Ways You can Master Your Money this Year

Published by Maku Seun on

Introduction

Do you want to learn how to master your money this year? Then look no further because this short post will show you how to.

There are 4 major ways to master your money this year

The 4 ways to master your money this year are these;

1. Know how much you bring in and how much you want to bring in

The very first step to mastering your money this year is to know exactly how much comes in.

This is the foundation to mastering your money and it is important you have something coming in because if you don’t have any money coming in, you will have no money to master.

2. Save 10 percent of that money for rainy days to gather dust

Next, save 10 percent of your inflow into a savings account that gets interest on it.

You can use this money after your retirement or, if you really mastered your money, you may not even get to touch it and you pass it on to your kids.

3. Save another 10 percent for investments

This is the most important part of the equation.

You might think it is earning money, but more than 90% of the earth’s working class population bring in money one way or another, so it’s not that big a deal.

Investing your money is the most important thing you can do with your money.

Find good businesses you can invest in. But make sure you do your homework first because you don’t want to lose your money.

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Know the kind of investment vehicle to invest in according to your risk tolerance.

If you are not a big risk taker I would recommend you invest in government bonds.

My Recommendation

You have done your homework and have noticed some investments you would like to go into. But in my opinion, Real Estate is the best.

Why?

Because it is an asset that appreciates and stands the test of time and is ALWAYS in demand unless we start living in the air or on Mars. Either way, someone will have to own a space to live in and that’s where you come in.

4. Then live on the rest

After saving 10 percent of your money into a savings account and another 10 on investments, it is time to enjoy the remaining 80 percent.

This is for your needs and wants.

What if you earn a low income? How can you save and invest 20 percent of your income when you can barely feed yourself?

Start a second income stream. Find ways to earn some more money so you have more money coming in.

It will not be easy but your financial freedom in the long run is more important than your temporary stress.

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Conclusion

If you really want to master your money, these 4 simple tips above are all you need to be financially independent.

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Test them out and let me know later how it went.

I promise you in six months you will be far from financial disaster.

Any questions or inquiries? Ask me in the comment section below.

Categories: Money Saving Tips

Maku Seun

Maku Seun is a blogger, an entrepreneur and author of Charge Your Life currently on Amazon. He has started various online businesses and is well experienced in saving and managing his money. Follow to get more money saving tips.

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