Just like a mother bird nurtures her chicks until they are ready to fly, our own financial nest-eggs require meticulous care, patience and sound decision making. Only in this way can we take wing and soar towards a prosperous and comfortable future.
Manage Your Credit
Credit is, for better or for worse, a part of life for most of us. Unfortunately, an over-reliance on borrowing and/or credit cards can scuttle your financial plans. It’s crucial to manage your debt to limits your exposure to high interest rates. Shop around for the best deal on a mortgage, car or personal loan. If you find yourself a little short in a given month, search the net for safer, small cash loans online from fair lenders or community organizations, rather than fall prey to payday lenders and other sharks. By minimizing your exposure, you can enjoy the benefits of credit without the pain. Always make sure to make your repayments on time to avoid charges and penalties. Remember, even one extra payment per-annum will bring your principal down and can potentially save you years and thousands of dollars off your loan.
Create a Budget, Live Within Your Means
It stands to reason that we will never save anything if we spend all the income we earn. Let’s say you want to save 10% every month so you can watch your nest egg grow. Keep a note of every dollar you spend for three months to establish a pattern. Where can you cut back a little? An excellent place to look is in your credit card statements. Perhaps you could spend less on eating out, and buying clothes?
Leverage Your Wealth
Nobody knows who first said, ‘If you don’t speculate, you can’t accumulate.’ However, the phrase did first appear in the mid-20h Century, so it was probably somebody in the oil or motor car industry. Nowadays speculating is a tricky business, in which you can lose money. Rather than gambling with your future, find a secure investment where your wealth is safe while it grows faster than the cost of living. This is the only sure way to see a nest egg grow.
‘All work and no play makes Jack a dull boy’ or so says a proverb from the past. Jill is equally likely to burn out if she does not spoil herself in ways that make living worthwhile. Figure out how much money you need in the middle of the month to treat yourself to a little something that will keep your motivation strong. You don’t need to go overboard, but constantly denying yourself all of life’s pleasures in the name of economic security will inevitably end in your throwing in the towel.
Don’t Give Up
Yep, what we told you is tough, especially if you are accustomed to spending everything you earn. Did you know Bill Gates, Steve Jobs, and Mark Zuckerberg worked on their ideas late at night while their friends partied? Success, including sweet savings, requires persistence. You can accumulate wealth only if you put your mind to it. Then you can do what you really want!
From a small seed, a mighty tree grows. From a tiny, speckled egg a lovely bird flies. Yes, you can turn sweet savings into a healthy fortune. You know you can do it if you persist. One of the world’s wealthiest people, Warren Buffet said, “Someone is sitting in the shade today because someone planted a tree a long time ago.” Be the person who planted your tree.