How to become money-wise has a lot to with how you manage the money problems you have. Money alone doesn’t make you rich, this is a hard truth we must all allow to sink in our minds. Many tend to even go deeper into debts, the more money they make. Have it in mind that you can lose money investing in money.
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Buying assets doesn’t guarantee you wealth, or more money, as the assets could either appreciate or depreciate over time.
You may be asking in your mind, what then makes you wealthy? If investing in assets doesn’t anymore.
Ultimately, it is the information relative to the assets that make you rich or poor not the assets themselves.
Becoming wealthy is not in the number of properties you have acquired over the years, it is not in having stocks or shares in mutual funds, it is not in Jobs or businesses.
Rather, how to become money-wise has to do with the quality of your financial IQ.
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Rather, it is in financial intelligence, simply put the know-how that makes a person wealthy.
Your financial dilemma will always remain, irrespective of your investments, if you fail to invest in financial information.
Most people are still operating under the old rules of money, that is why they are still financially struggling.
If you are asking yourself what the old rule of money is, it is the normal mantra that has been sung to us on several occasions that it has taken roots in our minds and subconsciousness.
Things like work hard, live within means, do not borrow, spend frugally, invest in a long-term stock or bond.
It doesn’t take money to make money. If you can lose money in real estate or one investment or the other, it simply means you can lose money in anything.
It is not the real estate, treasury bonds, Stocks that are making you lose money, it is the lack of information about them.
What does it take to be financially intelligent?
To be financially intelligent, all you need to do is to find out your money problems and devise a means of solving them.
Money problem of the poor are:
- First and foremost is not having enough money.
- Secondly the high cost of living
- Bad financial advice
- Fear of Emergencies
- Being in debt
Money problem of the Rich are:
- Having too much money
- Not knowing if people like them for them or their money
- How to invest and keep the money safe
- Estate and inheritance planning
- Need smart financial advisors
what is the cause of poverty?
Poverty simply means having many money problems that you have no solution for.
The cause of being poor has nothing to do with your lack of money or assets, rather it has everything to do with not having the right financial knowledge to handle money problems.
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Solving financial problems no matter how little it is will make you more financially savvy.
Solutions to Money problems
The only solution to having money problems is to find financial challenges then actively provide solutions to them.
Do not invest or create more business because you want to earn more income, no that should not be your major objective. Your major objective is to be a solution provider.
how to become money-wise
To become money-wise you need to:
- Make more money
The more money you make, the higher your financial prowess.
- protect your money.
Find ways to protect your money, the world is out to take your money. Government tale your money legally through tax, find ways to minimize the amount of money you pay for the tax.
- money budgeting.
It takes a lot of financial intelligence to budget money.
Many people fail to keep the money even if they earn a lot of money, this is a result of poor budgeting.
- leverage your money.
- Improve your financial information.