Many people do not know the secret of achieving financial independency in the latter stages of their careers is careful planning. There is the mistaken myth that one will start saving when they start earning more, or when at their peak of earning, but the truth is one should start saving as soon as they start earning any sort of income. In the modern economies, most people live from each pay cheque to the next; money comes in and then goes out to paying bills. As witnessed, over the last year or so, most economies have been hit by the recession, evidently showing that financial planning and strategizing to achieve financial independency is a must. We have seen people, friends and even relatives lose jobs, businesses go bankrupt etc.What we learn from these events is that you can never know what tomorrow brings, hence having a safety nest a must.
We need to keep tabs on how we spend the funds that we earn. Saving should form part of our habits. Make use of discounts at grocery stores, and also buy things that are a necessity. Live within your means. Don’t finance luxuries, like borrowing to go on vacation.
Credit cards are easy to get nowadays and can be tempting, keep them away from our wallets and only use them in periods of emergency. Achieving our goals of financial success requires discipline and focus. We all have the capability, if we can learn the secrets of money management
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