Summer vacation is over and back at the office. The vacation went again way too fast but hopefully somewhere in future the vacation is much longer. 😀
But, now to the topic of the day. Today I want to highlight 7 things everyone should know about the money.
1. Don’t Lend Money to Friends or Family
It is very hard to get good interest rates for lending money to friends or family. It is easier and much more profitable for me to say just use your credit card or etc.
2. More Than One Income Source
Try to get as many as possible income sources. You can do this by owning things which put money in Your pocket, not taking it away.
3. Financial Destination or Plan
Create a budget! By doing this you are able to really know where your money is going and you can create a plan. Will it be traveling, house or etc, but you need to have a plan.
4. Don’t Use Bad Dept
Never use dept for example from your credit card. The interest rates are very high and this kind of dept will put you on a bad situation.
5. Try To Maximize Your Saving Rate
By saving more today you will have much more in the future due to compounding effect.
6. Don’t Try To Outsmart The System
If something sounds too good it probably is. There are no quick ways!
7. Don’t Panic
Time is your friend! When you do investments 48% of the time you will see red figures. Buy & Hold is the best strategy for many of us.
The next topic will be the monthly summary, so stay tuned!