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1. Rich people are not the ones who earn a lot but the ones who spend less than they earn. Read this two or three times. The key point is that you don't spend what you want and then see how to pay, but you measure your income and spend according to your needs.

2. What is not measured is not fixed. Make a financial plan and have discipline in managing your bonds and your expenses. Driving there without a plan is like watching a football game without a scoreboard or traveling without a map. Plan your expenses, write down each expense, and compare it with the plan.

3. Avoid debt with high rates at all costs. Most credit cards, for example, have rates around 24%. This is terrible for your finances. Cut expenses, sell your car, do whatever it takes and pay off all debts with rates several points above inflation first. It's okay to have debt at reasonable rates, especially if it's in your plan.

4. Study the effect of compound interest. You don't need to be a math expert. Just look at how a debt with 20% interest grows in 10 years. It also studies how relatively modest savings grow with compound interest over 20 years. This will help you understand interest rates, borrow less, and save more.

Article by: Mtra. Laura Franco

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