How to overcome financial problem?


Budgeting is the most difficult responsibility every grown up could handle. This is the primary reason why high percentage of people around the globe suffer financial drought.

Like almost all financial educator would always say: "The first step to solve it is through proper mind setting". So the question now, what are the common error in finding source of income that are considered wrong mind setting?

1. In the corporate ladder: almost all seek for higher position to be highly compensated.


Budgeting is the most difficult responsibility every grown up could handle. This is the primary reason why high percentage of people around the globe suffer financial drought.

Like almost all financial educator would always say: "The first step to solve it is through proper mind setting". So the question now, what are the common error in finding source of income that are considered wrong mind setting?

1. In the corporate ladder: almost all seek for higher position to be highly compensated.

- The higher the position the higher the responsibilities; often, the higher the expenses .

NOTE: "It doesn't mean your earning, you&#


39;re profiting".

Expenses are divided into two types that common people have in a daily, monthly, and annually. These are regular and irregular expenses.

Regular Expenses

a. Food

b. Clothing

c. Transportation

d.  Bills - electricity

              - water

              - internet

              - load

Irregular Expenses

a. Party

b. Emergency

c. Travel

These are definitely the reason why do people in the corporate ladder always have a break even ratio after receiving the salary. It's a matter of prioritizing; focusing on needs not in wants.

2. ONLINE Freelancer: home based job is a money making machine.

- compared to a job in a corporate ladder, yes time freedom is given and opportunity to do more projects at the same time will give financial increase; however, big chances still to spend more.

NOTE: Diversify is the rule of the game to have financial freedom.

Savings and investment should be the main priority after receiving the total earnings. Self-discipline in having assets rather than liabilities will lead to financial stability.

3. Business owner: New trend should always be the guide in making business grow.

NOTE: business should be based on the passion of the owner and "Invest only what you can afford"

Keep in mind that even established company for 10 years can still be broke. It's a must for one person to be a life long learner in handling finances that in the long run will takes a lot of sacrifices. 

 

POSTED BY margareth On 2012-02-14
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