If you are 20 years old, then these 20 financial tips that I will share with you, will be of great help to prepare you for the hard road you could go through in life. Ideal for young people or for parents who want to teach some powerful lessons to their children.
As one reaches the age of 30, he begins to review how he was managing his life in several ways, including personal finances. I think that starting at age 30, one begins a topic of great productivity during life, but if it was not prepared before, then the road could be a little harder.
In our current societies, at 30 years of age, one must be a professional, possibly be a couple or married, have a house or vehicle, be thinking about having (or having) a family, etc. In short, many situations that we have to prepare for 20 years.
Unfortunately, it is very rare that in school they teach us how to manage our money to lead an economically quiet life. For this reason and others, it is normal that you do not know how to carry your finances when you are in the “real world”.
Here are some tips that will help you manage your money to lead a comfortable and prosperous life:
Start Working Early
In many countries at 18 you are old enough to go to war, work and get married. Take advantage and start early. It is not about making money, becoming independent or buying what you want so much, it is about developing certain professional skills, which only improve based on working.
Invest in Yourself
It is not about having an MBA, a Doctorate or a postgraduate degree, it is more, the CEOs of the main companies of today, do not have it.
But what they do have are certain skills such as knowing how to sell, knowing how to attend, mastering their profession, their leadership skills, knowing how to create businesses, etc.
Invest a lot, but a lot is to develop skills that tomorrow will help you generate more income, create your company or become a really successful professional.
Learn to Control yourself
It is very easy to fall into the temptation to buy things on credit, but it is best to wait until you save the money necessary to buy cash that you want so much. It is important that before you buy anything you ask yourself if you really need it or it is useful. Maybe it means waiting a little longer, but this is preferable to living with debt.
Take Control of your own financial future
If you do not know how to manage your own finances, someone else will do it for you. Do not leave this important issue in the hands of another person (your partner, your parents, etc.), always better inform yourself in detail about your bank’s rates, the interest on your card or your debts and the costs of financial products that acquire It’s time to take charge of your economic life!
Invest in Properties
Investing in property is the best option when it comes to borrowing. First, the amount you pay for the loan is usually the same as a rent. That is, you build a considerable equity while disbursing money that, otherwise, would be just a lease expense.
In addition, it is a safe investment. With some exceptions, a real estate is not susceptible to economic fluctuations. Your property will be valued over time and will benefit from the added value that the infrastructure works in its vicinity developed by the State and the private company supposes.
Everywhere you look, borrowing to invest in property is always an excellent decision, especially if you do not have large capitals for a spot purchase. In addition, if you are advised by professionals with vast experience in the real estate market, you can recover your investment in the short term.
Always find out where your money is going
Once you start earning a salary it is very important to make a personal budget, so you can make sure that your expenses never exceed your earnings. Make the sum of the fixed expenses you have per month and take it out of your income. This will let you know if you have an extra to save or give you a taste.
Make a savings fund for emergencies
Month to month save some money for emergency and never, but never (unless it is an emergency) use that money. Believe me, you will be amazed at how many times you will need money and you will not have where to get it from.
It does not matter that it is little money, it always saves a part of your salary for incidentals; this will allow you to live more calmly. If you do not use these savings, you can eventually use it for a vacation or buy something.
Remember: Do not keep the money under the mattress, put it in a savings account that gives you interest.
Start saving for your Retirement
Although it seems that old age is still far away, time goes by quickly, in addition, the sooner you start, your money will generate more interest.
Always be aware of your Status
Paying taxes is a responsibility for everyone, it is also a question that you should never neglect. It may seem that you could avoid it, but eventually, the time will always come to render an account; with this, you prevent fines and surcharges.
Take care of your Health
Although it sounds weird, watching your diet and exercising is a way to save money in the long term. If you can, pay medical insurance, this will be very useful in case of illness or emergency.