Top 20 Personal Finance Tips

If you are like me, you have never had any formal training on managing personal finances. You may have read books and researched the topic on the internet, however you probably don’t have any formal training on the subject.
It amazes ma that personal finances is not included in our school curriculum. It is such an important part of our lives however, our education system does not address.
It is time that we all take control of our personal finances, learn about the topic and take control of our personal finances. Following are 20 tips to give you a head start on the topic.

1 – Pay yourself first. Try to save a fixed percentage of your income every time you get paid. Don’t leave the cash in your day-to-day savings account because you will probably end up spending it. Transfer the money to a different account in order to increase the chances of actually saving it.

2 – Spend less than you earn. This is basic in personal finances. You need to take control of your cash flow and ensure that you spend less than what you earn. Make sure you don’t use your credit card to improve your cash flow, this is a common mistake.

The science of getting rich - the will power

We continue in our journey to look at the timeless advice contained in the book "Science of Getting Rich" by Wallace D. Wattles.

This articles looks at the chapter regarding the will power. The bottom line about this article is simple: "what comes around goes around".

When you know what to think and do, then you must use your will to compel yourself to think

and do the right things. That is the legitimate use of the will in getting what you want — to use it in

holding yourself to the right course.

If you have a financial goal you have to use your will to remain focused. If you have such a strong will that you have no shadow of doubt that you are capable and that you will achieve your goals, this frame of mind will keep you motivated.

Let's face it, the journey to financial independence is very hard. My objective is to generate enough passive income to support myself and my family. By the very definition, passive income is income that once setup, will keep on generating income without your contribution, without you having to work on it.

Passive income is very difficult to get. People don't just give you money, they need to get value. We learned from Wattles that we need to give others more in use value than in cash that you receive from them, in other words, give people valuable and useful things that will positively affect their lives.

It is all very difficult and we will certainly face some failures on the way. Nevertheless your will can help you to stay motivated and on the path, don't quit it half way.