Personal Money Management

Personal Money Management

Please allow me to start with few scenarios.

During the end of the month or early of next month, people are rushing to banks. They are busy with home loan payment, car loan installment, credit card repayment, etc. At the end of their busy monthly schedule of paying day, one most popular question pop up in their head: How much do I Money management have left for the rest of the month? Does it sound familiar to you? Are you one of them who go in and out of several banks after you receive your salary, just to pay off your bills? If you do all that for a reason and you are happy with it, it is fine. But the problem is, that is NOT fine for most of us.

You walk into a shop. You see something eyes catching, something you have been wanted to own for so long. A sales person approaches you and started his/her sales take, not to forget those “If you purchase now and make a full payment now, you will get these free gifts plus …..” nice offers. You wanted to pull out your credit card and have it on credit. But wait! If you bought it, you might have to sacrifice your lunch, no more month end get away trip, no more golfing during your weekend, etc.

The scenarios can go on and on but it is not the purpose of this material to upset people. So, let us move on.

The Gap The poor are getting poorer while the rich are getting richer. What is the reason behind this scenario? The answer is simple. Rich people treat money differently from poor people. Rich people manage their money quite differently from how poor people manage it. Before we get into the detail of how to manage your money like rich people, we need to do a little self examination.

 

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