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Wealth Building Tips from Drew
The big OóOrganize!
Get organized, period. Pathfinder advocates separate files for each expense: utilities, phone, electric, Internet, auto, etc. Each month, invoices (such as repairs or maintenance) go in those files. The invoices are then categorized by group and chronologically (ex. January car bills, February car bills, etc.). When 2007 comes around, copy the file names from last year and start a new file bin for the next year. You can then take this to your accountantís office along with your tax diary and youíre set.
If you donít already have an electronic bookkeeping system such as Quicken, Quick Books or others, get one and use it immediately. I learned this lesson the hard way. When I was practicing law, my accountant had me list all of my expenses. It took me 40 to 50 hours to do. The following year I changed over to Quick Books, which condensed those countless hours to the push of one button. Lists off of Quick Books (or other like program) can easily be emailed directly to your accountant.
Get out of dodge
Itís absolutely necessary to get away from business. I need to get away 100 percent, meaning no calls, no email--no business at all. For me to be creative, I need to be recharged and take two or three weeks to see friends, ski, do nothing and relax. When I take a three-week break in December every year, I come back to business in January and it all looks different and Iím energized.
The wealthiest and most successful people donít run themselves ragged. They stop long before running out of steam, taking small- and large-scale breaks to re-charge when needed. You canít do your best thinking when youíre running at 80 percent. Take at least two or three three-day weekends each quarter to recharge your batteries.
[from Mastering your money Part 1, Track 1-12]
About the Author: During my years of law school, I completed an internship with a New York Supreme Court Justice and second legal internship with a law firm and also began investing in real estate. Immediately upon graduating law school and passing the bar exam, I opened my own law practice. From 1988 to 2001, I practiced with my partner under the name Miles and Gillard, where I concentrated in the area of real estate and business law.
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