- You want to start early. Don't wait until next month or next year. You must start to save as early as you can, because you want to take maximum advantage of time.
- The next thing you want to do is save or invest often. Don't contribute to your investments every six months or once a year. Invest regularly, at least on a monthly basis.
- No matter what, don't let anything stop you from investing. It's easy to get sidetracked when you're hit with unexpected expenses or changes in your life. But if you want to be financially successful, then you must continue investing, through thick and thin.
- Everyone who laments their poverty can offer dozens of reasons why they don't save. Lots of people face challenges, but what sets the financially successful people apart is that they didn't let life events interfere with their goal to save for the future.
- Save $10 or $25 before you pay this month's bills. Then pay the bills. You'll be broke when you're done (like you are every month), but this way, you'll have saved a few bucks before you went broke.
- Stop spending coins. By saving your change every month, you'll accumulate $20 or more - literally without trying.
- Use supermarket coupons "correctly". Next time you use a "Dollar Off" coupon, save that dollar instead of spending it on something else. You should be able to save and put away $20 to $50 per month this way.
Ric Edelman is the author of the #1 New York Times bestseller "Ordinary People, Extraordinary Wealth", as well as "Financial Security in Troubled Times", "The Truth About Money", "The New Rules of Money" and his latest "Discover the Wealth Within You". Ric hosts weekly radio and TV shows on WMAL AM630 and Newschannel 8 in Washington, D.C. For more of his financial planning advice, visit ricedelman.com.