Money is accepted for use as a medium of exchange in all economies. Money is circulated among people’s whole life and all over the world. Money is a very important aspect of life, especially how people interact with it. Money attracts a lot of attention, and this can be used well, or greatly misused.
Here, what can we learn about money?
01. Start saving from the initial age
Everyone should start saving money from a younger age and without waiting for enough money. If you start it continuously from your 1st income, after a while you will be surprised to see the profit that is generated from your saving on a compound basis. The financial experts emphasize to all that Save at least 10% of your income. What do you need to know about money?
First of all, manage your income and expenses to save a determined amount which will increase gradually according to income, and then identify an excellent product or institution which can give you a reliable amount of profit. You can see a vast difference between those who start saving from their initial age and those who are still waiting for enough income to save.
02. Don’t borrow money for consumption items.
Many people borrow money only for consumption items at a high rate of interest. They haven’t any plan to pay back borrowed money. This dangerous habit can put them in a difficult situation. Borrow money only for business items or only for purchasing assets from which a suitable benefit can be taken or you can pay back borrowed money after selling these assets.
Borrowing money for business and assets is not a bad thing. For Example, if anyone already has a mobile they shouldn’t want to borrow money to purchase of new version of mobile. The loan amount will be accumulated and the individual bear a huge amount in the form of fines and interests.
03. Don’t notice in Sales offers
No one offers you any item at a discount. It’s only a trap or a trick of marketing to sell more items to those who are easily trapped in it. Seller offer discount on those items which are near to expiry or which have no demand in the market. Frequently sellers offer a sale in group items, some items in these groups are not in our need or not in our demand but the public purchase it and thinks they purchase them at discount or freely.
But you purchased those items which are not in your need. When any seller offers you any items at a discount or freely with other items, then think critically to find the fact about why they want to sell at a discount or free. And then you find that why is it important to know your money?
04. Start a part-time business
If you have a permanent job, you can start a part-time business in which you are an expert, along with your job, to earn more money. You should do research and do homework to find more ways to earn money along with a job. Research on a deep truth about money. Don’t fasten yourself with only one job.
The people who do one job all day don’t earn more money compared to those who do multiple works. Teach yourself and change yourself according to the market.
05. Adopt other ways of earning
Many people think the only way to make money is employment, but it’s not true because in this period of technology there are many ways available to make money. Don’t stick to only one area, research different ways to make more money and change your career as soon as possible. According to many experts, this job won’t last for long. Employment is a steady way to earn money.
This could be because of economic changes where your place of work cannot proceed due to economic challenges, company mergers, takeovers, or retrenchment. When you work for someone, you should realize that anything can happen, and you must identify ways of cushioning yourself in case anything happens.
06. Don’t purchase extra items
For saving money in this period of inflation, you should implement this rule. For saving more, you should know all things related to money. Many times, we buy things and later realize that we could have done without them, and they don’t add any value to our lives.
For example, you see your closet full of clothes that have never been worn for years. This is wasting your hard earned money and should be avoided.
07. Plan Retirement
In this era, where no one is willing to afford the expenses of others, even their family members, it is compulsory to plan retirement from an early age. Once again, I recommend to all do research to find a better retirement policy and start contributing to it from an early age to the age of retirement.
You can see in your country many actors, actresses, poets, writers, and even players who are many worried about money and treatment after retirement. If you start contributing to a retirement scheme at an early age, then you have more finance in your twilight years.
08. Invest in the right place
Don’t invest or put your money or saving where you earn a low profit, like saving bank accounts, profit-loss sharing bank accounts, and other Government schemes. Invest your saving where the profit-earnings ratio would be higher like stock exchanges, investment funds, startups, and proper states. It also needs some research and homework for investment according to your region.
And don’t put all your money in one place, diversification of investment will reduce the risk of loss.
09. Avoid Ponzi schemes
Many people are selling ideas and investment schemes where they claim more profit from any other policies or businesses. They run advertisements on TV and social media and door-to-door campaigns and also use influencers to trap people in their nests.
You should avoid these types of schemes. Most of them are fake and are looting simple people’s money.
