatic saving withdrawal from either your paycheck or checking account. If you don't see the money, you are less likely to spend it. If you are not saving now, start out with $100 or $200 per month.

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Extract

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Personal Finance: Kiss Your Money

KISS is a modern day acronym often used as a substitute for the phrase "Keep It Simple Stupid." It is sometimes aimed at someone proposing a complex and convoluted solution to a problem, wh...

See the full content of this document

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