Introduction Of 5 Strategies To Completely Reorganize Your Finances
5 Strategies To Completely Reorganize Your Finances. Personal and financial success by becoming the best version of yourself so if you are new here consider normally we all tend to carry out our finances in a certain way either as our parents taught us or how we were discovering or developing certain skills over time even without knowing.
We are doing the best we can with our money
If we are doing it well many people simply consider that we are doing the best we can with our money but when in some way or another the financial results do not look as we would like we do not have the amount of money we would like we are not earning enough we do not see saving enough e we have not achieved certain objectives sometimes not so much it is a matter that.
I had the wrong job that I have not finished studying that I have not done this I have not done the other yes no that financially soon the things or the decisions that I have made as I have managed my money, how I distributed my expenses, how I have spent that money, and we gamble in an impulsive or controlled way what my behavior has been and how I behave concerning all the money that comes into my hands, even if it is very little, even if it is close to zero. It matters regardless of all those things, always.
A person with excellent financial skills and with a good financial education can convert even a little money into more money in more opportunities, well, more abundance, do magic with practically very little and for people who earn let’s say a reasonable amount of money And in any case, people who earn three minimum wages or four minimum wages and They do not have enough money when there are people who with a minimum wage if enough because they must rethink that they are doing.
The time and everything especially with the situation
What they are spending what their lifestyle is and many other things and that is why the first strategy is to set aside time for your finances we all spend time on social networks we spend time sometimes playing on the cell phone just seeing negative news-bad news all the time and everything especially with the situation that we have been seeing recently in Latin countries and particularly in Colombia that have occurred things well of those traces but we do not dedicate time to finances and what does it mean to dedicate time to finances seems something simple.
It sounds like something obvious it sounds like there is so it is useless as well as I am going to dedicate time if I am bad as well I’m going to do if I earn a little anyway, it’s not to take an inventory of, for example, how much is your income exactly At the penny level, many people are asked how much you earned last month and they cannot tell you exactly because.
When we go to review it turns out that they received a bonus or a friend paid them in money that they owed them or simply at work this time the Salary came differently for any reason or your business because with variable income it probably behaves differently so if you could write down the last six months of exact income already assuming that you have not followed up because then if you have really done it I congratulate you because That is key to achieving it, because really understanding and knowing.
What has left you is key is an inventory in additione
How much your income has been and then comparing it with what your expenses have been, how have you distributed those money in what way you do it using what has left you is key is an inventory in addition to what they really are your assets what things they could sell in exchange for money and then simply choose to have that liquidity or cu What are your liquid assets and what things do you have that suddenly no longer have any value? You can not sell your debts for your liabilities at all.
How much money are you owing? what you owe your liquid assets follow you will say everyone should be able to pay your debts if you do not have debts well excellent because you are in a net fortune of positive equity if it is negative because something to do about it but none of this we are going to discover unless Before we sit down, we dedicate time to it, we do an analysis and we try to identify which are the weak points of your finances, the lack of income will be, in which case we already know that the time that.
We have to dedicate to our finances is simply to find an increase in national income or it will be a better way to manage what we already receive then when the money is running out and why which is s the lifestyle we are having, we are living beyond our means, we are not being frugal or if we at least talk about that we are not saving or we are not saving enough or that we are not investing and many other things that we are not to identify unless we dedicate considerable time to it, strategy number 2 is to attack your debts aggressively or defend yourself against them if you do not have them yet.
We should not have more than 30 percent
If you want debts, the ideal is installment and if they cannot achieve it is probably because you decided to borrow more than necessary that is to say more than possible to manage people we should not have more than 30 percent of our net income after taxes dedicated to paying debts including principal plus interest because if we have more of that we are going to be left with 70 percent less or less for what are basic expenses fun tastes saving investment to do the rest and well.
It is very little and precisely for this reason many people are left in a situation in which they cannot make payments beyond the minimum and end up spending an incredible amount of interest-paying double or triple for the products or things that they bought on credit or even for the house for the vehicle by the telephone by the television or anything else unless you aggressively prioritize the debts to pay them as soon as possible even if necessary before thinking about saving investment although.
I made a video specifically If saving, investing, or paying debts so that you can take a look at it, in the sense of having a clear strategy but coffee is precisely attacking those debts to try to bring them to zero as soon as possible unless we are a person with advanced knowledge in finance and you get this interest rate is lower than one of those that I can take advantage of in investment with the pile so that yes Invest in something else, earned more than what it costs me in interest, but it is super difficult to achieve them because it is simply to take this into account and if you still do not have debts, I was very aware when going to acquire one if it makes sense that.
Does not necessarily fit you Among your basic survival expenses
I hope the borrowed money will be used for something that will benefit you, it is not simply an expense and many other things that debts simply do not become your enemy. Strategy number 3 is budgeting and I think the most boring of all was the one that It sounds like the most boring of all but the most effective to transform the finances of anyone and even companies because what it does not do first of all is analyze.
What the expenses are but when I say really I mean that even if you go to the supermarket to buy food, food for you from day to day, because they probably have some goodies, I eat food that does not necessarily fit you Among your basic survival expenses, these things have to be in great detail, I am also talking to you when you spend coins and you simply do not care how much it is if you consider that it is a very small amount that because if you want to ignore it, you will probably cause the problem that.
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It will be enough money at the end of the year that you do not realize if you notice it and you have control then first have this report or this follow-up of at least a month preferably longer and then say well, this is what I am spending, how much should I be spending if it is in this category? doing but there are others that I do not have to do and that some if I was studying I was doing simply to think that I had enough money and in reality, it is not enough ba and this is where I can project and so ok to this category.
I am going to dedicate this amount of money for example
I am going to dedicate this amount of money for example in rent I am going this in the food I am going out this in outings I am going to stop it is money because the idea is also to enjoy your money and that it is worth that you are working generating income or that you are carrying out your own business regardless of all this is simply the idea is that you say this is what I want to do with my money and that you comply with it and here it is fundamental take into account the expenses that are annual, not necessarily monthly.
So there are variable expenses, that is, expenses that do not occur but once in a lifetime or a few times in a lifetime or a few times every year as well as others that are recurring periodically and that we have like that frequency that is not monthly but that if eventually, you have to make those expenses such as the university semester, the property tax, the mandatory motorcycle insurance or the vehicle maintenance or anything else not like those that are let’s say monthly that is like in the public services of gasoline and other things then.
These expenses that are more frequently a little more extensive
These expenses that are more frequently a little more extensive have to be divided by the number of months and it is a, For example, annual spending of videos between 12 and you put a monthly amount to be able to keep in mind and thus you take into account absolutely everything because if you are going to miss something, the safest thing is that later you go out of budget and do not comply with it and well there precisely they would not be achieving.
Objective strategy number 4 is to establish and try as much as possible to achieve a saving objective all of us save differently or for all of us saving means something different there are many things for which we should save and yet the idea is that you identify which are the techniques, methods, tricks or savings strategies that work best for some people, for example.
It means never spending coins and always saving other people never say that an income does not arrive I say 10 or 15 percent of my income goes to a specific savings other people say no I simply determined what my expenses are for the month and the rest regardless of what is less or whatever, regardless of this, the idea is that you identify your specific saving methods and with more in them.