What matters most is how you use money to live a worthy life for your loved ones and those around you. FMTNews FMTLifestyle
Taking care of your personal finance is the way to reach financial freedom, based on three broad categories of net worth and accumulation of wealth.
Under accumulators of wealth have little to no investments, may be young and just starting out, or in consumer debt.An increased income gives you improved cash flow and allows you to invest your business for further growth.You probably have money sitting around. Invest in business, the stock market or property. Give yourself flexibility in how you spend your time and resources.You may be juggling your funds to save and invest while paying your monthly bills.
What are your major expenses? Are you spending on things that you do not need? Are you in credit card or consumer debt that needs clearing off without taking on more debt?Your money needs to grow to keep up with inflation. Investing your money will help you from falling behind. Leverage on compounding interest returns.Being a PAW gives you the luxury of time and money to choose the best investments which provide above average returns, as there is a smaller pool of investors at your level.
If your income is lower, your expenses are likely to be lower as well. The goals that you need to reach are proportionately easier to reach.Live modestly. Get professionals to help you plan for a trust fund and a succession plan for your children. Avoid putting all your eggs in one basket, just in case that basket falls.Not everything that glitters is gold. Avoid anything that promises high returns above 15% per annum.
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