Who ever said that only with a salaried income could you build wealth? You hear this all the time, but this doesn’t necessarily have to be the case. There are other ways that you can get there too. Building wealth can be possible with managing money and investing money to create wealth, and having some knowledge of the steps needed to get there can make your chances far more likely.
Building assets and wealth calls for knowledge and discipline in dealing with money. The first part can be acquired and learnt. The second aspect of dealing with money depends entirely on you.
If you follow the golden rule of controlling your expenditure and saving a part of your earning, you are a winner. This simple rule is difficult for most people to follow and obey.
Is the latest iphone tempting you or perhaps you want to buy a LCD TV , while you may be prompted to buy it on credit , stay away and do not fall prey to debt which can drown you in misery.
Financial management involves first learning to estimate and plan for your income, expenditure and saving. This way you will be able to prioritize and know where the money is going.
You monthly budget will actually show up your actual expenses incurred towards living expenses, investments, taxes, shopping, dining etc. You will be able to monitor and control unnecessary spending and target increasing savings.
Even if you want to spend money on dining out at great restaurants around the town, budget it and controls the amount you spend for dinner. Try saving every extra penny. Hold back on that glass of wine at dinner, which may well cut your bill down drastically. Think about whether you need appetizers and dessert, as both of these things can also really add up when you’re dining out at meals. Effective planning will really go a long way.
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