There are three laws of money that every human should know not only as a business but also as an individual. Believe it or not, from the moment you wake up, you start spending money. How?... When you wake up, you might want to check your phone which is already plugged in to the electricity you are paying for. When you get up to brush your teeth, you use toothpaste that you bought with money. When you use a taxi you pay... So you see, we spend one way or another. So here are the neccessities to a healthy financial life.
1. TO MAKE MONEY
In order to keep up with all these impending expenses, one needs to have a source of income. We have already established the fact that expenses are constant, now you need to make your income constant as well.
INCOME >> EXPENSES = WEALTHY LIVING
2. TO KEEP/SAVE MONEY
Most people do not know how to keep money. Anerican billionaire Warren Buffet said...
don't save what is left after spending but rather spend what is left after saving.
Saving is an essential part of ones financial life. If you are the type that spends money as soon as it comes then you need to curb that habit and be more disciplined with money. Saving safe guards the future and provides a backup if some investments fail.
3. TO GROW/INVEST MONEY
Investment is a good way to get more money. However, there are things to note before investing
- how much you are investing
- how long will it take to get returns on your investment
- how risky is your investment
- can you afford to lose the money invested?
As Warren Buffet rightly said again,
never test the depth of a river with both feet.
While doing all these, also understand that
man made money but money can make a man mad
We should control money and not let money control us. The Love of money has eaten deep into our subconscious that most people can do anything to get it.
More financial tips
- save for retirement
- Learn self control(not everything is worth having)
- buy your needs first before wants
- If you buy stuff you sont need, you might need to sell stuff you need later
- Be consistent with a financial plan
- Always have your calculator handy
- Get an emergency fund
- Guard your health
- Guard your wealth
So that brings us to a close on today's topic, i hope you enjoyed it.