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

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