Practical Tips to Increase Your Financial Speed

In the current world, it is basic self-negligence to depend on just one source of income, especially when you are just starting out in the money making world. It is yet greater self-negligence to have one source of income if you expect to expand in any way. If you have any sort of dream, be it to have your own family, to live in a better neighborhood, to own things, to gain more academically, whatever that dream, you need the money. What options do you have to gain money that grows as fast as or faster than your needs?

Borrowing to Live is NOT Living

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Money is not generally taught in school. For most people born in low to middle-income families, who are the majority, money is mostly a taboo discussion. Thus most people enter into the financial world with little to no common sense regarding their finances. As a direct result, many find themselves with a poor income strategy.

A poor income strategy leads a lot of people to increase their debts. To keep up with the growing number of bills including employment and/or business bills, and the very real desire for better. Many individuals and families resort to borrowing to put into recurrent expenditure.

Many are forced to borrow for recurrent and critical bills such as paying for accommodation, school fees, and medical care. The challenge is that the interest rates charged on facilities taken to support such costs add to the problem. When one borrows to sustain their lifestyle, more so a regular lifestyle, they have added a bill to their lives, not an income.

The higher your bills, the more likely you are to plunge into financial disaster if even one economic shock happens and causes a financial imbalance. Medical bills are an economic shock. So is losing a job, as is a new baby, as is a new marriage, as are many of the umpteen things that come with the simple fact of being alive.

What Can You Change to Improve your Financial Speed?

1.    Make a decision to evaluate your own finances.
The best way to do it is to use an app to track all your income and expenditure. You will quickly know where the biggest chunk of your money goes.

2.    Make a decision to increase your income
In the current world, it is basic self-negligence to depend on just one source of income, especially when you are just starting out in the money making world. It is yet greater self-negligence to have one source of income if you expect to expand in any way. If you have any sort of dream, be it to have your own family, to live in a better neighborhood, to own things, to gain more academically, whatever that dream, you need the money. Decide to find the money rather than shelve your dream.

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