Personal Finance for Beginners & Dummies: Managing Your Money
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About this ebook
Personal Finance for beginners. Your personal finance is your number one money priority in your life to get rich. Making small changes can lead to big financial outcomes, even to becoming a millionaire. We will explore 50 different personal finance tips that will not only boost your income, but will also make you more financially savvy, confident and prepared. Start now and change your financial future.
I will be sharing with you things that pertain to how you can save money. Why am I doing this? Why is it so important that you know how to save money? Why can't we just spend all the money and income that we make from our hard work and not think about tomorrow?
Before we get to solutions, I want you to know that the financial world is a volatile one, as such, anyone who wants to survive the volatility that comes with it must be armed with the right mindset, steps and tips.
You will discover the secrets to maintaining financial health which will also benefit you in other areas of life.
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- Rating: 5 out of 5 stars5/5basic investing at a young age, great for beginners and newbies
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Personal Finance for Beginners & Dummies - Giovanni Rigters
Introduction
You can quickly lose all your income if you are unable to create a concrete plan to guide you on spending.
Every one of us has been at that point where our income doesn’t match our expenses. To meet your expenses, you may take on an additional job to earn more money. If you’re still in this situation, have you sat down to review your habits?
You can continually look for ways to successfully grow your income. But if you keep growing your lifestyle along with it, then you will find yourself in the same position. It is a mistake to try to achieve a different result with the same actions.
Personal finance management is the key to creating the breakthrough you need in your finances. It covers all areas, including your spending, income, investing, and savings, to ensure you live a better life. Adopting the strategies of personal money management is crucial in getting rid of your bad spending habits, identifying and monitoring your expenses, creating a budget, and sticking with it, and many more.
In this book, you will learn about personal money management and other lifestyle changes that can be beneficial to the process. The minimalist lifestyle is one of these lifestyle changes. Being a minimalist is an excellent way to spend less while living a comfortable life.
As you progress, you will find tips on how to save more money and reduce your expenses by performing some actions that are very simple to implement.
Chapter 1: Introduction to Personal Finance
Personal Finance requires identifying your expenses which is essential if you want to take charge of your finances. It is a simple way to avoid the feeling of working so hard with no tangible asset to show for your work. When you want to understand your money management habits better, this is the first action you must take. Through the process, you can identify various issues regarding how you spend money and make a conscious effort to change them.
Spending Habits You Need to Change
Some spending habits are not suitable for you, and you need to change them as quickly as possible. To make these changes, you first must identify the patterns. If you’re unsure of what practices are bad for you, here are a few you need to change:
Impulse Spending
If you want to save money, avoid buying on impulse because it will cost you money down the line. The problem with impulse spending is the inability to track your expenses due to the possibility of mixing these purchases with your necessities.
There are different reasons why this may happen. If you go shopping for essential items and you happen to find a good deal, it is common for these deals to get your attention. You consider the amount you will save and decide to purchase this item. Since you didn't include it in your budget, it becomes impulse spending regardless of the money it saves you.
Gambling
This is one of the few activities that are usually not worth all the money you spend. Betting can quickly become a habit or addiction in your life. This addiction doesn't add anything positive since it usually leads to excessive loss of money. It doesn't matter if it is something as familiar as buying lottery tickets.
Occasional gambling, when you are out on vacation to places like Las Vegas, usually doesn't count. It becomes a problem if you find it