I have recently met some people who do not have college degrees, yet are extremely wealthy. I realized that people do not really need a college degree to be rich of financially successful, and that all that is needed really is Financial Education.
Because of this I invested my time to learn and educate myself by reading financial management books by Colayco and Sanchez. I have also attended some Financial Education Seminars to help me understand and approach my finances and learn how to make my money grow. Let me share with you some valuable points I have gained.
-Increase Cash Flow. Although we have a regular job that gives us regular pay, this amount may not be enough to pay for needs, wants, and bills. Only a few people I know enjoy a big left over amount for saving or investment. You can approach this in 3 ways, you can either manage your expenses to make sure you have enough money for your savings and investments, you can put up a business or get a second job to earn additional income, or you can do both to be able to save and invest more.
- Manage Debt. Getting out of debt is the biggest challenge a person has to face. To be able to address this, you will have to do a lot of self assessment and planning. You have to ask questions like “How much is/are my credit-card balance/s?”, “What is my debt ratio?”, and “How did I get into this mess in the first place?” Look at how you are spending your money and how you should and will be spending your money. Set a budget and start with your priorities. Reduce your expenses. Keep just one low cost credit card. Consolidate your bills with the help of a trusted debt counselor. Repair your credit standing. This is a lot of work indeed, but will pay off for sure.
Create An Emergeny Fund. Save money at least 6 months worth of your income. This amount should prepare you for emergency expenses such as a loss of job or job interruption, major car repairs, major home repairs, major appliance repairs or replacement, serious illness or hospitalization, extended elder care, and investment opportunities.
-Ensure Proper Protection. Insurances and Investments will protect you from loss of income. This move will also help you protect family assets. Industry experts suggest that it is important to have insurance that is equal to anywhere from 10 to 20 times a family’s annual income.
-Build Long Term Asset Accumulation. Invest on something that would help you and your money out space inflation. There are banks, stock funds, and franchising opportunites that you can get into for this. Read about the rule of 72 and taxation reduction.
-Preserve your Estate. Help reduce estate taxes. Build a family legacy and pass this on from generation to generation.
hello..nice site!
hey there hope you are well give me more info thanks
*would be nice to read more about insurance for protection and as an investment.
*how much salary/income we need to have a comfortable life? what is a comfortable life to us filipinos, anyway?
*reuse, recycle, recover as the motto says about waste. re-examine our attitude and habits everytime we spend, or forego an opportunity to earn.
hello … ms. joanna
i think this is from International Marketing Group… this organization also helped me a lot… thanks for spreading this news bro.