Without good money
The first step in money management and thus wealth is debt elimination. You will never become wealthy if your credit cards are “maxed” out every month. Where do you find that extra money each month?
The second step in money management is to have a budgetary strategy. Below are two examples, one for someone who is currently struggling with debt and one for someone who is on their way to becoming wealthy.
Example A.
10% of income to reduce debt.
10% of income to use on long-term savings for expensive items (car, trip etc.).
10% of income to be used on financial education (self-improvement).
60% of income to be used on necessities (mortgage, food, utilities etc.).
10% of income to be used for play (dining out, movies, toys).
Example B.
10% of income to be invested in passive income opportunities.
10% of income to use on long-term savings for expensive items (car, trip etc.).
10% of income to be used on financial education (self-improvement).
55% of income to be used on necessities (mortgage, food, utilities etc.).
10% of income to be used for play (dining out, movies, toys).
5% of income to be used for charity.
Only your actions and commitment can manage your money to help you on the path to becoming wealthy.
Then click here for more helpful information, if you choose to be rich.
An important part of becoming wealthy is money management? Without good money management it doesn’t matter how much money you make, you won’t keep it. There are as many money management strategies as there are investment opportunities, so which one is best for you? You need to develop sound money management habits that you will stick too.
The second step in money management is to have a budgetary strategy.
