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The Most Important Advice about Money (Timeless Money Wisdom)

There are lots of advice out there about money and building wealth but these bits of advices are the ones that never fades. These are the most basic rules and endure from generations to generations. As if they are the spirit that you should live when we speak of money.

Money Management Tips
"Let your self control your life, not others. Start by learning to earn and manage your money to grow."

Here they are. And please absorb and understand them carefully as you read them.
  1. You should learn the value of money. Always save some for rainy days. It is not what you make (earn) that counts, it is what you save!
  2. Learn to create a budget (budgeting of money). Stick to it.
  3. Budget your money and value its actual worth to you. Ask yourself what money does for you and how you can make it do more (this is when investing comes).
  4. Begin saving early (the younger you are, the better time to save money). A little bit of snowballs rolling and rolling over time will become bigger.
  5. Start saving and investing early in your life. Discipline yourself to do it and then rewards will come.
  6. You should learn how to manage money (money management).
  7. You should also learn the value of time and money - be always aware of costs.
  8. Remember the power of compounding interest. The power of 72 is an easy way for a young person to learn and understand how fast or slow money can double at a certain interest rate.
  9. Save and always pay your bills on time to ensure a great credit standing.
  10. Learn the value of peso or dollar (money). Money keeps decreasing in value. That's what money is created for - to decrease in value due to inflation. Let children enjoy and buy some of their own things with money they have earned or saved.
  11. Get in the habit of saving as soon as possible.
  12. Again, save, save, save. It's the key to reaching your goals in life.
  13. Control your own destiny. Whoever controls your money controls your life (remember that). If you have a job, your boss controls you.
  14. Begin to start saving early through a payroll deduction plan (a salary deduction for your savings or investments that will compound in interest).
  15. Save at least 10 to 20 percent of your earnings and deposit in a savings account at you local bank. Get used to saving.
  16. Do not borrow money.
  17. Don't be rush. Just slow down and think.
That's it. As soon as you applied one nuggets of these timeless money wisdom, you'll experience a more powerful control of your life and a healthier financial wallet.

Could you share some of your experiences in handling money?
 

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"The Most Important Advice about Money (Timeless Money Wisdom)" was written by under the Finance / Wealth category. It has been read 1446 times and generated 0 comments. The article was created on and updated on 20 February 2011.
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