Robert Kiyosaki: Thirtysomething and Strapped: What to Do?

The most successful people I’ve seen with personal finance don’t spend more money as their incomes increase; instead, they bank that money, he says.

SHOOT: This advice is ridiculous in a sense. What about advice on which industry to invest yourself in, whether to buy or rent, whether to focus on debt or cash? The only sound byte I reckon is: spend less than you earn and cut your expenses. Consume less.

clipped from www.richerdaddy.com Thirtysomething and Strapped: What to Do? Here are some tips for workers in Generations X and Y who are trying to start saving: Cut Your Expenses “’Spend less than you earn’ is the fundamental principle of personal finance,” says J.D. Roth, co-author of the book “10,001 Ways to Live Large on a Small Budget.” “It seems really simple and obvious, but so many people don’t do that,” Roth says. Set Goals It’s easier to save if you have a clear idea of what you’re saving for, Holland says. Make It Easy The easiest way to save for retirement is to take advantage of an employer’s offer to match your contribution to a 401(k) – the money comes out of your paycheck automatically, and you’re getting free money. Once you’ve established a saving habit, stick with it. One common problem is what Roth refers to as “lifestyle inflation,” the inevitable desire to respond to a raise or a bonus by spending more.