When it comes to cutting things from your budget, it is often the smallest things that make the biggest impact. Think about items that you spend on monthly, that you could do without and always be open to exploring cost effective alternatives to products or services that you already use.
Knowing how to choose the right brokerage firm is just as important as knowing how to choose the right stock. You may be wondering why you even need a stockbroker to buy shares, the truth is, it is more costly to purchase shares on your own than it would be through a firm.
The perennial question of ‘Good Debt versus Bad Debt’ was looked at in the previous article. We concluded that debt should be taken on only when value is enabled in the long run. But optimally I posit that no debt is good, as one is borrowing based on anticipated income before it is actually earned.
When trying to create or manage your wealth, debt always seems to find its way into the equation. In today’s world where instant gratification is encouraged and the norms of what one should possess is dictated by repetitive advertisements selling western ideals, many have fallen into the trap of buying now and worry later.
As we face the challenges that abound in this ‘day and age’, the need to have a sound financial plan has now been brought to the forefront. With the instances of high prices and unemployment it cannot be business as usual. Governments worldwide are creating plans to find ways to prevent additional fall out.
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