Successful Money
Management
Successful Money Management techniques and principles
are not complicated or hard to understand. You may have heard
of them in other publications or other website. But I believe
that in order for something to sink in you need to hear or see
it several times, then you can act on it.
The following successful money management
techniques are nothing new but they work. Use them and you will
start to see some positive results when managing your
finances.
-
Live below your means meaning dont spend more money
than you make every month.
-
Live on 70% of your income. 10% goes to
charity/donations/church. 10% goes to investment or
emergency fund. 10% goes to paying down debt. When your
debt is all paid off, you can use that extra 10% and
apply it to investments.
-
Have a monthly budget
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Dont charge large items on credit if you cant afford it
-
Save money first and wait for a sale to buy something
you really want. Dont buy it then first minute its
being released.
-
Look on ebay to see if there are any cheaper and new
versions of what you want.
-
Have discussions of money in your family so everyone
knows what the long term or medium term goals are.
Explain to everyone how the money is divided up and why
everyone needs to help save money.
-
Live frugally- there are tips on this subject on other
pages within this website.
-
Make sound investments dont invest in things you dont
know anything about. Dont take advice from your
stockbroker. Dont take hot tips from friends or people
you know that arent rich.
-
Always do research when it comes to financial
institutions, money managers, investments, financial
planning.
-
Every family should have a financial plan where the
advisor doesnt try to sell you products and creates a
plan for you with your best interest at heart.
- Every family with kids and mortgage should have life
insurance.
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