I've been reading all over the net, and I am recently reading articles about Money Management. This one caught my eye.I'll be sharing it with you all, coz for me, these lessons are effective!
1. No one is going to manage your money for you
I don't think that I ever really thought about money management until it was absolutely necessary. While I did pay the bills and learn some practical life skills in college, it wasn't until I got my first professional job that I was actually in charge of my own finances. No one (read: my parents) was looking over my shoulder telling me what I could and couldn't afford. I was in control of my financial destiny – for better or for worse.
2. Money doesn't grow on trees
Obviously, I knew that money didn't literally grow on trees, but I also didn't understand the value of a dollar. Growing up, whenever I needed money, I simply asked my parents for it. So I knew how to spend money, but didn't understand what it took to earn it. I'm now a big proponent of parents teaching their children about money management, even at an early age.
3. Education is essential when it comes to money
It's unfortunate that financial management is not taught as a course in high school because it could really benefit a lot of young people. Many money mistakes are made early in life, including piling on credit card debt. Then, in your twenties, you have to figure out how to pay off your debt. It's never too late to educate yourself about money, so look to financial experts such as Suze Orman and Dave Ramsey to learn how to manage what you've got.
4. Budgets are key
Though I finally had autonomy over my own finances, I still lacked control. What I needed was a management system in order to know what was coming in and what was going out, as well as a way to make sure that I was not overspending. I created my own budget with the 5S System, and it has worked very well for me. Although there are ways to manage your money without using a budget, this system works well for many people.
5. It is possible to not use credit
Although it is not always convenient or desirable, it's possible to live without using credit cards. And when you figure out how to do it, a burden will be lifted off your shoulders and you'll gain financial freedom. You will also develop important life skills such as patience, hard work, and perseverance as you save up for what you need and want.
6. You must make the effort to shop around
I really dislike shopping, whether it is for clothes, groceries, or for gifts. I have a tendency to buy the first thing I see that fits my needs. 'Get in, get out' was my shopping philosophy until I learned that shopping around and utilizing discount coupons can really save me money. It takes time and effort, but pays off by helping me stick to my budget and not have to use credit.
7. Expect the unexpected
Life can be full of surprises, and I'm more at peace when I'm prepared for them. Over the years I have built up a good-sized emergency fund for when the unexpected comes. But the unexpected is not always a bad thing. Sometimes the unexpected comes as a bonus check, a raise at work, or even a forgotten $20 bill in a winter coat. In those instances, I either put the surprise to good use or simply enjoy extra money that I did not have budgeted!
8. Money doesn't solve problems
Every once in a while, I find myself thinking, 'If only we had a little more money, then life wouldn't be so challenging.' But challenges can actually be a good thing. We as humans are designed to work and solve complex problems. We would be unfulfilled if we didn't have to work hard to earn life's rewards. I'm not saying that having more money won't sometimes help a bad situation, but problems never just disappear because of money.
9. It's better to give
There's a certain sense of satisfaction that goes along with leading a life of stewardship by giving of our time, talent, and treasure. I find that when I am less selfish, I am more at peace. Giving goes beyond just the monetary level, and you don't always need to do big things to make a big impact. Mother Teresa once said, 'In this life we cannot do great things. We can only do small things with great love.'
Reference: » 9 Money Management Lessons I Learned as a Young Adult
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I really really find these 9 lessons worth reading!!!
1. No one is going to manage your money for you
I don't think that I ever really thought about money management until it was absolutely necessary. While I did pay the bills and learn some practical life skills in college, it wasn't until I got my first professional job that I was actually in charge of my own finances. No one (read: my parents) was looking over my shoulder telling me what I could and couldn't afford. I was in control of my financial destiny – for better or for worse.
2. Money doesn't grow on trees
Obviously, I knew that money didn't literally grow on trees, but I also didn't understand the value of a dollar. Growing up, whenever I needed money, I simply asked my parents for it. So I knew how to spend money, but didn't understand what it took to earn it. I'm now a big proponent of parents teaching their children about money management, even at an early age.
3. Education is essential when it comes to money
It's unfortunate that financial management is not taught as a course in high school because it could really benefit a lot of young people. Many money mistakes are made early in life, including piling on credit card debt. Then, in your twenties, you have to figure out how to pay off your debt. It's never too late to educate yourself about money, so look to financial experts such as Suze Orman and Dave Ramsey to learn how to manage what you've got.
4. Budgets are key
Though I finally had autonomy over my own finances, I still lacked control. What I needed was a management system in order to know what was coming in and what was going out, as well as a way to make sure that I was not overspending. I created my own budget with the 5S System, and it has worked very well for me. Although there are ways to manage your money without using a budget, this system works well for many people.
5. It is possible to not use credit
Although it is not always convenient or desirable, it's possible to live without using credit cards. And when you figure out how to do it, a burden will be lifted off your shoulders and you'll gain financial freedom. You will also develop important life skills such as patience, hard work, and perseverance as you save up for what you need and want.
