I also calculate my total finance cost each month and analyze what can be done to reduce this number. I include interest and any insurance premiums(PMI, car insurance on financed vehicles, etc)that would not be necessary if I owed less money. Paying off my truck and eliminating collision insurance was a substantial savings on top of the interest I was no longer paying.

Insurance cost is another hidden savings associated with purchasing a vehicle with cash. Save up some money and buy a 2-5 year old vehicle with cash up front, then use liability insurance and comprehensive if necessary. The savings are enormous when you put it all into the formula. Any decent vehicle should last 10 years these days.

Left to my own devices, I’ll fall back to my old ways. By simply having someone to be accountable to, I’m opening my self to new ideas.

This may be a mentor but in my case it was my Wife

If, you live within your means, follow simple math (e.g. drop the next best thing), make small steps (don’t let your spending rise with your earnings), and other common sense items (exercise, love, laugh, have faith, etc..)

Then one day,you wake up and you are quote “wealthy”, or at least to the IRS, Census Pols and politicians you are.

Perhaps my example of it really “does happen” and it takes “no special talent”. Then feel inspired to be one step close to your financial freedom this coming year.

-brought to you by a product of public education, who never did anything except keep trying.