Set On the Pathway To Success

Volume 8, Issue #5, 8th March 2009
Publisher Irena Whitfield

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Today's Feature Article

3 Simple Ways To Manage Your Money
Irena Whitfield

Most people start to get interested in a form of money management when they experience money problems. But it is a great bit too late.

Every person should start to manage money reasonably, if not right, from the minute they earn their first money.

It means that proper financial education should start really early in life.

Generally, managing money is associated with saving, budgeting, keeping ledgers, and the like, to get and stay in full control of your money flow. However, the truth about managing money is that it is just a concept that encompasses a larger scheme of handling money.

In fact, it depends on the way you manage your money whether and how fast you will get wealthy and financially safe for life.

The way to manage money and earn more is more than just a single way concept. Not only does managing money mean being able to keep money per se, but also to be able to have cash ready whenever we need it. This includes investments, business ventures, and leisure activities as well.

Basically, there are three concepts to produce more money:

1. More Saved, More Resources

I understand that it is quite difficult to imagine how one can earn more when he is saving more: so, I'll put it in just a few sentences:

Saving more will give you more freedom to allocate the money wherever you decide. In conjunction with the previous statements, managing money does not only mean saving, but also being able to have resources to move about. In this case, having more money in the bank or easily available enables you to use it for business purposes, settling your bills, covering costs or even leisure.

2. The Power Of Capital

Should you choose to invest your earnings and savings in a business venture, one thing that limits one's capability to start off with the desired business is the necessary starting capital needed.

As a private businessman or entrepreneur, you can start a personal business on a small scale such as handcrafted items or services, and work your way up from there. Once you start earning money, you are on your way to choose your path: either retain your business or go higher up the economic ladder.

Capital has a huge power which, of course, works both ways ie in your favour if handled right, and against you if not, with the same force. So, before you start making money using your free capital, you must get proper education. And this is imperative!

And even if you do get proper education, you still need loads of practice. And, even if you do have all this, there are other character qualities you need to acquire or develop in yourself to succeed long-term, eg being able to make quality decisions, calculate and accept risk. And, yet you must be prepared to lose something. Intentionally I say 'something' because this 'something' should never be your money or business BUT ideally only part of your profit.

3. Wholesale Concept

Another concept which enables you to earn more is to keep a wholesale concept in mind at all times. In short, you can save money buying wholesale and selling retail as long as you are aware that wholesale is not always the best deal, know the return policies, keep an eye out for defects and are willing to commit the effort to hunt down the biggest bargain.

It may not be always be the case for many, especially if you have a very limited capital to invest. Nevertheless, what is also important is that you can work profitable on your own, not depending on fluctuating bonds and loans as these are the common reason why a business stays stagnant or even declines.

The economic downturn is making life tougher for individuals as well as businesses. To get through the crisis, you definitely should look at cutting costs and sharpen the focus of earning efforts. Many people also need to wake up to reality.

Maximising your income is important. So, you must make sure that you run your business professionally, that you have a proper structure and a business plan that includes promotions and marketing, innovative ideas and links with local businesses and strategies to keep up with current fierce competition.

You have got to keep costs tight, it means you personally and your family, your business and your employees as well.

It is quite impossible to manage money properly and earn more, with constant juggling of resources and taking risks in the effort to achieve something without proper control and consideration of all the pros and cons.

However, proper money management and a little bit of luck will reward your efforts abundantly. Also, I definitely recommend starting small and working up slowly and consistently rather than starting big and finish quickly.

More Money Out Than Home? Need Better Money Management? Need Advice? Get Financial IQ Guide: the essential Financial Guide for everyone that wants to be in charge of their money now and improve their financial lives. Get the Solution Here! This common sense Financial IQ Guide taps into your subconscious Financial Genius to develop your Financial Intuition and helps you take immediate control of your finances, have your money working and live a happier life! Read a free chapter by clicking here.

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