A Simple Guide on Improving One’s Personal Finance

Spend here. Spend there. Spend everywhere, there is no stopping to the continuous expenses that you face every single day. Your muscles cramp from the repetitive motion of pulling out your wallet and handing out all those precious hard earned money, and the worst part is, you have no choice. It’s a way of life, but that doesn’t mean you have to stick with the flow! Here are some simple yet effective ways on how to keep your financial stability without having to stress about the bills all the time.

The first important thing that you should do is to decide on your financial goals. Plan out on where you intend to spend your money on, it can be for anything, be it a new house or a new pair of sneakers, every penny counts.

Speaking of details, it is also important to keep track of your expenditures, budget them! If you don’t have a clear blueprint yet of the goods and services you spend your money on, a good way to start is by tracking your expenses for a two to three week period, and from there you can then start dropping of the dead weight and focus on what you really need. So far there are three essentials that take up your income, there are food, household related expenses (electricity, water, etc.) and transportation. Focus on these three and allocate the budget for each, allocate the most for what you need the most and the least for what you seldom have the necessity for, if possible, scratch it off, use only what you need so that you pay how much you want to pay.

The next step would be to pay off debts, especially ones with high interest rates. A golden rule with paying debts is to pay them off quickly, because the next thing you know, your 100 can be a 1000 in a blink of an eye. It would be highly advisable to pay them on time if possible earlier, interest rates quickly balloon over time and you would be looking at a far higher debt than what you had initially.

 It is mandatory that you pay your credit card debts first before anything, recent studies confirm that credit card debts rank among the highest in terms of interest rates, reaching up to a staggering average of 15 percent. Why wait for financial Armageddon? Get it off your chest as fast as you can! Another thing to take mind of is to analyze the conditions first before taking up a debt, make sure that you are prepared mentally and financially for the cons that come along with the pros.

Now here comes the fun part, don’t just earn money from one source, be innovative and resourceful, money doesn’t always apply to “blood, sweat and tears”, sometimes, it takes a bit of wit to handle things in the new generation, and once you find that keyhole, the rewards are endless. The question that might be ringing in your mind is how? The answer is simple, go online. Industries are slowly adapting to the social media environments, several companies are offering part-time and even full-time jobs to people across the globe. The juicy part is that most of them are home-based jobs, no need to go outside and pay for transportation and what not, don’t wait any longer. Some sites even give members the opportunity to post their own jobs according to their specialties, sort of like an online classified ad, only this time it’s the other way around, sellers post and buyers choose. There are also plenty of buy-and-sell sites in the Internet such as eBay and Amazon, you would be almost 100% guaranteed that your item would sell at the price set, no disputes, no hassle, no sweat.  Never underestimate the power of the Internet; some people make a living out of these online jobs, your personal computer can and is a potential source of income, all it takes is one click away.

Another potential outlet of income is through investing in stocks. First of all, what are stocks? Stocks are assets issued by companies that give you part-ownership of the company. You heard that right; you get to partially own big time companies. Stocks open because companies need to raise money, and this includes money gained from investors, you. Reasons range from varying reasons, a company may be venturing into a new project, may be conducting large-scale researches, etc. The bottom-line is, you take part in the company’s earnings, and if the value of the stocks increases, so does your potential earnings. The good thing about it is that you can invest in good performing companies such as Google, Twitter, Boeing and several more giants. The growth of investment can vary depending on the situation; it can double within a span of years, even months if given the fortunate chance. Though it is a risk-reduction situation because stock values can either rise or fall by the minute, depending on the circumstances, so better choose wisely, it is advisable to go for low risk investments before venturing into deep waters, nonetheless investing is a good source of income, to think that your money can double, even triple without you even knowing about it, all you do is risk and patiently wait.

These are just some of the many more ways on how to improve your financial stability, always remember to place a portion of your earnings into your savings and after a couple of years, the results will be surprising. As your financial stability improves so does your opportunities, you will be able to open up more, become more loose, after earning enough, you can then start to establish a business which can then open up more opportunities for earning. There would be more independent-decision making in your part, you would be the master of the wheel, all it takes is a little bit of waiting and you’re on your way to the road of success. One hundred and one percent guaranteed.

 Yes, you can attain financial freedom! And the choice rests on you. Act now or it will be the usual humdrum of life that will finally zap your energy and relegate you to lethargy forever.

You can read books like Clason's "The Richest Man in Babylon" or Wattle's "The Science if Getting Rich", check some websites or join clubs that educate people on how to attain financial freedom. Check this one:http://goo.gl/XClwh5.

To your financial freedom!

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