Money and how we deal with it can determine our success or failure in the financial game. Helping people to understand how money works, where they should go to invest their money and even starting a financial services franchise can help in making money for the future.
Know your balance all the time
It is important that when dealing with money you know what you have at all times. If you don’t know what you have then you aren’t able to ensure that it is growing, declining or if you are being robbed. The best way to do this is to monitor your accounts three times a day. The first time is when you wake up in the morning, the next is around noon when you take your lunch and the third time should be right before you go to bed.
List all income sources and debts
One major fear people have is admitting to how much money they have and how much debt they have collected. The typical mindset of most people is that if they say how much money they have people will want it, and if they say how much debt they are in people will look at them as stupid.
The bottom line is that you need to know these numbers. It doesn’t matter what other people think or believe. It isn’t their money and those that have issues are probably lying anyways. Once you know what your income is, your debts are and how they work together you can start to make wise financial decisions.
Always keep cash
Never go without having some cash in your hand. Putting all of your money into an account can cause you problems down the road. With technology advancing, online banking becoming more of a reality and the majority of people keeping their money in banks they have become high targets for criminals. The last thing you want to have happen is your account get locked or messed up because of an issue. This is why you need to have cash on hand no matter what. With cash you can survive until your situations get resolved.