After your holiday breaks, it is time to get things straight. With the help of these finance tips, start making “Money from Money”.
As it is said, “Failing to Plan is planning to fail”. With this quote, we provide you with the best finance tips 2017 so that you can start planning for a bigger holiday the coming year.
- Save for your investments!
The first step towards success is to start saving. Buy investments with your money rather than on credit. Do you want to buy your denims on credit? Do you want to pay interest for that? No.
Stop using credit cards for every purchase you make even if you can pay them off at the month end. Unless in uncontrollable situations, you want to keep on paying for those credit cards for the next few years, don’t use credit cards and start saving for your assets.
- Know where your money is!
Before hiring any random portfolio managers or buying some random stocks, learn about their basics, pick out a few books on personal finance and get yourself through them. When a consultant advises you to invest your hard earned money somewhere,learn to analyse the stock behaviour, the NAV fluctuations and the market structure. You should know whether your money is invested at the right place in the right ratio.
- Create wealth for your Future!
A dollar now is a cent tomorrow. Start a fund for your future, for the time you won’t be able to make a rush anymore, for your peaceful times. Inflation will erode the value of money kept in your pillows. Invest in a high-interest paying online savings account or in the money market.
Some Mutual funds provide you with return of 20%-25% within a year. Look for them.
- Reap the Fruits!
If you don’t reap the fruits at the right time, you will end up spoiling them. Similar is the situation with your investments, don’t cut them off too soon nor reap them too late. An investment for a short period will only get you a handful of return and what good is the investment if you don’t utilize it when you need it. So, study the market factors affecting your investment and get out when the time is right and the returns are high.
Finally, always remember that money makes money. Stay a little risky, the better will be the returns.