Earning money is indeed great but spending the money properly on the right things is even more important. If you draw in big bucks and spend it recklessly, you actually take the risk of walking down a dangerous path. It is necessary to budget your money, no matter how much or how little you have and this is one of the skills that you need to learn. When we need financial advice, it is usually best to go to the experts as sound example can be often offered by someone who is successful and has already lived it. Have a look at what the financial experts have to say to you.
Gary Belsky – Co-author of “Why smart people make big money mistakes and how to correct them”
Gary Belsky alerts people to be afraid when greedy and greedy when people are afraid. In short, buy low and sell high is what he wants to impact. In fact he has been doing this even better than market averages when he handled his investments. He has basically done that by being constrained when markets are frothing and aggressive when the market is down. Hence, according to his advice, one needs to weigh and measure his decisions when it comes to handling your investment decisions.
Wayne W. Dyer, author of “It’s not what you’ve got: Lessons for kids on money and abundance”
While Dyer was stationed in Guam, when he was in the Navy, he had saved 90% of this pay over a period of 18 months. Even today he pays himself first. According to him, if you want to be financially independent by the time you’re 30 years old, you should pay yourself first. As soon as you get your paycheck, take off a percentage between 10-30% and put it that way. This way you can soon be rich enough to be fiscally independent within a very short span of time.
Neale S. Godfrey, author of “Money doesn’t grow on trees: A parent’s guide to growing financially responsible children”
Godfrey advises people to stay away from magazines and television. All they serve to do is to make you realize how stupid you are as you’ve missed whatever they’re speaking of. By the time you read it or see it, the thing is all done and finished. Hence, instead of investing money in television, cable connection, magazines and newspaper, it is better to invest it elsewhere. Don’t forget to cancel all subscriptions of magazines that you don’t read.
George Kindler, Certified Financial Planner
According to him, it’s all about the meaning of money. Is you investment deeply tied to what you think is the most important in your life? Asset allocation, retirement planning and estate planning are some of the most important personal finance areas that are mostly overlooked by people. He always asked people to hire a financial planner to help you make the right financial decisions.
Remember that there’s bad debt and good debt. Bad debt is that which you have to pay and that continuously makes you poor. Credit card debt is bad debt and hence should be avoided. Invest in good debt like home loan, student loans so that you can make the money work in future.