5 Financial rules to live by!

May 24, 2019

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  No matter how wide our income streams are, if we do not know how to handle our finances well it will still leave us empty.

  SAY “NO” TO CREDIT CARD DEBT

  Owning a credit card is good especially for emergency purposes. However, if it will only make your debt list longer then maybe it’s not healthy for your finances anymore. Remember, owning a credit card makes you feel rich and gives you the confidence to purchase. Ironically, you can afford everything, but if mishandled it saves you nothing.

  SAVE AND INVEST FOR RETIREMENT

  The earlier, the better! Include your retirement funds as one of your priorities. This is a good investment. Better be ready than sorry when you get old.

  HAVE AN EMERGENCY FUND

  You’ll never know what tomorrow holds so be ready and have an emergency funds. As the saying goes, expect the unexpected.

  LIVE BELOW YOUR MEANS

  Living a low-key life even if you are earning a lot is a good habit. Just because your income streams are getting wider, your lifestyle will be higher. It’s still practical to live like an employee even if you’re earning like an owner of the company.

  IF YOU CAN’T BUY IT TWICE, THEN DON’T BUY IT ONCE

  When purchasing things, always check if the money that you have can buy two items of the same kind. If purchasing the item will leave your wallet empty and will make it hard for you to get by on the next days, then might as well not purchase it anymore.

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