Don't pay late
If you don't stay current on your bills, things kind of have a domino effect - finance charges beget late fees beget stress beget abject depression about the state of your finances. Missing the mark and falling behind can have a deleterious effect on your finances and on your psyche, may it be credit card payments, utility bills or the student loan for your community college studies. And the more you have to pay for interest and other fees, the less money you have to save up for the years to come.
Set goals
If you don't know where you are headed, how do you get there? As the controversial, yet nonetheless brilliant Friedrich Nietzsche once said, a man without a plan is not a man. Grab a pen and paper, write each of your goals and how you plan to meet them, and who knows, you just might be able to retire before fifty!
Invest ahead
If you really want to accumulate a lot of wealth, it pays to be more than a few steps ahead. Let your money grow over a period of time and don't hesitate to start even with a few hundred dollars. Word from a scientific genius and a wizard with words - "compound interest is the greatest mathematical discovery of all time," Albert Einstein.
Invest in something you are familiar with
You may decide to pool your money into stocks, into the real estate market or wherever, but you must have one all-important weapon in your arsenal, and that is knowledge. Everybody has heard of the legendary Warren Buffett, but not too many may know about how he was lambasted by critics for not capitalizing on the dot-com rage. He debunked them quite easily. If you don't know the business model, what the company does on a day to day basis, or how it generates revenue now, and in the future, then stay away from it. This principle can be applied to all types of investing.
Don't do what the crowd is doing
When everyone is starting to get into an investment, that is generally when the smart investors are getting out. Investments would reach a plateau when everybody and his cousin seems to be staking claims on it, such as if the real estate scene was a bear market, as it's often been in the past. Investors make money buying low and selling high. If an investment is hot and lots of money is flowing into it, you can't buy low.
Don't be naive regarding quick fixes
Greed will be your undoing. Neither should you let your naivete take over as you descry an opportunity to potentially get rich quickly. Building wealth takes time and hard work... there is no easy way to get rich.
Save, save, save!
This is another one of those "easier said than done" propositions that you will encounter. It is so easy to be tempted to indulge yourself and go on a spending spree once you've made a small fortune. Why not save money instead of spending it if you've got a little extra greenbacks at the end of the month. Because life would definitely NOT be a party if you keep spending that money you make instead of saving it for emergencies.
If you don't stay current on your bills, things kind of have a domino effect - finance charges beget late fees beget stress beget abject depression about the state of your finances. Missing the mark and falling behind can have a deleterious effect on your finances and on your psyche, may it be credit card payments, utility bills or the student loan for your community college studies. And the more you have to pay for interest and other fees, the less money you have to save up for the years to come.
Set goals
If you don't know where you are headed, how do you get there? As the controversial, yet nonetheless brilliant Friedrich Nietzsche once said, a man without a plan is not a man. Grab a pen and paper, write each of your goals and how you plan to meet them, and who knows, you just might be able to retire before fifty!
Invest ahead
If you really want to accumulate a lot of wealth, it pays to be more than a few steps ahead. Let your money grow over a period of time and don't hesitate to start even with a few hundred dollars. Word from a scientific genius and a wizard with words - "compound interest is the greatest mathematical discovery of all time," Albert Einstein.
Invest in something you are familiar with
You may decide to pool your money into stocks, into the real estate market or wherever, but you must have one all-important weapon in your arsenal, and that is knowledge. Everybody has heard of the legendary Warren Buffett, but not too many may know about how he was lambasted by critics for not capitalizing on the dot-com rage. He debunked them quite easily. If you don't know the business model, what the company does on a day to day basis, or how it generates revenue now, and in the future, then stay away from it. This principle can be applied to all types of investing.
Don't do what the crowd is doing
When everyone is starting to get into an investment, that is generally when the smart investors are getting out. Investments would reach a plateau when everybody and his cousin seems to be staking claims on it, such as if the real estate scene was a bear market, as it's often been in the past. Investors make money buying low and selling high. If an investment is hot and lots of money is flowing into it, you can't buy low.
Don't be naive regarding quick fixes
Greed will be your undoing. Neither should you let your naivete take over as you descry an opportunity to potentially get rich quickly. Building wealth takes time and hard work... there is no easy way to get rich.
Save, save, save!
This is another one of those "easier said than done" propositions that you will encounter. It is so easy to be tempted to indulge yourself and go on a spending spree once you've made a small fortune. Why not save money instead of spending it if you've got a little extra greenbacks at the end of the month. Because life would definitely NOT be a party if you keep spending that money you make instead of saving it for emergencies.
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