“I do not understand so much about money. I just want to be rich enough to have someone worry about it for me”
A young chap blurted that out with gusto when asked what finance meant to him at a school finance outreach. Personal Finance concerns us all.
Is the young chap’s disposition yours too? To be honest, a lot of people share this same feeling. Personal finance is seen by most people as akin to rocket science. The truth is, it is not a hard nut to crack, especially when you have a partner like Meristem in your corner.
As a sharp person you are, a good dose of behavioral modifications with a sprinkle of common sense will do the trick of getting a handle on personal finance. This issue of personal finance management is very necessary as this helps you to see where your money goes. (sometimes it is never really an evil spirit that steals your money LOL).
Learning about personal finance starts even before you start earning an income. Tracking your personal finance starts once you start earning an income. Whether you have a background in finance or not, this article has been tailored to give you a good idea of what you must know.
1. Get A Steady Paycheck
This is a very important part of personal finance. Do not overlook it. To ensure financial solvency, it is always advisable to get a job or start a business that ensures money every month. This ensures that you have no problem taking care of your needs and some leftovers to save and invest. Also, improve on your skillset. The more skills you garner positions you as an expert at solving problems and with this you can reach for better jobs, or expand your business offerings, thus creating avenues to earn more.
2. Save A Lot
The general belief is to save 20%-30% of what you earn. However, savings should be a bigger priority. If it is very possible to save 50% of what you earn, while meeting your basic needs, DO IT. The guiding thought should be to always push to save more so that you can have more to invest. Think of it as saving enough to employ your money to keep working for you. The more you invest, the more money your money can make you.
3. Don’t Understand It? Don’t do it.
There are a lot of investment opportunities. Make sure to understand what each means before diving in. If Mr. A has seen success with real estate investment, Mr. B has no business investing in real estate until he has taken out time to understand all it entails. It is very important to do your own research. Read blogs and books about finance. Also bear in mind that in line with your research, you should consult a Meristem financial advisor. Meristem financial advisors have a wealth of experiences and will work on your financial needs to ensure you achieve your objective. You can reach a Meristem financial advisor by calling 0700MERISTEM.
4. Wealth Is Not Just Money
The relationships you make can determine how much wealth you can make. Always be intentional about broadening your business and career circle. Be quick to give your cards at business gatherings and connect on LinkedIn. Your next contract might be from the man who shared a joke with you while you both made coffee after the event.
5. Pay Off Debts Quickly
Do not let your debt overstay. Time is not a debt’s friend. It grows poisonous roots that ruin anything you have tried to grow financially. It adds more to what you have to pay, making it harder to pay off. Make sure that you set aside money monthly to pay off your debt. Do not let debt overstay. If you must take a debt, the shorter the tenure the better for you.
Remember you can always call 0700MERISTEM or send an email to email@example.com to get advice on how best to reach your financial goals.
You’ve come this far, let’s take you farther.