Money Management Strategies: Where Should They Be?

Money Management Strategies: Where Should They Be?

Money management strategies are a hot topic today. Is your retirement plan on track? The average savings of a 60 year old was $65,000.00. You may not agree with me, but I’m sure that $65,000.00 will not get you very far in retirement. Not in the way that I want.

You may think that the social security benefits you receive are a great way to boost your savings. Two words: Good luck! Social security promises should not be used to manage money, depending on age. Plan for the worst and you will be surprised by the rest. Here’s how I view social security. I have no intention of spending any money and if ever I get it, I will eat my cake. I don’t mean to be negative. Although I enjoy gravy, my money management strategy for financial independence and wealth does not include it.

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How can you build wealth and control your finances now? These money management techniques are highly recommended.

Invest wisely. Research specific stocks which could impact the world and economy. You should not only be interested in the US economy, but also global trends. Consider precious metals, foreign currency, and exchange traded funds (ETFs). Spread your investment risk!

Always pay yourself first. It should be common sense, but you’d be surprised at how few people pay themselves first. You won’t build wealth if you don’t have money to invest. It doesn’t cost a lot to start investing. I’ve met people who began their portfolios of investments with less than 100 dollars. Do not be fooled by the myth that investing large sums of money is necessary. This is not required.

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Kill your debts. Interest payments are a complete waste of money. My coworkers should make their financial goals their top priority and pay down their debts. Both can be done in many different ways.

With sound money management, it is simple to achieve financial success. You must be willing to learn, to try out new strategies and to have discipline in how you allocate your money. I think most people are intelligent and have the discipline to create extraordinary wealth in this economic crisis.

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