Cash Management – Homer Glen
Individuals frequently ask themselves, how can I earn more money? Seldom do they realize that proper cash management can go a long way to creating wealth. Everyone has heard it before, right, a penny saved is a penny earned; well let's take a different perspective on that idea. Let's say, the less money you need to earn the more you can make, and faster too. This is applicable to anybody in almost any business venture.
One of the biggest secrets we've discovered about millionaires is they do not thoughtlessly spend away their lot of money on frivolities. Spending always comes after calculations. After carefully deducing the value, competitors prices/options, intrinsic value if any of owning the item, and timing. Solely then is a purchase made. Very different compared to the wanton spending which can be generally attributed to the wealthy!
These same concepts can certainly and must be applied to your very own accounts before any considerable considerations of acquiring excellent wealth can be made. GC Financial Advisors Ltd. challenge everyone that asks for financial advice to first and foremost gain absolute and precise control of their accounts and spending behaviors. For instance, how can you expect to gain financial ground if you cannot even recite your current available checking balance? Or even tell us what, exactly, your monthly bills total? These are 2 of the most basic examples of information you must constantly know.
After you have this knowledge, you can begin to work on trimming expenses, erasing all unnecessary costs, and removing as many monthly bills as possible. This takes compromise, commitment, and honesty. Most of us can do without a cable bill and certainly could use that extra cash. Yet how many do? For the person really motivated to take action and learn how to earn more money then these basic sacrifices are not too much to ask at all. In fact, it is only temporary.
The very first big question you have to ask yourself is, what is it I would like most? If cash is your honest answer, then the next question to ask is, what can I do without? Do I really need the latest greatest smart-phone and data plan? Do I really need to buy prepared meals or can I purchase more food items and cook it myself at home? Do I really need to buy that 12 pack on Friday and watch cable all weekend?
For more information about cash management, regardless of your age, please do not hesitate to contact us at any time and we will be happy to help you!
