1.Put aside atleast one tenth of your every earning: It may be done monthly or daily depending on the frequency of your income.
But the most important thing is that you make sure at least 1/10th of your every earning is put aside.
Some may wonder how can I put aside one tenth if all I earn is not even enough to meet all my necessary expenses?
It is worthy to note that our necessary expenses would always grow to equal our income unless we protest to the contrary.
Many of us start so well by putting aside (saving) some money, but somewhere along the line we spend everything and then get back to square one.
Savings must be effectively complimented with the cures that will follow in order for you to always have enough and be financially independent.
2. Control your Expenses: To have a significant account balance and a permanent cure for a lean purse it is expedient we live within our means and not succumb to the pressure of extravagance in trying to keep up with the Jones.
Usually most people start off well with great account balances, but along the way we allow our expenses to get the best of us and bump, we’re in huge debt.
It is very important we distinguish between our necessary expenses and our desires.
All of us are burdened with much desires than our incomes can gratify, as economists would say, humans have insatiable wants.
However not all of then can be met, even if you spend all your income, you’ll still have so many unmet desires.
Our desires are infinite, but the ones we are expected to gratify for sustainance are but few. Budget your necessary expenses to be within the remaining 9/10th of your income.
3. Multiply your Savings (Investment): Your savings may bring you joy but it earns nothing over time.
Accumulating part of our income is just the beginning of our journey to financial freedom. Make your money multiply by putting it to work.
Your wealth is not in the money you have in your wallet, but it is the many residual streams of income that make money flow into your account ceaselessly.
Put your money to work that it will always bring you income whether you work or not. Real estates, stocks, shares etc are some of the options you can consider.
Albeit be careful to invest in ventures that give reasonable interest rates and not ones with outrageous rewards since ponzi schemes are everywhere.
Demanding too much on your investment usually may put you in a high risk of losing even your principal capital.
4. Insure your Investments against loss: The first sound principle of investment is security for your principal.
Every investor is mostly tempted by opportunities that seem he could make more money on his investment. However, study carefully an investment opportunity before parting with your money.
Risk is good, but must be well managed otherwise would lead to great loss. Be sure that your principal at least can be reclaimed before you make an investment.
5. Increase your ability to earn: You cannot be paid more than you’re worth. To earn more you must be worth more.
The more skilful and knowledgable you’re in your profession the more you get paid. And the more value you create for others the more you get rewarded.
So upgrade your skills and acquire specialised knowledge in you field. This is the magic to earn more
6. Insure a future Income : Usually people enjoy a great deal in the prime of their life,but become broke during retirement.
Retirement is a very delicate period of our lives that we can’t afford to risk it by not saving and investing towards it.
Starting from the day you start making money, begin to make contributions towards your retirement.
Don’t postpone and say I would start for example 10years to my retirement.
You can invest in a retirement plan, or a real estate property that will earn you money even in your retirement.
7. Build more Assets than Liabilities: Assets are things that put money in your pocket and liabilities are things that take monies out of your pocket.Be sure to have your house and car as an asset and not a liability.
These cures may seem simplistic , but if followed judiciously you’ll come bearing testimonies of how your bank balance has improved tremendously. Remember truth is always simple…