6. You must make the effort to shop around
I really dislike shopping, whether it is for clothes, groceries, or for gifts. I have a tendency to buy the first thing I see that fits my needs. 'Get in, get out' was my shopping philosophy until I learned that shopping around and utilizing discount coupons can really save me money. It takes time and effort, but pays off by helping me stick to my budget and not have to use credit.
7. Expect the unexpected
Life can be full of surprises, and I'm more at peace when I'm prepared for them. Over the years I have built up a good-sized emergency fund for when the unexpected comes. But the unexpected is not always a bad thing. Sometimes the unexpected comes as a bonus check, a raise at work, or even a forgotten $20 bill in a winter coat. In those instances, I either put the surprise to good use or simply enjoy extra money that I did not have budgeted!
8. Money doesn't solve problems
Every once in a while, I find myself thinking, 'If only we had a little more money, then life wouldn't be so challenging.' But challenges can actually be a good thing. We as humans are designed to work and solve complex problems. We would be unfulfilled if we didn't have to work hard to earn life's rewards. I'm not saying that having more money won't sometimes help a bad situation, but problems never just disappear because of money.
9. It's better to give
There's a certain sense of satisfaction that goes along with leading a life of stewardship by giving of our time, talent, and treasure. I find that when I am less selfish, I am more at peace. Giving goes beyond just the monetary level, and you don't always need to do big things to make a big impact. Mother Teresa once said, 'In this life we cannot do great things. We can only do small things with great love.'
Reference: » 9 Money Management Lessons I Learned as a Young Adult
---------
I really really find these 9 lessons worth reading!!!
Don't expect any support from this developer, they'll just instruct you to post in their forum and wait for other users to respond.
Good luck with that - there's nearly 800 threads for this app in the past 16 months. I might accept that from a $5 app, but not when I'm paying thirty bucks!
Within 10 minutes of opening this app for the first time, I found a missing function related to income.
Then I quickly discovered more missing and/or confusing functions.
So I emailed the dev. about my findings. If you think they were thankful or even a bit concerned, you couldn't be more wrong.
'Their only comment was 'You can share your ideas on our Forum. We review and implement the most valuable and in-demand features submitted by our users.'
I managed to figure out how to import my bank statement (the instructions are vague and erroneous).
After doing so you're asked to assign a category for each column of data. That's when I discovered there's no category for 'balance.'
How do you release a financial app without a balance column?!
Other apps I've used automatically adjust for payments that fall on weekends or holidays. Not this one!
Even though it was requested in the forum in Sept. 2015.
Evidently that, like most other requests, weren't 'in-demand' enough to include in an update.
I mean really - how often are weekends and holidays gonna roll around anyway?
I was hoping I'd simply overlooked some things and could get some assistance.
Hard to believe that a missing balance header hasn't been reported previously and then deemed valuable enough for inclusion.
Good luck with that - there's nearly 800 threads for this app in the past 16 months. I might accept that from a $5 app, but not when I'm paying thirty bucks!
Within 10 minutes of opening this app for the first time, I found a missing function related to income.
Then I quickly discovered more missing and/or confusing functions.
So I emailed the dev. about my findings. If you think they were thankful or even a bit concerned, you couldn't be more wrong.
'Their only comment was 'You can share your ideas on our Forum. We review and implement the most valuable and in-demand features submitted by our users.'
I managed to figure out how to import my bank statement (the instructions are vague and erroneous).
After doing so you're asked to assign a category for each column of data. That's when I discovered there's no category for 'balance.'
How do you release a financial app without a balance column?!
Other apps I've used automatically adjust for payments that fall on weekends or holidays. Not this one!
Even though it was requested in the forum in Sept. 2015.
Evidently that, like most other requests, weren't 'in-demand' enough to include in an update.
I mean really - how often are weekends and holidays gonna roll around anyway?
I was hoping I'd simply overlooked some things and could get some assistance.
Hard to believe that a missing balance header hasn't been reported previously and then deemed valuable enough for inclusion.
The top 1% of the top 1% of investors! Over a period of 30 years you grew your money by 3,812%!! The only problem is that you sucked at saving and didn't put away any extra money. On the other extreme, let's pretend you were INCREDIBLE at saving money but were a horrendous investor. You earn $50,000 per year and are able to save $25K annually. Know where your money goes. You wouldn't bake a cake without a recipe or take a drive vacation without planning a route. Managing your money without knowing where it's going is a formula for failure. Without knowledge of where your money is going you can't determine where to make changes. You're stuck guessing where you should save.
Money Pro 1 9 – Manage Money Like A Problem Book
Money Pro 1 9 – Manage Money Like A Problem Book
Money Pro 1 9 – Manage Money Like A Problem
Vortex 1 3 5 download free. So avoid the problem—and these other money pitfalls. Direct Deposit is (Almost) Magic. Because it makes you feel like the money you shuttle to your savings every month appears out of thin air—even though. Invision prototyping. Compress 1 0 1 – image compression sleeves.
