I believe that most people haven't got enough money for everything they wish to have - the more you have the bigger your plans, and you have a feeling that you have less and less money.
Whether you have lots of money or just so-so, you need to economize and take proper care of your money ie your income, expenditures, savings and investments.
Below I give you 7 Golden Rules to a Financial Prosperity:
1) Always have several streams of income: never rely on one income from one source only.
2) As soon as you start to earn, start to put aside a certain amount to create an automatic money source: I remember I have always had my own portfolio since I was a child, and can tell you that I needed it several times. Even if you have property, you may find yourself in a situation when you need fast cash. In such a situation, you will not sell your property, but you can sell part or even the whole of your portfolio.
You don't need to start your portfolio with thousands of dollars, you can develop it.
You only need to set a rule that you won't touch it when you don't need it, and keep it for vital urgencies. To buy a better car or a bigger house is not an urgency.
3) Always take care of your money personally: it's not necessary to do everything personally as soon as you can afford it but never allow any other person to have a right to handle your money without your knowing, or your express approval. If you think that you don't have time to supervise this or that it's not important, you will have to find it later for much more unpleasant things when you lose your money.
Many of you will 'hate' me for what I'm going to say now and I will receive lots of disapproving messages but I have to say it: don't even allow your spouse to do this - love and money is not the right association, and I know what I am talking about. Keep these apart.
Don't supervise your investments and expenditures only - Always strictly collect your money. Never allow people to owe you - again: with no regard to how much money you have, always demand every dollar you earn to be paid to you.
4) Strictly distinguish between expenditures and investments: it's very easy to put everything as cost or overhead: don't do this. Apply an easy rule: expenditure or cost is money thrown out of the window - you can't expect any return money on it, while investment is desirable (of course, not every investment is desirable): this should bring you more money, more property able to make you more money - the only questions you should carefully consider are whether you can/should afford such an investment at the moment, how much you're going to get back, how fast and whether it is acceptable.
5) Keep your expenditures at the minimum with no regard to how much money you have: expenditures are killing for everyone. It's useless to tell you stories about big fortunes lost by unwise costs. I'm sure you know many yourself from your neighbourhood.
6) Avoid loans, don't borrow if you don't know for sure you can repay. Never purchase anything on future incomes or promises.
Just a little example: if I have a notice that a payment is on its way to my account and I need the money today for some reason (however, I can't see any reason like that :-) - never mind), I can borrow. But, if I think I will sell 1,000 books next week, I mustn't borrow.
7) You must always earn more than you spend. In case you don't earn more than you spend, then you must spend less. In other words, you must always be in green.
If you think that you must swap your car every six months even if you should borrow, then it may easily happen that you won't drive anything in a very short time.
I don't want to waste hours of your precious time by long essays on savings and wise advice. Just adopt one principle and whenever you want to do something with your money (- whether it's thousands or millions or just a couple of bucks), just think about it: take care of the pennies and the pounds will take care of themselves.
About The Author
The article may be reprinted or used freely as long as it is in its entirety incl the resource box below:
The Yin and the Yang of Markets "Many people may say, "What is a weak or a strong technical position?" My reply is, in brief, that a stock is in a weak technical position on the bull side when...
A Guide to Acrylic Kitchen Sinks Unlike laminates, acrylic and/or polyester plastics are homogenous nonporous material. Kitchen sinks made from acrylic come in different thickness and numerous ...
How to Avoid Settling for a Job You've read all those job description want ads on the internet - is there really a person who has ALL those qualifications?
Designing an Efficient Distribution System Let us look at a few of the big distribution networks in the US that we use today. The US Post Office for instance is a huge complex chain of symbiotic relation...
Stop Trying to be Perfect In a world of relationships, we all measure ourselves in relation to someone else. Unless we have a very strong bond with our spirt, we will spend most of our t...
Micheal Jackson Micheal Jackson do you think he's guilty for so many allegations or is it a complete mistake?
Are You Really Swamped or Just Disorganized I asked a potential client if he had received my e-mail sent out four days ago. He replied, " I've been swamped." When we visited at his office, I met one of th...
Secrets of Kitty Body Language Kittens communicate in a very distinct way. Did you know that every twitch, every purr, every motion actually means something... at least to your kitten! The k...
The Next Marketing Tool: Deisgn Design sells. It's something that all of us know, but few of us consciously acknowledge. There is an age old adage that warns people not to "judge books by th...
Protecting Your Credit With the growth of Internet commerce, awareness of credit card fraud has exploded. Just by following some basic practices the good news is that you can minimize...
If You Want To Achieve Your Goals , Then Get Motivated Improve your life today, stay focused and you will achieve any goals you set yourself. Here are some Powerful tips for helping you achive your goals and staying...
How To Write a Traffic Pulling eBay Auction Title The title of your eBay auction is probably the most important feature by far in terms of drawing potential bidders. Follow these simple guidelines and you will ...
Tone Up While at Work We sit at our desk only to get up when we need to refreshen our coffees. Here are a few tips to help you burn a few calories at work and get that body moving.
Understanding Your Personal Branding! Ever wondered why companies invest so much money, time and effort into creating cohesive brands?
It's because first impressions count, whether we like it or not...
How Do You Treat Others? When others are angry with you, loving to you, critical of you, and so on, do you treat them the same? We tend to treat others, except those in a position of a...
Print this page