Financial planning is easy when certain things are understood about money. Other aspect might require the services of a financial expert to understand.
But when starting out with financial planning, it’s better to focus on the most important aspects and doing them well, it’s a very big step towards a secure financial future.
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What are the best money tips? Here are the few best money tips that help you build your financial future.
1. You will not get rich in the stock market without investing with control. You can indeed get certain returns from your stock investment, but will be reasonably small. Buying 1000 unit of stock won’t make you rich.
In the stock market, it’s those who invest with control that gets the maximum benefit. These are often call the major shareholders and having at least 5% stake in the business.
Study the stock market and know how it works. Then develop a plan and strategy to follow. The best way to succeed in the stock market is by investing with control.
2. Save — no matter what. Saving might be one difficult task considering the bills we need to settle on a daily basis. But people who want to succeed financially will always do the right thing always.
Develop a good saving habit and stick to it. Some may argue and think it’s not possible or I don’t have money to do it or it’s not the right time to start saving.
I say calculate just calculate the amount of money you spend last week on recharge cards. You might be surprise how much you have spent. But calling who? Or was it an important call? Well that’s just one aspect.
The best time to plan an oak tree was twenty years ago and the next best time is now. Now is the time to start your savings. Do it do matter what. The saying is true, do it today or regret it tomorrow.
3. Develop a plan B? There is every tendency take plan A will never work. Plan B is what you can fall back to when all you plan (plan A) never works.
Most successful people have not seen the breakthrough in the first attempt. They develop plan B because they know no matter the time and preparation, things will never work as planned.
They know that no matter time and preparation that they do, things will never go exactly as planned. Having an alternative will make you keep moving.
4. Taking baby steps always wins! Success is not the product of one great action, luck or it is not a one hit wonder. It is the consistent right action of today that makes the difference.
The person that start early getting financial education and training, personal improvement in all aspect of life and taking consistent financial planning and action will definitely beat the person who is sizzle than substance.
5. Get the smartest people to work with you. Don’t just jump into conclusion. Work with smart people. Just be the dumb and the smart people will do the job.
Your main job is to drop the main offer on table and the smartest people will help you to structure it. Your accountant structure the numbers, your contractor advise you on the property and your mortgage person gives you the option.
This makes you better position before making any decision.
You can never be an expert in everything. Know your weakness or limitations and then fill that with strong bright people and expert for better decisions.
6. I have saved more money by saying “no” than by saying “yes. The ability to say “no” is not a weakness.
I have save more by saying no. not all deal are great or fit what you want. It’s better to walk away and live to fight another day.
Saying no to things you don’t like or fit your style preserves your strength, energy and mental power.
7. Understand the “reasonable range” for anything. You’ve to really understand reasonable range for anything to avoid trouble.
Investments with guaranteed large returns on investment are also a guarantee that you lose money.
The deals that seems to have no risk is often the riskiest. Don’t get me wrong, there are still great deals and investments out there.
But all am saying is when a proposal is on the table, do your homework first before jumping into it.
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