Financial Control

Suba

Verified member
Financial Control
Many young people want to be rich, but all their dreams are just plans, without action and controlling. Action is work that makes income, and changes the habit of wasting money. and financial control is very necessary whether our actions are in accordance with the plan. Here are two main elements that must be implemented if you want to be rich at a young age.
1. Save and Invest Simultaneously
Many professional investors say keeping large amounts of money in the bank is a loss. Don't be afraid to invest in many safe investment options, such as property and land. Make automatic transfers from your salary or monthly income, for example 10% for savings, 10% for investments, 2% for donations, 3% for others and 75% for your monthly needs. Don't save and invest at the end of the month waiting for the remaining money from your monthly needs, because there will never be any left over.

2. Avoid the Luxury Lifestyle
Prevent your expenses are greater than your income, no matter how big your salary will never be enough to meet the needs of your luxurious life. Live a simple life and live frugally. Improve your knowledge and skills so you can reach a higher career/job position.
 

Jonaville

Verified member
You just hit the nail on the head. Saving is very important to more of investment that saving. Also, an extravagant lifestyle should be avoided if you intend to attain financial security. Never buy things you don't really need and learn how cut down on your expenditures. Little by little, you will be on the path to financial freedom.
 
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Marcellino

New member
"Cut your coat according to your size", this is a good adage one should also bring into his or her memory in terms if saving, investments and luxurious living.
Saving is a paramount step evry aspiring rich teenager should adopt. Saving more and spending less as a teenager will help you to he financially stable as you will be able to pile up wealth for the future.
 
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Abigael

Valued Contributor
This is very true. Indeed no amount of money will satisfy you if you choose to live an extremely luxurious life. So you should budget well and spend only what you can afford. Remember to put some fun money aside though, it is great for you to have fun. Then, yes, start investing and saving simultaneously as soon as you start earning.
 
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