Those who say that money is not important can’t be telling the entire story. It’s true that there are studies that say that relationships are far more valuable. However, you have to realize that our needs are ordered in a hierarchy.
Before we become aware of the need to be with others, we need to address our need for food and shelter and clothes. In the system that we are in, how can you pay the bills without money? How can you buy clothes? How can get your groceries? Whether we like it or not, money is at the foundation of life as we know it.
Of course, just because money is important doesn’t really mean that we must become slaves of it. On the contrary, we must learn how to enslave money, how to make it work to our advantage; not the other way around.
How do you make money work for you? There a lot of answers. We present you here with just two options, and how to put them into action in your life
Save and then invest
For sure, your first priority is to get into a position where you earn more than you can reasonably spend. The excess money is what many finance professionals refer to as your wealth. Saving it is going to be good, but it will be better if you learn to manage it and let it literally work for you.
Truth be told, the wealthy just keep on getting wealthier and wealthier by the day simply because they don’t let their money sleep. They invest the money in companies or businesses within their networks. Some go to the market and play with stocks, giving up expensive stocks and acquiring low-priced ones in the hopes that their value will increase in the future.
These ventures require patience and skill. Now, if you don’t have these, don’t despair. Banks allow you to invest without the burden of having to monitor your money’s performance. They have financial managers that do the dirty work for you.
Because investments are inherently risky, don’t put all your money in one place. Exert effort to diversify, annually. This way, when one investment falters, the others can help keep your finances afloat.
Take advantage of loans
Conventional wisdom teaches us to never be in debt. This probably came about because of the negative experiences many people have when they are indebted to an entity. But loans or debts are not something that you should fear.
They are there lend a helping hand when you need a cash influx the most. Getting loans will allow you to enjoy something without having to wait for your savings to grow high enough to afford it. It’s like giving you the opportunity to spend now the money that you will earn eventually, and that’s not a bad thing in an emergency.
There are things that you should make sure of before you finalize your loan application. See to it that the amount needed for payments is a steady part of your income. Also, make sure that the monthly repayment amount is not so big that that tit warrants major adjustments in your lifestyle. Check the amount that you will have to pay monthly using a simple title loan calculator that you can easily access online.