WHAT IS YOUR MONEY/INCOME DOING EACH MONTH?

Knowing where your money goes helps YOU manage your cashflow better. Sort out your expenses and ensure that your income is always higher then your expenses each month.

Ensure the rest of the income that’s left goes to work; so that one day it will replace your earn income and you can do what you love to do after that.

HOW & WHAT IS WHAT?

  • Before you spent,  ensure you have enough earned income to meet them.
  • Understand what is a need and what is a want.
  • Have a notebook or a mobile app to monitor each month expenses; it is vital to supervise your money where it goes.

FOLLOW THE JAPANESE – THEY KEEP RECORD OF EVERYTHING

Types of income – each month

  • Employment
  • Investment Returns
  • Stocks dividends & Bond Coupons and etc

Various Expenses

  • Fixed expenses  – Like electric bill, water and household
  • Short Term & Long Term Loans
  • Insurance Premium – Health & Life & Non-Life
  • BIR – Taxes

TRUST ME – IF YOU TAKE TIME TO MANAGE YOUR MONEY; YOU WILL BE GOOD; IF YOU ALLOW MONEY TO TAKE CHARGE OF YOU – YOU ARE FINISHED!!

IS YOU FORMULA RIGHT?

Is your expenses higher then your income; if yes, well you need to go back to the basics and re-do your expenses list.

Simple Rules

  • Always keep your expenses at 80% level (Includes everything)
  • Always invest 20% of your income.
  • Always stay away from bad debts
  • Always ensure that your expenses is lower then your income

PEOPLE WHO HAVE MASTERY OVER MONEY MANAGEMENT ARE HAPPY PEOPLE – BECAUSE THEY LIVE A WEALTHY & HEALTHY LIFE.

  • Money Mastery skills are essential for a healthy money mindset.
  • Prioritise what you need to spend on and build an Income Generating Asset.
  • Master the art of right investing and prudent spending

So remember the next time you spend – ask yourself Need or Want – master your spending habits!!

Article by: Ashok MBA – Strategic Coach & Mentor for MDRT/COT/TOT

0 Comments

Leave a reply

Your email address will not be published. Required fields are marked *

*

CONTACT US

We're not around right now. But you can send us an email and we'll get back to you, asap.

Sending

FINWAZE makes no representations or warranties, express or implied, in relation to this website (www.finwaze.com) or the information and materials provided on this website. It does not also warrants that this website will be constantly available or available at all times. The information on this website is complete, true, accurate or non-misleading. Nothing on this website constitutes, or is meant to constitute, advice of any kind. FINWAZE shall not be liable for any damage or injury, whether direct or indirect, that it may cause in relation to the contents of, or use of, or otherwise in connection with this website. By using this website, you agree to the reasonableness of the limitations of liabilities herein set out and further agree to assume whatever risk, loss, damage or injury in may cause in connection to the use of this website. No claims shall be brought personally against the officers and employees of FINWAZE, in connection with the use of this website. The user of this website agree to the limitations of warranties and liabilities herein set out to protect the officers, employees, agents, subsidiaries, successors, assigns and sub-contractors as well as FINWAZE. Any unenforceable provisions that may be found on this website under applicable law shall not affect the enforceability of the other provisions.

Legal Documents  |  ©2019 Finwaze Philippines

Pin It on Pinterest

Share This

Log in with your credentials

Forgot your details?