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Six Financial Rules You Should Never Break by Vipro(m): 6:12pm On Jun 26, 2021 |
Rules are meant to be broken but some must be followed duly to achieve the long term desired result. To experience steady growth in your finances that will make it compound over time for wealth explosion, you need to keep to these rules to safe guide you with a safe landing in wealth creation. These six rules must never be broken. NEVER BUY LIABILITY ON DEBT When you buy an asset losing value over time, you are taking a high level of risk which is harmful to your finances. Taking debt to buy or invest into such liability will possibly lead to another debt accumulation. Before investing in any asset, do your research about it, know where they make money from, what they do with their profits and how financially stable that company is. Ask those that invested in Skye bank, platinum Habib bank(PH.B)and a few others, lots of investors lost their money. THE BEST TIME TO SAVE IS NOW The best time to plant a tree was twelve years ago and the best time to start is NOW. It's never too late to start now. Even though, you have wasted higher percentage of your resources away in your young age, it's never too late to start with the penny you earn monthly. A penny earned is a penny saved. No matter how small is your monthly income start with 10% or less. NEVER INVEST MONEY WITH EMOTIONS Never invest into product or services because you love them. Invest into their numbers and vision because you see what you like. Lots of people invested into MMM and FOREX because of it's huge return on investment in a short period. None ever research about it's system and structure, how it makes money monthly and where it plans to be in five to ten years time. STOP TRYING TO GET RICH QUICK In Nigeria and Africa at large over multi-million dollars has been wiped off because of get-rich-quick schemes. People looking for a way to double their money and lost it all. People trying to invest in BET schemes are always broke even after making big money. Lots of them keep trying and pushing, hoping to hit it big but end up being broke. A lady took her rent over N400,000 into a scheme about helping hands and that week she lost everything. BUILD WEALTH IN STEPS Wealth is build in steps i.e take it one step at a time. You need to take it step by step you don't rush it. To get wealthy, start with the little in your hands and invest it steadily and non-stop for many years and watch your money grow and compound over the the years to become a huge amount. Jeff Bezos started his small company many years ago and today, he's the richest man in the world. KEEP TRACK OF YOUR SPENDING You need to keep track of your daily, weekly to monthly expenses, it will guide you to know the direction of your money and how to reduce the expenses or manage them properly. It gives proper direction to your money and what to do if you have more cash than expenses. A friend spends aimlessly without budgeting his finances, he spends a month tracking his expenses, he almost wept when he realised he has been wasting all his money inappropriately. CONCLUSION The most important thing about the rules is that never forget any one of them and stay true to them. It will guide you to achieve your desired financial dreams. Please share,like,comment and follow
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Re: Six Financial Rules You Should Never Break by Sirkingsnado: 6:13pm On Jun 26, 2021 |
Who go poor go poor |
Re: Six Financial Rules You Should Never Break by Hahjascho(m): 6:56pm On Jun 26, 2021 |
Financial intelligence is a skill. |
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