Yeah of-course I have to increase my financial knowledge and that is reason I thought to discuss my planning here. All of you have suggested different ways and different views for saving money.
@Krisz Rokk
I could have been invested to increase my financial knowledge but I don't have that much time for it. I just wanted to know some other ideas for saving and investing and so many people shared their thought here which are helpful for me to invest my money somewhere.
I agree with you guys, Investing in the best way in saving money. But you must be sure that your money will be safe in any firm where you will invest your money. For me I want to invest my money in some real estate business.
i agree that invest in business it is the best way, but also a big risk as economy is not strong nowadays... sow everyone have to invest in that, that he well known in.Originally Posted by firstchoicecar
The best way to save money I think, fundamentally, is to look after your own money. Obviously you can't do this literally, but getting as close to it as possible i.e in terms of planning, investing, spending etc is a good thing to do.
my father tries to save money in different banks.. also he earn from that.. but the problem is that no any bank is eternal!... so... sometimes banks dies and of course you lose your money... it's a risk!.. my dad have experimented for long time and decided to keep money in many different banks.. that's less risk LOL
Yeah actually our parents think that banks and post offices are much safer than the other investment options. But in these days many banks found under corruption in which people loose their money invested in banks. So real estate with complete legal formalities can give safe and good returns.
I suggest investing in real estate. You can also put in the bank at a good rate of interest.
Create an excel as a private account to and input your income and money spending everyday and also your plan in the whole year.
You can see your cash flow status currently and in the future.
This will help you to know what to do with your money more effectively.
I'm sticking to increasing your financial intelligence and here's why:
There are 4 primary asset classes:
1. Business
2. Real Estate
3. Paper Assets (stocks, bonds, mutual fonds...)
4. Commodities (gold, silver, precious metals, oil and gas)
If you have a solid financial education all 4 types listed above give you HUGE opportunities to increase your passive income and thus your wealth.
If you lack financial education, all 4 classes are highly risky.
For example: Real Estate
The easiest asset to get debt on is real estate => an awesome opportunity! But if you're going to use debt you have to be highly financially intelligent.
Simple I suggest cut your extra expense and work hard for earn money and save it all slowly slowly in banking or your personal place.
rlhealthcareadvisors.com
Yeah Krisz Rokk, you are absolutely right. But that is what I trying to collect here. I agree, if we want to put money in above assets, we should have strong financial knowledge. But then how can I get proper finance knowledge. I am basically from computers and IT Industry, how can I enter in Finance (Required some Ideas.)
1. Good practice: Income - Saving = expenses.
Wrong practice: Income - expenses = saving.
2. Good practice: Earn more and expected to save more.
Wrong pratice: Earn little but expected to save more.
3. Good practice: Have a short term, medium term and long term investment. Balance within return and expenses, invest to uni trust, share, and property
Wrong practice: put all the money to long term investment. e.g. property freeze our cash flow for urgent matter.
4. Your income is deduct with government tax, by minimize it you can save more money.
5. Good planning on shopping discount, credit card reward, purchase daily usage item in large volume e.g. once a quarter.
6. Time = Money. If you able get more more time, then you can use those time for a freelance project, and earn additional income.
Andrea, more than happy to give you some tips. First: all skills are learnable! If you're in the computers & IT industry that's a great thing. When you started the thread you said you have 3 things:
mutual funds (asset class 3)
gold (asset class 4)
insurance plan (medical plan, life insurance ...???)
I studied business and one of my majors was accounting & controlling. But it was not until I read Robert Kiyosaki "Rich Dad, Poor Dad" that I really understood the difference between assets and liabilities. This is essential! So I suggest you read this book because it will absolutely open your eyes when it comes to investing.
The majority consider their house an asset. Well it is an asset, but not their asset but the banks asset. Highly relevant when you get involved into Real Estate.
You get the book for $5 on amazon and it's an awesome start. You can check the reviews of this book as well: more than 2.500 people rated the book as excellent.
If you need further support - let me know.
I have to second Krisz, your education is the key. Rich Dad, Poor Dad (By Robert Kiyosaki) is one of the best books out there. He has made money with, business, stocks -that he owns the company, and real estate. Another good author is Robert Allen, he is the one that came up with the "no money down" way of buying homes.
All the best!
Chip
Be affiliate publisher with the trusted site for finding more money is one of many chioces.
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