Money Management Articles

There is a strange belief that to be wealthy you have to be really lucky. When someone does well in business, makes their fortune, or is honored for their wealth, people comment on what a great deal of luck they must have. When someone makes money in the stock market, it is always attributed to luck. There are many instances when luck is credited with luck acquisition. However, luck has absolutely nothing to do with wealth.

Wealth is not just obtaining money, but keeping it and growing it. You may get lucky and win the lottery, a high stakes game of poker, or come into money in some other luck inspired way. However, unless you have mastered sound financial principles, that money you won or gained through luck will soon be gone, and you will be no more wealthy then you were before you won, you will just have more stuff. So, luck does not bring wealth, mastering financial principles brings wealth.

"Wealth and luck" »

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There are many different strategies out there for how to accumulate wealth. The following is a look at one popular wealth accumulation strategy, that when followed brings inevitable wealth. This strategy embraces the rules of money, and utilizes them in such a way that if followed brings wealth. Let's take a look:

The first step to wealth accumulation is to save at least 10% of your earnings. You need to do this consistently and continually. If you do this throughout your earning years, you will find a great deal of wealth starting to accumulate.

"Wealth accumulation strategy" »

Posted by K at 06:01 AM | Permalink | Comments (0) | TrackBacks (0)

One of the easiest ways to get into financial trouble is to just spend more money than you are making. Most people think that this is a ridiculous notion, but then after further consideration, may realize that they are spending more money than they actually bring in. This habit or condition repeated over a long period of time can lead to serious debt and financial difficulty for anyone. Understanding the basics of living within your means can really help you save a lot of money.

"The fundamentals of living within your means" »

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Have you ever been in a meeting, or just talking to someone and heard them say something like, "I am terrible with money, always have been, so I let my spouse handle the finances."? This is a common occurrence. People think that to be good at money you have to be born with some innate ability, and if they do not have it, they should pass the responsibility to someone else. Well, that is all fine and good as long as the person you are passing it to is good with money. However, what happens when both parties are poor money managers? What happens when both the husband and wife feel like they were born with the inability to properly manage money? Is this couple doomed to financial failure because of some cosmic design in their genetic makeup? The answer is YES-if they continue to think that money management is an innate ability. The answer is NO if they come to the realization that everyone can be a good money manager, but it takes work.

"Money Management is Not an Innate Ability" »

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Cash is a tricky thing, it is often said to be better than plastic because you can physically see the total you have reducing. It is also something you have to protect. If you lose it you can't just call the cash company and ask them to hold your accounts, issue you new cash, and replace any that was taken fraudulently. There is simply no protection plan in place for cash. In addition to that, many times you spend your cash, and have no idea where or how. With a card you get a printed statement every month, detailing which retailers, etc. you purchased from. So what can you do to better manage your cash? Try the following suggestions:

"How to manage cash" »

Posted by K at 06:10 AM | Permalink | Comments (0) | TrackBacks (0)

If you are lucky enough to inherit money, you should be smart enough to know how to handle it. Inheritances are not just free money. Inheritance taxes are separate from estate taxes imposed by the federal government and many states, and if you do not pay your inheritance tax, your state may not be happy. The Internal Revenue Service collects the estate tax on all U.S. citizens and residents. The tax is levied on the deceased's estate as a whole, filed on a single estate tax return and paid out of the estate's funds. The U.S. government imposes no inheritance tax. However, many states do.

"How to handle an inheritance" »

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If you are sick, you rest, see a doctor, take medication, and do other things to get feeling better. You may eat chicken noodle soup, or take the day off work. What do you do if you are financially sick? Financial health is an important part of our life. However, just like when you are physically unhealthy, you have to make real changes to see real results. If you continue to eat like crap, and not exercise, you will continue to be unhealthy. The same holds true for finances. If you continue to spend more than you earn, not save, and think that someday when you make more money you will be better off, you will continue to be financially unhealthy.

"Financial health" »

Posted by K at 06:10 AM | Permalink | Comments (0) | TrackBacks (0)

There are several places where you hold your wealth. These areas can be looked at as the circles of wealth. Your life may have several, or it may only have a few. Your goal should be to distribute your wealth amongst the circles and balance it appropriately in order to protect and grow your assets.

"Circles of wealth" »

Posted by K at 06:15 AM | Permalink | Comments (0) | TrackBacks (0)

One of the reasons many people never achieve wealth in their life is because they look at money the wrong way. They look at money in a way that inhibits their ability to ever keep the money they have. So, change your attitude and achieve the wealth and success you dream of.

"Changing your attitude toward money" »

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