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Controlling expenses and wealth

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.

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College degrees can add significant wealth. The more education you have, the more you’ll earn and the less likely you are to be unemployed. And if you can keep debt low while getting the degree (and there are reliable ways of doing this), then it’s almost guaranteed that getting a college degree is a good deal.

<p>You’ve probably heard that ...

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.

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  • Needs: these are those bills that you absolutely must pay and are the things necessary for survival (rent or mortgage payments, car payments, groceries, insurance, health care, minimum debt payment, and utilities).
  • Wants: these include all the things you spend money on that are not absolutely essential (dinner and movies out, vacations, electronic gadgets, etc.)
  • Savings: this includes adding money to an emergency fund in a bank savings account, making IRA contributions to a mutual fund account, and investing in the stock market.

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IDEAS

  1. Create a Financial Calendar: prevent yourself from forgetting quarterly tax payments and to get credit reports.
  2. Check Your Interest Rate: Pay off loans, open saving accounts and negotiate credit debts based on interest rates.
  3. Track Your Net Worth: The difference between your assets and debt — it tells you your financial standing. 
Money rules to increase your net worth
  1. Don't spend all your income at once: the easiest way to grow your bank account is NOT to spend it all.
  2. Know how the Economy works.
  3. Avoid debt; personal debt destroys your net worth like nothing else.
  4. Save as much as you can: find the figures that make you feel comfortable