Money management this is something that, It feels like it’s super important
but isn’t taught in schools it’s and rarely taught in some home.
So by the time we became an adult free to do as we ended up falling into a lot of traps,
like debt overspending not understanding.
How to leverage money and manage it?
If you can have a really good foundation of money management,
it will really help you set off in the right direction and make things way easier.
So here is a bunch of different types of approaches and the thing that really works well.
few simple steps that you can start right now to head in the right direction or at least to understand hopefully it just helps you better your situation if that’s what you’re looking for
So step one is really balance sheet balance your income and expenses.
We know this is not an accounting class but it’s really super simple you take all your income that comes in and make sure that it can cover all your expenses.
Now if you’re in debt or if you owe something or you want to work towards something like saving for a house or leveraging some money for investments or business
Money Management with invest.
it’s super important that that income can cover your expenses.
so a lot of people like to say that you want to save at least 10 to 20 percent of your income for leveraging or savings,
So it’s super important to write that down.
At least be aware once in a while and this is something that
We recommend doing monthly but if you don’t have the time doing it two or three or four times a year is a really good practice to have once you have your income and your expenses.
All set to go you’re at a place where your income covers are expensive you have
A little extra pay down your debt and don’t just pay minimum payments this is assuming you have debt smallest set to the biggest debt going forward that’s totally.
it’s super-important to get realistic in ratio with how much we make and how much we spend,
Some people are making like 50 million dollars a year of course they can afford stuff
like that and it’s really easy to want stuff like that but
Real secret to wealth or to success
the real secret to wealth or to success or to having the income to do
And what it is you want and to leverage in the future is to really be able to decipher or distinguish
What is truly important to spend on now
what can wait till later it doesn’t mean if you love cars don’t buy the car of your dreams
But it’s really easy to get sucked into not being able to afford the entire lifestyle you want
If you love cars and brand-name clothes and a beautiful house
or a sailboat or eating out at fancy foods and drinking fancy wine all of that
stuff begins to accumulate so if you do spoil yourself spoil yourself on maybe one thing that you really like.
For money management at the moment
It might seem like overwhelming and crazy or like it would take a really long time
But if you really take the time to be meticulous
about each step you’ll most likely come out sooner than
you would later as long as you stay really consistent consistency is key to winning in the money game.