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Becoming rich however little you earn


Date Posted: 11/8/2012 2:31:13 AM

Posted By: Kajwang  Membership Level: Bronze  Total Points: 45

I tend to believe that richness does not depend on how much one puts into his/her pocket at the end of the month. Richness depends on how an individual manages the finance at hand. Personal Finance Management is a subject that is not taught in schools but is something that we will have to face in our lives latter. Poor management of finance will provide nothing but financial trouble that if not well handled can result into utmost poverty. A lot of families don't realize that they are actually spending way more than what they really need. They often don't notice it until they are actually left with nothing on their budget.

The best way to avoid financial problems is to set clear financial goals and a household budget to help achieve them. This will avoid a common disaster that happens to many people who go broke in the middle of the month and therefore forced to survive on just one meal in a day. Such individuals hardly save, hence they struggle to live. Saving is a key subject to prosperity and thus make it a habit to save a portion of your paycheck on a monthly basis.

Use your credit cards wisely to avoid problems. Comrades, be careful of credit cards. For many people, managing a credit card is harder than getting one. Any time you use a credit card, you are borrowing money you must repay. If you don't pay your balance in full each month, your creditor will add interest to the total amount you owe. Don't spend more than you can afford to pay on a monthly basis.
Manage your bank accounts. Managing your bank accounts, whether savings or checking, by reconciling them to your bank's records is a responsibility – and one of the best money management habits

you can keep. Mapping your future can help you manage your accounts properly.

Some may find these considerations too restrictive, but it is time to bring some order and discipline to our financial houses. A return to basics and fundamentals can open up a new world of opportunities for everyone, opportunities that we can afford!

Make sure the next time the music stops, you've got a chair to sit in.

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