In hope of value-adding my social circle, I will be releasing more of my personal finance coaching materials. Keep a look out!
1) PAY YOURSELF FIRST
When we receive our paycheck, allocate a portion as savings before we start spending it or paying for our expenses. This will ensure a consistent accumulation of wealth.
2) KEEP TRACK OF YOUR EXPENSES
Breakdown our expenses into specific categories (E.g. Food, Transportation, Recreational) and ensure that they do not exceed our allocated budget for each category. Cut down on any unnecessary spending.
3) SPEND LESS THAN YOU EARN
Something straightforward, but yet, many do not practice it. Have a lifestyle that is suitable with the amount we earn. Live within your means. Do not purchase astronomically priced items just for enjoyment or showing off.
4) PLACE YOURSELF IN THE RIGHT ENVIRONMENT
Our environment influences our behavior. If we surround ourselves with people who are spendthrifts and live extravagantly, we will tend to follow suit. Invite financially savvy people into our social circle.
5) DON’T FALL FOR GET-RICH-QUICK SCHEMES
Greed often leads to people falling for scams, which will be deadly to our financial position. Always do your due diligence and ensure that the opportunities are well-regulated and well-substantiated by reliable organisations and statutory boards.