1. Prepare a Personal Budget

Set up a realistic budget. Read and understand the "Bonnies Household Budget Book" by Bonnie Runyan McCullough. Live within your budget. Set up little rewards for doing so.

2. Need Versus Want

Learn to live within your means. Read the "Millionaire Next Door" by Thomas Stanley. Expensive cars on 2 year leases. Plasma TVs with no payments for 12 months. Jewelry on the Store's credit card. Dinners on the VISA. All bought on future payments.

3. Ignore Advertising

Magazines. Television. Signs. The Web. Newspapers. All designed to make you want things and buy more than you need.

4. Understand your credit score

This could be your most important personal asset - along with your education and employment experience. Every credit card you open impairs your credit. Don't pay late on anything.

5. Maintain Cash Reserves

Keep a couple of months living expenses in your checking account. Don't spend it!! On a Rental Home- don't install a deck or fence. Don't finish the basement. Don't paint the house.

6. Personal Responsibility

Take full control of your personal finances. Don't make impulse purchases that you will later regret. Get rid of those pesky bill collectors.

7. Own your own home

Your home becomes your most valuable asset. Shelter, comfort, stability, peace and quiet.