Image Credit: Google
Warren Buffet also called the Oracle Of Omaha known as one of the greatest investors and one of the top five richest men in the world has great advice that will help and guide you in managing your money to create wealth. If you follow them you become financially free in the long term.
Never depend on a single income because the price of everything has skyrocketed and your income is not increasing as fast as it is. Due to the post-pandemic impact, depending on a single source of income is one of the biggest financial mistakes you can make now. Create another source of income through learning skills or hobbies and many more.
Watch what you spend on, it can create or destroy your future. You must separate your wants from needs. If you buy things you do not need, you will have to sell things you need to take care of your expenses. Don't waste your money on items you don't need because they can leave you in the rat race. Your wants are desire that leaves you broke eating deep into your future.
When you receive your monthly income, pay yourself first. Save a certain percentage into an account you cannot access or automate. Never save what is left after receiving your salary, you are not sure anything will be left after settling your expenses. It is better to spend after you have saved and keep saving consistently.
Never take a risk on any investment you know nothing about. Before putting your money into any investment, know what the investment is about, how they make money and what they do with the money they make. Never follow the crowd to invest in Ponzi schemes, you will get burned with time. People that invested in MMM and FOREX get burned because of no knowledge about their investment.
Never put all your eggs in one basket. This is dangerous to your financial future. Learn to diversify your investment. Never put all your money in the stock market alone, you can also put a good portion of your money in mutual funds like money market, equity funds, bond funds and others. You can acquire bonds, gold, real estate and even cryptocurrency because these investments react differently in the market.
Honesty is a very expensive gift. Do not expect it from cheap people. The lesser you expect from people, the happier you become. Try and manage your expectations and don't make them too high that you end you getting disappointed.
If you follow these simple six pieces of advice, it will help you create wealth and live a simple life of financial security without worries.
Image Credit: Google
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