Manage your Money Baby!
Managing your money well is the basis of wealth creation
, but hey we all know it can be as boring as hell. If you had a dollar for every time you heard the word budget, you'd be a millionaire. Managing money well doesn't have to be that bad.
Sure, wealth creation takes discipline but like anything in life that you want to get good at, you start with the basics. Here are some simple tips to manage your money.
Keep a tab of your monthly earnings (including your investments). Write it down. Keep it on your smart phone
You should have an idea of what you need to spend your money on during the month (for example, insurance, taxes, entertainment, and food). Think about what you spent last month. Did you really need to?
Have a notepad with you everywhere you go. Write down each day for a month, how you tracked against your initial thoughts.
At the end of the month you'll notice whether you're spending more than you earn. You'll also see where you've gone well or where you spent too much.
This will be the basis of your formal budget which you could setup yourself or you could use the one I've created. Just register on my website to be emailed a copy.
Do as the millionaires do
Most Millionaires got to be where they are because they had a budget as boring as it sounds. They take control of their finances and know where each dollar goes. This is what a smart money manager does to create wealth:
A smart money manager would plan for all future requirements and be ready for the expenses
A smart money manager would try to get the maximum value out of anything he or she buys. For example, if one is buying a pair of shoes, he or she would buy a good quality pair for a slightly higher price than buying a low quality one at a lower price. This is because a low quality shoe is more likely to wear out sooner, thus leading to the expense for an additional pair.
A smart money manager tries to get discounts for every purchase. Even a discount of $1 means that the $1 is available to be used elsewhere
A smart money manager closely keeps a tab on the accounts
A smart money manager categorizes all receipts
A smart money manager balances accounts
A smart money manager files receipts regularly
No one is born with the skills to manage money. We need to remember that practice and persistence will make you a better money manager. Millionaires are the same, they are people who create wealth the smart way and gradually work their way up. They do not necessarily have the brain of a genius, but they are very disciplined and smart when it comes to using their wealth well. Boring isn't so bad.
Manage your Money Baby!
By: Perry Pearson
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