410. The Practice of Red-Lining

Avoid red-lining. This is the practice of getting things done just barely in time or of spending nearly all your money and being broke just before pay-day. Make a budget for yourself for every month and live within it. Do 1, 3, 5, 7 and 10 year budgets. Revise and refine them regularly. Train yourself to live on 19 - 20% of your income and use the rest in accordance with the income allocation plan set out above.