Do not spend beyond your means.

It does not make sense to spend and buy things, when you have no money to spend. You cannot earn $500 monthly, and decides to spend $650 every month. It is impossible to sustain this kind of lifestyle. No individual can be able to thrive by living paycheck to paycheck kind of life. In order to prosper and change your family tree or legacy, hard changes need to be made and implemented. The first thing is being true to yourself and your finance by doing budget, shopping more at the discount stores, cutting unnecessary things in your life like eating outside three to four times a week. Making all these changes will be difficult, but it is your only way to survive in the ever-changing economy. Stay away from using credit cards and close any open accounts by paying them off. Staying away from borrowing money from bank loans, personal loans, borrowing on your house and others. You cannot use borrowed money to build wealth. I have not seen any rich man or woman that states "I made my money from my loans and credit cards". Please, let stop deceiving ourself that 1% cash back from Capital one or American distress (Oh, I mean discovery) can help us build wealth and retire without any issue. For example, you have to spend $100,000 with your slave card (Oh, I mean Master card) to get $1000 cash back. It does not make any sense to spend that kind of borrowed money or loan to get 1% cash back. Also, they did not tell you that you will be paying 14% interest on that borrowed money. To win in this money game, you must live below your means and within your needs.

Comments

Post a Comment

Popular posts from this blog

How Smart People Plan Accordingly For Their Retirement.

Do you know anyone who is considering retirement and do they have a healthy nest egg? How did they achieve their nest egg? They are not financially smart like Warren Buffett or hold the secret solution to retiring comfortably. They did not play the Russian roulette with the stock market or watch it every single day. People who are ready for retirement constantly make contribution towards their investment and saving plans for every month. They are very responsible with their spending and intentional savers in their daily lives. They use the help of professional financial advisor to achieve their goals. The Secret of Saving for Retirement Successfully are listed below: 1). Use your biggest wealth building tool to your financial advantage. 2). They keep their expenses low. 3). They invest 15% of their income. 4).  They do not fund any expenses without referring to their budget. 5).  They meet routinely with their investing professional. 6).  Have a plan and update their plan mon
Read more

The Mistakes We Make everyday About Money.

Here are some of the mistakes we make everyday: It can be cars that we cannot afford, personal loans or house mortgage causing people to file bankruptcy. Here are some money myths that will keep you broke and not compete in today's society. So, why are people still making money mistakes and not changing their ways. Most people are still mismanaging their money and still blaming the society for not setting a law. Please, do not buy into the society popular money myths. Here are some myths that are bad for your money. 1). Debt is a tool. 2). Car payments are a way of life. 3). Loaning money to your family show you care. 4). You cannot go to college without student loans. 5). You can make enough money to catch-up on your retirement. 6). You already understand spending your money, so you do not need a budget. 
Read more

Money and Relationship.

Do you think that most couples argument is about money? The recent survey shows that 63% of couples think that their significant other overspends in many ways, according to TD bank. Money is the leading cause of fight and divorce in North America. Those little fights can cause serious marital problems as time goes on based on the National Council on Family Relations. It is extremely important to figure out how to argue with your significant other in a productive way. In addition, to cultivate a solid marriage and relationship, it is essential for couples to take time to work on their relationship and money. Marriage brings people from different backgrounds and different life experiences together, if they can succeed they need to work on their money and relationship daily. Whether couples realize it or not, money issues can cause havoc in relationship and lead to a fail marriage. The Seven Area of Conflict in Marriages: 1). Separate but equal. 2). Lifestyles. 3). Personality Diff
Read more