So, your wallet is as empty as ever. You are wondering what can be improved. There is a lot you can do about it, actually. If this time you decide to do things differently, here are some good pieces of financial advice to help your wallet.
This advice isn’t going to make you rich overnight. Rather, it will build up piece by piece. It takes persistence and willpower.
Willpower is simply the ability to finish the tasks you started.
If you resolve that each time you walk on the bridge, you will drop a pebble in the river, you will do exactly that. You won’t stop on the twentieth day and question your decision. You won’t miss a pebble today and throw two tomorrow. You won’t throw a handful of pebbles and call it a day. If you forget to throw a pebble, you will go back and do it.
You will finish what you started. No excuses.
You must be prepared to seize your opportunity when it arrives.
When opportunity arrives, there is no time for preparation. You either seize it, or you don’t. Imagine if you win one million dollars, and they must be wired to you. You don’t have a bank account. You can’t receive the money. You have to forfeit your profit.
Quite disappointing, isn’t it? Good preparation is priceless. Five minutes of preparation are worth five hours of frustration.
Wealth grows wherever men exert energy
It’s not enough to just wish for wealth. You must put your sweat in it. If you are merely “Interested” in becoming rich, you will always take the easy route and not put enough energy into it. If you are committed, on the other hand, that’s when you will truly put yourself into it. Put your energy into your endeavor fully.
Say to yourself that a part of everything you earn is yours to keep
Resolve to keep 1/10 or more of what you earn. Save it. Don’t spend it. It will accumulate and you will invest it later, very carefully.
Think of it this way: You have a basket with 10 eggs inside. Every day, you take 9 eggs. You leave one egg in the basket. After ten days, the basket will be full.
It’s like a law of the Universe. Money doesn’t go to people with empty wallets. You must have money to earn money. Keep 10% of what you earn.
Protect your money
Invest your treasure with the greatest caution. Promises of big returns are usually lies and a sign that you will lose your money. Better a small, but sure return than a large return and a big risk. As your wealth grows, relatives and friends will try to swing you to participate in unwise risky schemes in which they, themselves participate. Don’t listen to them.
Seek the advice of people who work with money daily. They will be happy to save you from bad investments.
A safe, small return is a lot better than a risk.
Do not over-save
Remember to enjoy life on your journey to success and riches. Do not over-save. Be generous to your family.
Make a budget
A budget is useful, because it allows you to control your financial burden. It’s like an ass carrying a heavy load. The budget allows the ass do decide how heavy the load will be and what the contents of the load will be.
Split the budget in two:
-Things you need
-Things you want
Your electricity bill is of the first kind. Your new Gucci shades are of the second type.
Remember that your expenditures will always grow to match 100% of your income, unless your protest otherwise. Remember to keep 10% for yourself and live off the other 90%.
Make your money multiply
You must remember that it’s not about your money, but about your income. You must make sure your money multiply, otherwise you will quickly run out of cash.
Guard your treasures against loss
The first principle of investment is don’t lose money. Better a small profit at no risk than a big profit at great risk for your principal. Look at how conservative banks are with their money and yet they have plenty and earn well. Be smart. Don’t risk your money.
Don’t be too confident in your own wisdom when investing.
Own your home
I know this one is easier said than done. You should own your home. Get a loan and buy a good home. If you take a loan to buy a home, at some point you will pay off the loan in a few years. If you stay a tenant, the rent you pay won’t count against you owning the house one day. If you want to be successful, own your home.
Ensure a future income
Make sure you have a stream of income that will help you when you grow old, or when you will no longer be with your family. Make a life insurance.
Improve your ability to earn
Improve your ability to earn by constantly improving your product and learning new things that help you with your work. Move together with progress, or you will be left behind.
Pay your debts promptly.
Help the less fortunate. Help those dear to you, with limits.
Make a last will to make sure your fortune is justly divided.