How would you manage your finances? Are you feeling restless when you think of how to manage my money? If just the thought of managing your finances gives you anxiety, you aren't alone.
I started from scratch and build my credit over time; I would advise to first master basic money skills like budgeting and moving on to saving and investing after that.
7 tips that may help you manage your finances effectively:
1. Prioritize your spending to reduce debts
2. Buy a reliable transportation and pay cash if possible, to avoid installments
3. Plan “rainy day” fund for those unexpected emergencies
4. Invest in real estate, stock, and bond instead of clothes and phones
5. Don’t try to keep up with the Kardashian, live below your means
6. Look up for more income streams, not more expenses
7. Start saving for children college early on
No matter how much money you have, always remember that you're much more fortunate than many others. Treat your money like it could go away tomorrow and don't overspend. This applies to both your personal and business finances.
We must prepare to weather the storm before it starts to rain. Remember one magic phrase, “Always treat your money like you are gonna lose it tomorrow.”
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