Tips on how to manage your finances

© Omokaro Efeobome. All Rights Reserved http://talk-about-wealth.blogspot.com

For one to grow financially, there are certain steps or factors to be considered. In every society there are certain principles those who are financially buoyant or successful discover, which they are practicing and that is what is making the difference. Therefore, for one to be in this class of people, you have to study these principles to master them and to stick with them. In order to be financially successful like the few ones who are successful financially, basically you need financial intelligence. I intend to reveal everything to you without holding backI have listed 3 sure-fire guide that has the capacity to cause tidal wave of financial explosion in your life:

The individual

The individual has a lot of role to play if he or she wants to succeed in managing his or her finances well. First; how strong is your desire to want to be free financially? Once this is settled, then the stage is set for you to kick off. You have to know that the ability to achieve the objective or the goal that you have set out to achieve which is sound financial management. You the individual should have it at the back of your mind that the dominating thoughts of your mind will eventually reproduce themselves in outward, physical manifestation and gradually transform into physical reality. Above all your desire must not be that of wish, or hope but should be taken higher dimension of raw desire which can transcend the limits of every thing else. The individual must create the avenue for change, progress, self confidence and growth.

The Skills

The skills required to manage your finance successfully is very vital if you intend to succeed in the school of wealth creation. Getting a college degree is not enough for the skills required for financial intelligence. You need to seek the help of experts, attend seminars on financial management, read books, leverage on successful managers, have mentors, take professional courses on financial management and do research that is, combine all the skills you have acquired and apply it to your portfolio of knowledge. Note all of this process is not just a day’s thing; it takes time and consistency.

The Strategy That Works

Chances are that you are on a paid job or you are running your own business, fine, lets assume you are earning $5,000 per month, there is this simple but working strategy that I want to show you. Save 10% of your income, invest 20%, Give 10% to God and you have to cut your spending on the remaining 60%. The money you have invested must continue to work for you, the capital and the interest are to be combined and re–invested. That is 20% of the $5,000 you earn at the end of the month will be $1000, you invest this $1000, let say it yields $100 at the end of the month, you need to invest $2,100 the next month which includes the normal 10% savings every month. Continue to add it up every month for 1 year and add that of the savings and re–invest all. I know you may be wondering why I’m telling you to save 10% instead of investing the 30%, it is for the unforeseen situations, you may need urgent money to attend to, and this is where your savings comes in. Remember it is not money for buying expensive toys like your neighbors do and you may want to ask why the 10% given to God. it is your faith seed, because he is the one that first gave it to you so by giving him back will not be a waste of money, this is one of the secret of all men of financial exploits.

Every one living in the world that is earning income has 90% chance of becoming successful financially but there must be the desire to want to and the zeal to effect changes in the transition period. Learn to cut your suit according to your clothe. It is better to start now or be ready to face the painand challenges later. Act today.

To your success.

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