ADVICE

Become financially healthy so you can focus on what is most important in your life.

Clearly diagnose your goals, situation and problems, get help with this if necessary.

Develop specific long-term plans for housing, retirement, education, insurance, etc.

Integrate your long-term goals and planning into your life and regular habits.

Develop a network of people and businesses of all kinds that you trust and support.

Keep good records of all income, expenditures and investments, organize your files.

Have adequate but not unnecessary insurance.

Find and use the best institutions for savings & investment.

INCREASE INCOME

Invest in your own training, skills, productivity, health and happiness, take a long view.

Consider creating your own independent business or partnership, investigate new ideas, techniques and technologies. Learn how to create valuable goods and services for others. Get to know your customers' needs. 

Temporarily work overtime or second job, if necessary, to pay off debts or raise capital.

Put a fixed % out of each paycheck into investment or savings account, out of easy reach.

Maximize the Gain/Risk ratio on investments.

Avoid high risk investments; there is no "easy money".  Warren Buffett said "Risk is not understanding the investments you own".

Negotiate with your employer when appropriate for a better position or better wage.

Sell unnecessary non-earning assets that you do not use.

DECREASE EXPENDITURES

Lower housing expense, find cheaper place, share space or use space for your business.

Comparison shop, buy wholesale, maximize quality and utility, minimize total cost.

Do without an automobile or share one, split costs; but don’t compromise on safety or reliability.

Eliminate "luxuries" that you don't really value.

Avoid unnecessary fees for services that you can learn to do yourself.

PAY OFF DEBT

Pay off high interest loans with money from lower interest savings accounts.  Make payments as early and often as possible.

Pay additional amounts each month on loans. Make 26 biweekly half payments instead of 12 monthly.

Refinance debt if interest rates fall enough to offset closing costs and points in a few years.

Borrow with credit cards as little as possible.  Use low interest rate, low fee credit cards.

INCREASE TAX-FREE INCOME

Plan ahead, study tax laws or consult with a good tax accountant regularly.

Learn about tax-free and tax-deferred income and appreciation; leverage of tax benefits. 

Defer income and capital gains to next year.

Use "Stock Index Funds" vs. managed mutual funds to avoid fees and realizing capital gains.

Use like-kind exchanges in property sales to avoid capital gains taxes.

Ask your employer to change taxable income to non taxable employee benefits, insurance, sick pay plans, dependent care assistance, educational assistance, group legal services, employee stock purchase plans, non qualified deferred compensation plans.

INCREASE TAX DEDUCTIONS

Analyze all expenditures and planned expenditures for deductibility.

Use home ownership deduction - interest, taxes.

Accelerate deductions, make payments; take losses before end of year.

Get receipts for all charitable gifts; donate assets with unrealized capital gains.

Form small business for tax deductions as well as earning income and developing skills.

Invest in rental property, low income housing for advantageous tax deductions.

Take miscellaneous deductions--educational expenses related to current jobs, investment fees, professional subscriptions, cost of looking for job, professional organization membership fees, unreimbursed employee business expense, casualty and theft losses, and uncollectible loans.