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Should You Focus on Cutting Expenses or Growing Your Income?

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Should You Focus on Cutting Expenses or Growing Your Income?
If your expenses and your income don't match up, you have two options: cut back on your spending, or figure out a way to earn more money. While some people will want to try both options simultaneously, you're still going to have to figure out which one to prioritize.

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Making the right choice

Handling difficult situations requires taking appropriate measures. When one has issues with the money, there are only two possible scenarios: cutting back on expenses or growing your income.

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Managing personal finance

When faced with a challenging situation, as in not having enough money, try to ask yourself which one of the following two you cherish more: time or money. 

Depending on the answer, you ...

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Education and wealth

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Controlling expenses and wealth

Those who control their spending do much better. This doesn’t mean you have to save on EVERYTHING, just some things. Enjoy your life by spending on what you want here and there, just keep it in line so you have excess to save and invest. Even 10% will make you wealthy over time.

You’ve probably heard that time is your greatest investing asset. It’s true. The more investments earn and grow on their own, the greater they become.

Investment value is also greatly impacte...

You’ve probably heard that time is your greatest investing asset. It’s true. The more investments earn and grow on their own, the greater they become.

Investment value is also greatly impacted by the amount invested.

The Golden Rules of Personal Finance

  • Spend less money than you earn
  • Always plan for the future: you should always look forward beyond the current month
  • Make your mon...

Side Hustle to Make More Money

You don't have to sacrifice all of your free time to start a side hustle, use the time you’re comfortable with and make a little bit of progress every day. 

Take Action

Get to working on improving your finances today, not tomorrow. Reading the steps and thinking you’re capable of doing it but postponing it is just an excuse, an unprofitable one.

Communicate With Your Partner

Talking about your financial goals, and scheduling time once a month to go over your finances together can prevent money from affecting your relationship.

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