- Posted January 10, 2014 by
This iReport is part of an assignment:
JP Morgan Chase Franklin and International Companies Blog: Financial Tips
New Year financial tips for living wealthy while poor
New Year advice on everything from winning a free dream home to living wealthy when you are poor is making headlines today. And Fox and Friends kicked off their participation in the talk on Jan. 2 with a segment about a new book titled "Financial Wisdom." It was written by a school teacher named Danny Kofke. And here's what he says you need to do so your family can live like the rich.
First, get organized." It sounds simple enough, but Kofke says that people need to list their big expenses (home mortgage, rent, etc.) in their checkbooks at the beginning of the month, before those deductions will come out of the account.
And then they need to deduct those amounts from what they will deposit that month. For example, if their income is $2,000 per month and their fixed expenses total $1,000, then that leaves them with $1,000 left over for food, gas, etc. The checkbook needs to reflect that, so they will not spend what they owe.
Wealth growing doesn't seem an attainable goal by merely following this simple step, which many financial experts have discussed before Danny Kofke was interviewed on Fox & Friends on Thursday. But keep reading, as Kofke has a challenge for you if you don't believe he can help you become wealthier. And he has some unusual tips that just might make sense. READ FULL ARTICLE
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