THE FINANCIAL ADVICE TO HELP YOU

 

 

The financial advice that can help you fix your finances

When I was young, I had no one to talk about when it comes to my finances.

But after reading books and finding a mentor, I started discussing and making moves that improved my finances.

Here is some advice that l learned to make you in control of your finances:

· Avoid lifestyle creep

Do not borrow a lifestyle you cannot afford. Act your wage.

Society is full of people who look rich but are, in reality, broke.

Living below your means is not appealing, but it is the path to wealth creation.

· Pay yourself first

Before splurging on wants, save or invest your money.

Investing allows you to use the money you make today to fund your future freedom.

Set up automatic investments to simplify and streamline investing.

· Budget

A budget gives you power and clarity over how you spend your money.

It is an excellent tool for holding you accountable, tracking your progress, and saving you money.

How to budget:

- 50% on needs

- 30% on wants

- 20% on debt repayment or savings

· Avoid the debt trap

Kenyans’ total credit issuance is 2-3   daily  in Q3 2022.

Debt is an impediment to wealth creation. How to avoid debt:

- Set up an emergency fund

- Pay off loans balances in full

- Focus on your needs

- If you can't pay cash, you can't afford it

· Invest in yourself

Investing in yourself has no monetary value. It is the best investment a person can make.

Investing in yourself means:

- Read books

- Eat healthily

- Develop skills

- Be in shape

- Take care of your mental health

1 Quote on Money

" It is not how much you make, but how much money you keep, how hard it works for you, and how many generations you keep it for." - Robert Kiyosaki

Until next week, take care of yourself.

Denweks | Denweks Investment Company

 

 

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