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Money management takes more than just doing math. But, it is as simple as this: spend less, invest early. While the numbers seem to be simple, the hard part is overcoming the emotional and psychological hurdles that usually prevent people from achieving their money goals.
The truth is, there is no secret in wealth building. Don’t look for secrets and shortcuts, but focus on the things that your grandparents and parents have probably already told you – don’t spend more than you make.
While you can work harder, earn more and buy the stuff you want. It is still wise to work harder, earn more, and invest your money instead of buying stuff that you do not really need. Of course you can still have anything, but please don’t buy everything. Do not spend on things that do not really matter; this way you can splurge on things that really matter.
Using the technology can be of your advantage. Automate your bill payments, savings and investments; this way, you can save time and effort and at the same time save yourself from ‘accidentally’ spending your retirement savings.
And do not blame everything for your money situations. The president, your business partners, or your ex-wife has nothing to do with your financial situation. While your circumstances may not be completely your fault, your financial situation is your responsibility. Moreover, do not expect your technique to be foolproof. But, unsure investing is much better than doing nothing at all.
It is your finances, nobody will care about it more than you do. You do not need someone else to push you to save, invest, or be debtless. If you have the ability to run a business or be employed, then you can balance your checkbook, as well.