What would you do if circumstances in your life change drastically and did not have incoming flowing in to support yourself or your family? Job loss, vehicle repairs, unexpected death, or medical expenses can change your current lifestyle drastically. These are things that can, in fact, happen within your life so how will you prepare for when disaster strikes?
Why Should I?
There are simple strategies to make money or to protect your money that it is an absolute no-brainer. Now, you are asking: how do I make money and how do I protect it? The best way to help protect your money is to create savings and investment plans, no matter how much you make. Some examples of good investments are stocks, bonds, mutual funds, real estate, and businesses.
Here are some steps to begin strategizing a solid financial future:
First, you should open a savings account (if you do not already have one) at another bank other than where your checking account is housed. If you already have a savings account, it would be best to follow this step as well. The point is that the funds you will be contributing to this account will not be easily accessible to you and do not get a card linked to this separate savings account.
Secondly, track your expenses for thirty (30) days to identify how you can save to fund your emergency fund with $1000. When you are looking for ways you save, it is best to start with where your money is being spent. Tracking your expenditures over a thirty (30) period will help you identify areas where you could save and begin to contribute to your new savings account. How else will you begin to save?
Next, identify a way to create an additional source of income that can fund your investments. Get creative! What are some skills and hidden talents that you have not capitalized upon? Those skills may just be what you need to help you maintain a sustainable stream of income to protect your money.
The difference between mediocracy and success is action. Take action today!
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