We all live by rules. Rules govern us or protect us, without rules everything goes. There are no universally applicable standards for managing your budget, savings, retirement planning, or other elements of your financial life, thus the important word when it comes to personal finance is “personal.”
Having said that, making your financial life a priority can be helped by following some broad, tried-and-true standards. Although you may choose to modify these guidelines in practice, they can be useful for assisting in your financial decision-making. Below, we have compiled 10 money rules everyone must know and pondered on by now.
We don’t want to be just existent in this world. Our goal is to have a financial target. For instance, your short term goal is to pay your debt, your medium term goal is the educational fund of your children, purchase a car or have your own house, while your long term goal is your retirement plan. These should be settled first because if you don’t have a goal, you don’t have a target. Afterward, that’s when you will create a strategy regarding finances.
Rule No.2: Create Multiple Sources of Income
You should not only have one source of income. For instance, your needs like water, internet and electricity bills will come from your monthly salary while your wants such as cellphone or laptop will come from your sideline. You can also make a business opportunity intended for your investment. As you can see, you can make a strategy if you know your financial goal.
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