Friday, August 5, 2011

How good are you at managing your own money?

While many of us are are dying to have lots of cash at hand, have you asked yourself what would you do once that time comes?

I ask this because financial experts found out that the problem with money starts and ends with -- no, not how much you earn -- but how you manage your money.

Manage money? Is that even necessary?

Yes, it is. Like everything else in life, money needs to be managed well. Are you handling your finances well? Below I wrote several questions for an initial checklist so that you know if you manage your money well or not, or if you are somewhere in between.

  1. You have been working for years and you have had salary increase in the past. You were also promoted in your job before. But no matter how much you earn, you are almost always out of money before the next pay day comes. Yes or no?
  2. You earn enough. But whenever you get extra money like a salary bonus, something always comes up like your partner's debt, or a school requirement of a family or a friend. To make a long story short, you end up spending your bonus income. Period. Yes or no?
  3. I have a stable job but I have a small savings.Yes or no?
  4. I have a stable job but I have no savings at all. Yes or no?
  5. I earn enough but I feel I should earn more because the money is never enough. Yes or no?
  6. I get an allowance bigger than most of my friends' but it's still not enough. Yes or no?
  7. I'm not employed but I get paid for projects here and there. The pay is more than what most people earn in a month but I often find myself short on funds. Yes or no?
  8. We had an emergency recently or in the past and I didn't have money to cover the expenses. Yes or no?
If you answered mostly yes to the questions below, then my friend, I am sad to say we need to work on your financial literacy, or your knowledge about money. It's true that money can work for you, and we will find out how you can stop running after money every month, and instead make money truly work for you. This is the key to become wealthy.

I will teach you lessons that I had to learn the hard way (by being employed and starting my own business). I will share with you valuable lessons about money in a simplified, step-by-step guide to mastering money management.

So stay tuned, friends, and more info are coming your way here!

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