Many successful people have mentors to guide them in learning skills that lead to achievement, and I will do my best to provide you with critical personal finance perspectives. They say that life is a school where you learn the lesson after the test. The same thing applies to money, but you can not go back and correct errors catastrophic financial that you have done over time. While you’re alive, you’re a player on the field of play money, and you need to know the ground rules before you marked by experienced players.
Rule No. 1: To earn money from money. The only way to avoid becoming a slave to pay for the rest of your life is to save money. The earnings on your savings can be used to increase the costs of your lifestyle, reduce the number of years until retirement, or you can actually have a pension at all. How are you made so far toward saving and do make money for you?
Every dollar you spend eliminates its ability to earn money for you in the future. I do not recommend that you stop eating in restaurants and movies, I recommend that you use some common sense, like looking at your four biggest expenses over the last few months and aggressively finding ways to reduce them.
The biggest obstacle for the first rule is personal debt of any kind (other than the mortgage on your house) or a lease of any kind. All personal debts you incur reduces your net worth could be for you in your time of life. Acquiring personal debt is exactly like putting a big hole in your wallet. In gambling, a huge transfer of wealth is between the “haves” and Continue Reading