WHAT IS YOUR MONEY/INCOME DOING 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
- Investment Returns
- Stocks dividends & Bond Coupons and etc
- 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?
- 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