A dollar a day, keeps the debtors away!

If you are earning a mere $1,000 to $2,500, do you think you can be a wealthy person and reach your financial freedom day? In my experience of being a financial advisor, I met up with a lot of families that have an income of less than $3,000 and bearing 3 children of age 9 to 17. Usually these people that I meet have dreams of having enough cash so that they can afford many things.

However, these are just dreams. These people that I met have a common problem. They do not know how to manage their cash flow effectively. They usually have no savings and complain that they cannot save because they have to meet the ends need. They know that savings is very good but do not make an effort to save their money. no matter how small the amount maybe, it will accumulate and when it accumulate, you will encounter a lot of money making opportunities.

When it comes to managing your money, you will need to be discipline. Nothing in the world is easy. Wealth can be attained by anyone at any income if they have discipline and patience. When you do not manage your cash flow, you cannot make any investment planning, risk planning, retirement planning, tax planning and estate planning.

It’s never too late to start managing your cash flow and start saving money. a tip will be to list all expenditures from the most important to least important order. Track these entire expenditures even if it less than a dollar. Once you know what your spending style is, then you can develop your very own unique budgeting.

The most important and most valuable tip from anybody that are very serious about savings or anyone in the finance services industry is to save 20% of your income. This 20% is deducted from your income first, deposit into the bank, then the rest is for you to plan how you going to spend. Personally, I think this tip is a very difficult to practice but you will get the hang of it. If you are truly serious about your wealth, start saving today!