Tips on Personal Finance that could make you rich!

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Other people have made money within a short period of time. How did they do it? Magic? Or they have a brain filled with good tips on personal finance? I’ll stick with the latter.

I discovered from my personal finances that financial strength doesn’t really increase when you focus on a particular thing. In time, it falters, and you’ll find yourself going back to square one. We save money, spend money, grow money, and many things are involved in between these.

You might have worked hard, deprived yourself of certain comforts, and saved money constantly to attain wealth in the future but doing these things isn’t actually enough.

Have you ever been advised to skip minute things so that you can save up the money used to get these minute things? For example, coffee. If you skip a $3 coffee drink every day, you will save up almost $90 in a month. But really, how much change can $90 cause in your life? It honestly wouldn’t be much.

It’s basically good to focus on the small aspect of things because a collection of little things forms big things, right? But you can spice it up more, make it more productive. Tips on Personal finance would make it more effective, and I’ll be sharing five with you.

 

1. Build a Budget That Suits You

A budget can bring a lot of changes to your expenses. Imagine being the CEO of a company, and you never get to monitor and examine how the company’s money is spent (what kind of CEO are you???). Well, if that happens, the business will fall, and when there’s no business, there’s no work, no work, no money, no money, and well, you become poor.

My point is: You’re never going to be rich if you don’t monitor and examine your expenses. I’m reiterating it already. You apply this personal business tip by having knowledge from your past spending and making a plan entailing how much you will spend for each category and never let go of any improvement you can make on it!

Acknowledging that we have limited control over spending money on fixed things, we can focus on how much we spend on things that we can alter.

Fixed Expenses:

  • Transportation
  • Monthly bills
  • Insurance
  • Mortgage and many others

Alterable Expenses:

  • Entertainment
  • Grocery
  • Shopping
  • Traveling and many others

Here are some ideas to make money:

  • Using Trim, you can save money and keep track of your personal finance every day.
  • There’s also Paribus. If you bought something and the price of what you bought changed after buying it, you could get a refund using Paribus.
  • Ebates is 100% free. You get a cashback each time you order something online. It is also a legit platform. (Free and legit, two of my favorite words.)

Investing Ideas for Beginners

2. Start Investing

Most entrepreneurs find investment to be the primary way of growing money. You can’t just save your money in the bank and expect the money to grow. Inflation causes money to lose value every day. Some amount of money today isn’t as valuable as it was some years back.

So applying these tips on personal finance, you invest your money to get more and more money. It is called compound growth. Like compound interest, understanding it gets you more money.

Many billionaires in the world invested their money in many businesses and companies. You don’t even need millions to start investing. There are many platforms that you can invest your money on. Some of them are:

1 . Swell – Swell helps members invest in stocks that would benefit them and society. They include investments in stocks like clean water, healthy living, and alternate forms of energy. With $50, you can become an investor with Swell.

TRY SWELL

2. Mintos – when you invest your money in Mintos, your money is issued as loans to help other people deal with their financial problems. Everything is done online, and you don’t have to worry about face-to-face communication. Mintos offers a competitive average return of 5.06 to 8.74%. 99% of Mintos users get a positive return.

TRY MINTOS

3. Acorns – (Definitely not the fruit) This is an account to invest spare change! I find this to be very cool; nothing’s wasting. You can set up an account within five minutes and start investing. Acorn has invested more than $1 billion. You pay a monthly fee of $1 to $5, and it is completely free for college students. This automatic system analyses your purchases on your credit or debit cards and then invests the change in its investment portfolio.

TRY ACORNS

 

3. Multiple Income Sources

This personal business tip is essential! Inc.com states that:

  • 65% of self-made millionaires had at least three sources of income.
  • 45% of self-made millionaires had at least four types of income.
  • The least number of sources of income by 29% of self-made millionaires was five or more.

Having more than one source of income is that if you are not earning well from one source of income, you can regain your loss through the others. And if all your streams of income are going well, then you’ll make more money! For reiteration, this personal business tip is vital! Have multiple sources of income!

You can lay your hands on a few side income streams like:

E-commerce dropshipping FBA women

1. Flip Items 

Rob and Melissa have profited a lot from finding things that they can resell to make a profit. Rob and Melissa work for just 5-10 hours a week, and in 2016 they made a huge profit of $133,000! That’s a lot! And all that from just flipping items.

Some of the best flipping they’ve done are:

  • They bought a door handle for $8 and sold it for $200, making a profit of +$192.
  • Purchased a double stroller for $90 and sold it for $380, making a profit of +$290.
  • They got a magnetic machine for $5 and sold it for $700. They had a +$695 profit.
  • An exercise bike was bought for $100 and sold for $2000, making $1900.
  • A base jumping vest was bought for $10 and sold for $200, getting a profit of +$190.
  • A Carousel horse was bought for $175 and sold for $1299. Their profit was +$1124.
  • They bought a patio set for $50 and sold it for $2100, getting a profit of +$2050.
  • An autoclave was gotten for $100 and sold for $5,500, with a profit of +$5400.

Not that is a lot of income! This is a really effective personal business tip!

You learn to make a profit from flipping items to an advanced level.

START YOUR $100,000 FLIPPING BUSINESS

 

2. Blogging

Blogging is an exciting online business. Apart from income, other pros are:

  • You can work anytime.
  • It allows you to work anywhere.
  • You are your own boss.
  • Your profit is not limited.
  • You have enough free time.

Don’t let the competition drive you off. Some people making it in the blogging business are:

  • Suzi– created a mom blog on January 18, 2020, and made $200,000 by the end of September 2020.
  • Logan and Caroline created a blog called money done right in 2017 and made over $30,000 a month in August 2018.

You can learn to blog by clicking on this link. 

Start a blog within 20 minutes with this FREE step-by-step guide.

 

4. Have Your Own Emergency Fund

Why is this personal business account useful? In the case of an unforeseen event occurring, an emergency fund will be beneficial. Set up an emergency fund with your bank by adding some money, whether big or small. It’s better you have something than nothing! Try to save from at least six months to a year for emergency funds.

 

5. Refinance Your Loans and Manage Your Debts

Having a loan is one thing but the way you choose to repay it is another. Refinancing loans is a great personal business tip because it saves a great deal of money. You don’t necessarily have to spend years repaying loans (especially for students who spend most of their years after graduating paying student loans.) Lending Tree, among other companies, helps students pay their loans less expensively. Using Auto Refinancing for student loans saves you over an average of $3000. Lending club Auto Refinance provides remarkable auto refinancing. There is Home Loan Refinancing and Reverse Mortgage if you want to buy a house.

Follow these tips on personal finance, and you won’t have to skip that delicious hot cup of coffee every day.

 

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