Money Management 101
Managing Money is a skill that must be learned.
The basics are simple but it takes patience and discipline to become financially free.
If you want to get rich quick, then chances are good that you will always be poor.
If you do manage to get rich quickly, enjoy it while it lasts, because it won't last long.
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Guidelines to Financial Freedom:
1. Live within your means, or one step below what you can afford. Invest the difference.
2. Spend less than you earn. Be humble. Live modestly. Cut expenses and taxes wherever possible.
3. Do without today, so you may have more tomorrow.
4. Money may come and go, but what you learn is priceless, and knowledge is forever. Never stop learning.
5. Teach your kids and grandkids everything you learn about managing money. They will continue where you end.
6. Create a team that shares a common financial goal. Work together as a team.
7. Understand that you might have psychological hang-ups with money. Get help for your emotional disparities.
8. Money has power. It has the power to help, and the power to harm. Respect that power.
9. Greater wealth and power requires greater responsibility.
10. Grow your finances slow and steadily, one step at a time. Grow as a person as your finances grow.
11. Look constantly for trends and opportunities. Always be ready to seize an opportunity. "Luck" happens for people who are prepared and ready.
12. Learn to invest smartly. Gambling is for losers.
13. Learn the Game. The Game of interest rates, and the power of compound interest.
Are you "penny wise and pound foolish?"
14. Are you an employee, who is making money for your employer? Or are you a self-made entrepreneur who is financially free?
15. Are you getting paid to learn? Getting paid to have a good time? Getting paid while being productive?
Guidelines to Creating a Realistic Financial Plan:
1. Where are you now? What is your current state?
2. Where do you want to be in 1 year, 2 years, 5 years, 10 years?
3. What steps will you take to bridge the gap between your current state and your future state?
4. What are you contingency plans and back-up plans?
5. What is your exit strategy?
6. Which mentor will help you on your journey? A mentor must have experience in this field.
7. How will you track your progress? What are your measurables for success?
Note: This site does not offer financial advice.
For financial advice and recommendations, consult a financial professional.