As a Financial Advisor for 20+ years with some of the big power players on Wall St, you learn a few things about money. I will share 5 tips about money that I hope will help you too.
Money Loves Attention
Understand money loves attention just like your husband, wife, boyfriend or girlfriend loves attention. What happens when you do not pay attention to your partner? They go somewhere else where they are getting the attention from. Same thing with your money. If you are not paying attention to your money it will leave your hands and end up in somebody else's hands. Make sure you check your accounts daily. Pay attention to what you are spending your money on. Monitor your investments, make sure your money is making money.
Stay Simple
Don't get too fancy too quick. What do I mean by that? Don't be so quick to by the Rolex or start flying first class before stacking your chips. Many people see some success and quickly start going all luxury. Stay humble, keep grinding and keep reinvesting your money to make money. If you do it right instead of flying first class, you own the jet.
Understand The Tax Laws
The saying is, "It's not about how much you make, but it's about how much you keep". That saying is so true. You need to understand the tax laws in your state. Know the various loop holes that pertain to you. If you own your own business understand the benefits that are entitles to you. Also, look at other states that may give you more of a tax break. The tax laws were made for a reason, doesn't mean they were made to hurt you. Understand the tax laws.
Double Your Money
No matter how much money you have, do not become complacent with the amount that you have. Think of ways of how you can double what you have. Educate yourself and speak to others that are more successful than you and find out how they doubled their money when they were in your position. With everything, do your due diligence and understand the risk and time horizon to these strategies.
Befriend Money Makers
Learn who is making money in your industry and befriend them. Find out how they are making money. Find out what type of person they are. Travel with them, go out to dinner with them, meet their family. If you become a partner in a venture, they may include you in future deals. People who are money makers know how to make money and you need these type of people in your circle.
I have more tips that I will share soon. Was this tidbit helpful? if so drop a comment.