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Thread: Money Truths

    1. wholesaleinsight's Avatar
      wholesaleinsight is offline

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      #1

      Money Truths

      Becoming financially safe is a destination for a lot of us; still most of us live from paycheck to paycheck and just scrape by. The primary rules of becoming financially independent are actually quite childlike and can be learnt by anyone, but it's the execution of these conventions week after week, year after year that is the difficult part. Below is a list of elementary facts to set you up for financial heaven.

      Information and Knowledge
      If you're going to be self-made in business or investing you have to take in as much knowledge and information as you can. That doesn't mean you have to expend eight hours day-after-day observing the stock market or attending a university to get a business degree, it only means you ought to have a sound general knowledge of the basic principles which will bring about more intelligent alternatives to choose from. I highly recommend that you play fantasy stock market games for a wonderful way to win money without the risk of losing your own money. Register here to learn and earn so that you avoid making hapless conclusions that cost you real money.

      Patience and Time
      With time anybody can acquire wealth and the earlier you start setting aside money the better. Most financial advisers rant about the supernatural power of compounding interest because it's so impressive. Compound Interest is where your profits from investments are reinvested. So when you start to begin your reinvested earnings will be quite pocket-size, but over time they start to create a snowball effect. The secret is to get cracking and be diligent!

      Discipline and Persistence
      In spite of get rich quick pitchmen would like you to believe, it's normally not easy to become rich and it won't happen overnight, unless you're exceedingly lucky and win the lottery. Becoming rich is more or less conducting several small disciplined steps over a long time period.

      Flexibility and Goals
      Sustaining a set of financial goals will bring about strength and give you an absolved objective to maneuver towards when matters get rugged. Understand where you are at right now and where you would like to be in 6 months, 12 months, 5 years, 10, 20, and even 40 years. Keep reexamining your goals on a regular basis and be inclined to be conciliatory and change things if conditions change. A respectable financial adviser that has been commended by an acquaintance can aid with a few of the financial contingents of this step.

      It's crucial to get the introductory money making principles right to begin with. Once you have a firm foundation constructed for producing wealth and you are setting aside a percentage of your income every week, set about studying a bit more about finance and investing each day. Stay up to date by subscribing to the Investorís Business Daily (IBD) and pick up different investment products and services through TradingSolutions. But above all, continue proceeding a little bit closer towards your goals every week and do not EVER throw in the towel!
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    2. Thank you for this post:

      boygarage (03 May 2012)

    3. boygarage is offline

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      #2
      Thanks for the tips. They are very informative. I also have simple creeds that might help others earn their way to financial freedom.

      1. Include savings in your budget.
      Instead of saving what is left after you have spent your salary, allocate a portion of your income for your savings. It could be 5% or 10% of your monthly salary. It does not matter as long as you set aside an amount for your savings each month.

      2. Live below your means.
      Many feel like they don't earn enough because they aspire for expensive living. You do not have to go out every night, dine in expensive restaurants, or shop for designer clothes. Living simply and wanting less of the material things can actually give you more financial comfort.

      3. Find ways to generate additional income.
      Having a job is great, but it should not stop you from finding other means to earn. If you bake, you can sell cakes to friends and neighbors on weekends. You might also want to start an online shop. What is great about the virtual world is that you can add a few more greens to your wallet without overworking.

      4. Prepare for unexpected expenses.
      The problem with unexpected expenses is that they can eat up your savings. If your car needs immediate repairs and car maintenance is not part of your budget, you will surely turn to your savings, or credit. You might also spend your money on hospital bills because you did not expect to get sick. Prepare for instances like these. Raise an emergency fund, or get the right insurance with good coverage.

      5. Stay away from debts.
      Just because you have good credit does not mean you have to use it. If you can pay for something in cash, do it. If you cannot afford it, then save up, unless it is very important. Otherwise, stay away from incurring debts.

      Hope these help.
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