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Be In Charge of Your Own Life: Grasp Your Own Financial Matter!
By Denis Kristanda of Clamnote International
We are all know that without money, everything else will be much harder to get. I am not saying that money will buy everything to everyone, but I am saying money will make everybody's life much more easier rather than having no money at all. The problem is, although we are all agree that money is important matter, we hardly give proper intention about money matter. We just live by from paycheck to paycheck without really have the "big picture" of what we need to do about money matters. Budget
The first thing pop in mind is supposed to be budgeting. How many of us have actual budget paper written somewhere on paper ? Probably not many of us. Without budget, you don't know how much money coming, how much money out. If you don;t have that, how do you plan according ly , then ? Debt
Another matter is about debt. There is very wrong and false understanding that debt is bad. Not necessarily. Yes there is bad debt but not all debt is bad. Debt for investing is very good. This is called leverage, but of course still need to be managed. On other hand, having a car loan to buy car is bad - Why ? Because debt is only good when it's used to buy assets (one that might increases in values over time) - but your car, once it is driven outside the car dealer, try to sell it back immediately to someone else - I bet the price is going down already. Cash Flow
Do you know that there is 1 more important mater than having the money? It is to have the cash flow. Which one better: having $10000 cash in your saving account or have $2000 per month? The $2000 is better as although there is nothing left at the end of the month, cash flow enable you to manage the money that lead to have better financial condition than having stash of money. Having the cash flow even will enable you to borrow money. But even if you have much money, but without sufficient cash flow, the bank will not lend anything to you. Insurance
If you want to close the loop and complete your financial matter, you need to handle insurance. Insurance is the protector of your wealth. Without it, you can loose anything that you have at any time. You need to know exactly what is life insurance or income protection insurance or other kind insurance, and how to use it for your benefit. So if you just start taking care of this 4 factors: budget, debt, cash flow and insurance - You will be in much better condition that most of the people.
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Contributor's Note
Be responsible to your own financial affair. Be your own financial planner. Educate yourself !
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Simple Budget
| About Insurance
| Debt - good or bad ?
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