Some of the hardest advice people can take from another person’s advice about money. This is mostly because we all like to believe that we know how to manage our finances without someone else telling us what to do with our own hard earned money. For some people this could be incredibly true, but for many others, they really don’t have the first clue about the proper way to manage money correctly. With some of the new generations who are prone to handling money different than those of the past. We brought here to you today knowledge from our Financial Planner in Toronto friend’s a few pieces of advice about money that they want you to learn from, and this is what you can use for yourself.
Put money back for yourself first
We’re not saying run to the nearest mall or video game store and blow a large chunk of your paycheck. However, what is being said is before you pay a single bill, take a small chunk of that check and invest it into a savings account. Let the savings add up and then gradually over time you can get to that goal you may have been striving for.
Look at your income
People preach a lot about income and how to cut certain expenses out to make your paycheck stretch further. While this might be one way to manage things, here is one that is a lot easier. Find ways to earn additional income, it doesn’t have to be a second job, maybe it’s a hobby you enjoy that can earn you more money, or maybe it’s yard work a few hours on the weekend. Personally, we find that it’s easier how to add additional money to your budget than it is to figure out what to remove. This is not to say that it isn’t wise to remove unnecessary services you don’t need, but you get the point.
Invest in your self-worth before you invest in retirement
Sounds weird? we know, as retirement is what is going to allow you to live comfortably down the road. However, if you spend money to further your education which might mean better pay now and easier to save later, then it’s only smart to invest in yourself now and worry about retirement a little later on.
Work for yourself
By working for someone else you’ve given them your financial independence, but what you really want is to have that for yourself. Find a way to sell a product, have a startup business on the side that takes off and can lead to you being financially sound instead of working your life to do the same for someone else.
Do for you today
Every focus seems to be on what we want to plan for down the road if such and such event occurs, or in the case of some event. While doing this a person can forget their own happiness and forget that it’s okay to live for today sometimes too. Take a vacation somewhere you’ve been wanting too, do something that makes you happy and then worry about tomorrow, well…Tomorrow…