Even Financial Advisers Need Suggestions, Too: These Pieces of Advice Will Help You a Thing or Two With Money
We always hear and read about financial advice, but what really works for us? It’s not always a one-size-fits-all kind of thing, but it is always nice to hear about options so that you can choose which one best suits your lifestyle. Don’t fret as even financial advisors receive tips, here are some of them:
Living Within Your Means
It’s understandable if you get excited about your first paycheck when you’re working. However, don’t let it become a habit or else you won’t be able to save for your future. We all have different jobs, and hence, varying salaries, but one thing is common: we all want to keep up with the trend. At this age of social media, it is highly tempting to follow the latest but it is imperative that you consider your income.
Don’t be deceived by what you always see and instead, invest in something that can help you attain financial freedom. Wealth Management Lab CEO Louis Barajas suggests spending less than what you earn and setting aside the difference. Make sure that you don’t allow the so-called lifestyle creep to seep in, or the moment when your lifestyle adjusts to your increasing income.
Don’t Stop Learning
We go to school to gain knowledge, skills, and talents that will be useful to us when we start our career. However, learning doesn’t stop in the confines of a classroom. Even when you’re already working, there’s always a learning curve that is beneficial to your role and yourself.
Harris and Harris Wealth Management Group’s Zaneilia Harris explained that this was the same piece of advice she received when she was in college. While it is true that you can lose your job in a blink of an eye, that won’t happen with knowledge.
Helping Yourself First
If you are a first-generation wealth builder, you have a tendency to be depleted. However, as Your Greatest Contribution founder Rianka Dorsainvil has learned, you need to put on what they call the financial oxygen mask first. This means that in order to help, you need to be financially stable first. You will be able to aid other people even more when that happens.
Don’t Rely on Other People
Francis Financial president Stacy Francis shared that as a kid, she saw how her grandmother stayed in a not-so-ideal relationship because she had no choice as she was financially challenged at the time. So, her mother told her not to rely on anybody else for money – this was what drove her to pursue a finance course in college.
Her grandmother’s story is far from the only case. According to a 2018 UBS report, 56 percent of women permit their husbands to make major financial decisions. Needless to say, educating yourself about finance is essential for empowerment.
Understanding Your Expenses and Income
It’s easy to save when you know your income and expenses. This was the secret of Lassus Wherley co-founder Diahann Lassus when she was still young. The key here is to track how you spend your money against how much you earn, that way, you can clearly see which one takes up a chunk of your savings.
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