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Money management Depends on Life and Financial Goals.
It's worth asking yourself these questions:
What are my short, medium and long term goals?
- Can they be implemented? Are we doable?
To understand whether they are doable or not:
- What is my income? (1/6/12 months)
- What is my expense? (1/6/12 months)
- What property do I own?
- Guess what might happen in the coming months/years?
- What atypical/one-time expenses might occur?
- Are there situations in which your income will increase or decrease?
Develop a plan to achieve the goal.
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Savings is the difference between income and expenses.
To save effectively, you need to have a goal. For example, open your own coffee shop for $8,000 in 4 years. So you need to save $5 a day, $150 a month to achieve it.
To start saving:
• Define a goal
• Determine the amount
• Start saving small amounts
• Don't s...
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Mistakes.
- Chasing big money on a short-term basis
- Invest all your money in one asset
- Panic and herd reaction
- Investment of credit funds
- unpreparedness for loss
- Fear
- Greed
- Laziness
- Invest and forget
It is worth remembering:
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Risks.
Risks - the likelihood of an adverse event that entails various kinds of losses, or unplanned profits.
External risks:
• Socio-political risks
• External and internal economic risk
• Inflation risk
• The risk of increased competition, changes in consumer require...
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Financial Plan.
A financial plan is a plan to achieve financial goals. Allows you to distribute steps and find the optimal balance. It is important to clearly and in detail formulate goals and desired achievements. If you know where you are going, you will definitely get there.
The main sections of the...
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Investments.
Investments - cash, securities, other property, including property or other rights having a monetary value, invested in objects of business or other activities in order to make a profit or achieve another beneficial effect.
Compound Interest Curve:
FV = PV × (1+r)^n,
FV - fut...
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CURATED FROM
CURATED BY
Simply, a self-taught introvert who wants to become succesful in life and live free from everything.
I took this course in January of this year and I think that the knowledge that is given is necessary for all people who want to start raising capital.
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