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Tried And True Money Tips

January 1, 2017

 

Life gets so busy and the months soon roll into years when suddenly you find that your finances are off track and you’re nowhere near achieving your goals. Instead of thinking it’s all too hard take a few moments to review the following tips.

 

Set your goals using the S.M.A.R.T. principle:

 

•           Specific: What exactly do you want and how are you going to do?

•           Measureable: If it can’t be measured, you can’t manage it.

•           Attainable: Can it be achieved in your situation?

•           Realistic: Is the goal beyond your capacity?

•           Timeline: How long will it take to achieve the goal?

 

Learn from The Richest Man in Babylon

 

The foundation of this time-honoured book is to pay the most important person first – you! Preferably save at least 10% of your earnings, more if you can.

 

Manage your debt

 

Not all debt is bad, so make sure you know the difference. Debt that helps you improve an asset or increase an income is smart.

 

It’s time, not timing

 

It is impossible to know when it’s the “right time” to invest. Start now and invest regularly to benefit from market ups and the downs.

 

Spread it around

 

Invest your money in a variety of assets. This will help to reduce the risk and increase the benefits.

 

Be patient

 

Try not to focus on daily financial reports. Worrying as your investments seesaw is not conducive to smart money management. Invest well and for the long term.

 

But stay focused

 

Regular reviews, say half-yearly, are a good idea. Revisiting results after a set timeframe reduces knee-jerk reactions that you may regret later.

 

Don’t become a statistic

 

Fraudsters are getting smarter. If you are promised something that seems too good to be true, it probably is. 

 

Refer to a professional

 

Managing money is an emotionally-charged exercise. A skilled financial planner will help to reduce your stress, so you can relax and enjoy the whole experience.

 

Ron Malhotra is an award-winning Wealth Planner and the Managing Director of a boutique wealth-planning firm called Maple Tree Wealth Management. He is also the Editor of The Successful Male Magazine and to find out more check out http://www.ronmalhotra.com/.

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