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You probably know by know on why money is important and is essential for life. You need it to survive! Buying a home, a car, groceries, education, health costs and many other things.
Ways of managing your money.
How to budget your money properly
Budgeting overall can help you in the long run. This is to ensure you are saving money incase for emergencies or incase you are trying to save for something particular you want. Having money in your bank account in general is a good thing not only to your wallet but good to your mind in general. This decreases the stress for paying bills or maybe you're invited to an event and since you have money saved up, you're able to go!
Ways to budget your money:
Saving for college
How badly do you want to go into college? If you are planning to go into college, plan it so that you are in the least amount of debt you can be when you graduate.
College costs keep increasing, this means that you have to save even more cash for college than the previous generations.
Take advantage of scholarships, as much as it may suck to apply for dozens or hundreds of scholarships just to get one, remember it will be worth it for the future!
College is expensive so remember, start saving early and start a savings plan! The most important part, is for you not to be able to touch it! See what potential college you might want to go to and estimate the expenses like housing, tuition and fees. Remember to estimate more because future college costs is just at an increase.
Set a dollar a day or 50 dollars a month for exam can help. If you start saving before college, then you may not have to work during college and can just focus on the fun and your studies.
Ask for investments from family members, I'm pretty sure your family wants you to succeed and are excited for you to improve towards better careers and salaries!
You might have to use your credit score for college loans, you have to thing about making sure your credit score is not ruined!
To save for college, you have to start prioritizing your expenses. Ask yourself, do I really need this item or service right now?
For a cheaper choice, think about going to a community college, you will save more than 50% the cost of students who went to a 4 year university for their whole entire college career.
Last thing, get help from a financial advisor and make sure to keep in touch with lending officers at your bank.
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Ways to make money.
If you really want to make money, you have to work hard for it! One of the best ways to make money is to start a business. Find creative solutions to people's problems is a good way of doing it.
Examples can be flipping a product. For example, finding underpriced items like books, phones or other merchandise and selling it for a higher price. A great place to sell an item is on eBay or specifically on Amazon.com.
Buy items at a yard sale or bargain stores and re-selling for higher prices.
Take old furnitures to fix and sell it for a higher price.
A good money maker these days is to flip houses or apartments. Get a team together and fix a house, design, modernize it and re-sell for a higher price!
Another way to make money is to participate in events that pays for researching. Many companies need participants to be involved with their studies.
A few more ways can be:
Selling High-Quality Photos
Designing websites and or webpages
Selling items on smartphone apps
Starting a small business that starts with targeting with friends and families
Do easy small jobs for example, pet walking or lawn-mowing. Landscapers actually make a decent amount of money once you get going and have clients.
Companies actually pay for you to advertise their business, maybe just to wear their logo on your t-shirt can be profitable for you!
Another way can be affiliate marketing, drive people to company websites. Companies will pay you for that! Be creative! There's so many ways to make money. The first thing to do is to brainstorm and see what fits you best!
Ways to increase your credit score.
Take into account the following:
Amounts Owed - How much of your available total credit have you used? If you have over 30% of your Toal credit used. You can see your credit score start declining!
Length of Credit History - How long have you had a loan or a credit card? The longer the credit you have, the better your credit score will be.
New Credit - Avoid applying for a bunch of loan or credit card applications. Also new credit card accounts will decrease your credit score. Make sure to limit yourself!
Types of Credit - Have a healthy balanced credit between a car loan, mortgage, student loans and credit cards!
You can check your credit scores through Experian, Equifax, transition or through some other websites like credit karma or credit.com.
If you already suffer from a bad credit, make sure to budget your money. Are you spending things on unnecessary items? Do you have to work a double job to earn double income? Get out of debt and start prioritizing what you need to start paying!
To start rebuilding your credit, a good way is to open up a secured credit card as well!
Start paying your bills on time and avoid getting it into collection agencies!
Investing in stocks
The most wealthiest people invest in the stock market. It's because it's one of the best ways to create financial security. It's not easy! You need the research and knowledge to invest in the right stocks at the right time but if you want to succeed, you need to read, network and start saving money you can invest.
What do you want to achieve? What in your life do you want that requires money? What kind of financial lifestyle do you want? Make a list! This will motivate you and at the same time, you have a goal and a clear idea of what you want in the future.
Why do you want to invest? How much do you have to invest? These are good questions due to you really have to know how to invest right and smart. Have a set goal of money you want to earn and have in the future. Also having a set to automatic amount weekly or monthly going into an investment account can help you and make things easier to save!
Maybe have a percentage of your income go directly into your investment account. Make a commitment cause that kind of commitment will have its benefits in the future. Think about how much you can earn for a car or for your future child's college career.
Expect to have an earning but expect to have a loss as well due to, investing is a risky business but can be profitable if you do it right.
To start you need to learn about the stock market. Spend a day reading about the stock market and the larger economy.
What stocks are performing well? What are some of the predictions that professionals are making in the stock market? How much and when are they investing? What stocks or company?
Talk to other investors. You need knowledge if you want to be a successful investor. It's good to have a team of network. Start tracking financial datas.
Think about when customers are buying more of a certain product and when the revenues for companies are growing. Lower interest rates lead to higher stock prices and high interest rates lead to a decrease in stock prices.
After you got quite the knowledge you need, it's' time to select your stock markets. What is the value of the stock you want and compare to other stocks.
Start building a portfolio in different industries, companies and countries. This will determine what stocks are working and which ones you should let go.
Remember to invest regularly, the more money you invest, the more you will gain! It takes time! Good luck on your new financial journey!
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