Money Management 101
Photo by Thgusstavo Santana
If you are 25 years or older, you are most likely a millionaire. When you add up all of the expenses it took to provide for you up until this point life, you have pretty much been through a million dollars. Added to those needs, those of us who have attended college may have surpassed that amount. So when we think about stacking and making money we have to consider how we manage money more that the route to getting it.
Managing what you currently have
Before we get into saving, we must be mindful of how we allot our finances in our every day lives. Paying services on time. Finding the best deals. Ditching any extracuricullar activities that don't truly serve us. These and other decisions add to or take away from amassing wealth.
Dealing with Debt
No matter how much you have in the bank, you will never be monetarily rich until you deal with debt. Once you take care of how and what you are spending your money on, dealing with debt should be the next step. Pay off credit cards, loans, and other outstanding debt little by little. It is recommended that you start small and roll over those payments to larger accounts. Starting with the small accounts gives you a sense of accomplishment and motivates you to keep paying off remaining balances.
The funds you put towards paying off debt can now be saved. Put away that cash; prentend it doesn't exist. And watch it grow.
Once you arrive to a nice number in your savings account, start to invest. Investments come in all shapes and sizes. But there are two major types of investments that actually render long term revenue. Business & Real Estate. Investing in yourself and personal company allows you pass on general wealth. You can't give you child your 9-5 but you can give them a company you built. Real Estate is the only form of real wealth. No more than is being created and everyone needs it.