With one year behind us, what changes have many Americans made in managing their money, honey? A recent Diva poll suggests it's not the economy as much as what Congress is doing that makes Americans want to hide under their beds.
As you contemplate your New Year's resolutions, think about adding these five tips to help you grow richer in 2010 and beyond;
1. Get out of Debt - If you're falling deeper into debt, stop digging. Cut up your credit cards if necessary, establish a budget and work on paying debt down.
2. Formulate a Plan - Set your financial goals and write them down. If a plan is sound, put faith in it.
3. Take Advantage of Free Money, Honey - Contribute to your employer's 401k or retirement plan that provides matching funds. It's free money! However, I caution against contributing to your 401k if you still have credit card debt. The interest rates on credit cards will drain too much money from you.
4. Invest with Discipline - Don't chase hot tips. Diversify your portfolio. Percentage yields on an investment might sound impressive, but make sure that translates to dollars. A high return on one stock may impress your golf buddies, but the question you need to ask is 'What's the overall health of the portfolio?'
5. Remember Your Retirement - Determine how much you will need for retirement to live your lifestyle. The most important thing to know about retirement planning is that there is no one-size-fits all.
