What are the best ways to manage your money?

Discussion in 'General Advice' started by netbiz, Nov 3, 2007.

  1. netbiz

    netbiz New Member

    Does anyone have any great ideas about ways to manage your money?

    There is one website that I just found called MoneyMadeEasy.com. It is amazing, it teaches about general money managing steps that you can implement to be successful.

    Here are some of the steps that I really liked!

    1) Make money
    2) Sort money
    3) Give 10% to church or charity
    4) Water the money tree
    5) Spend money

    I really enjoyed learning about all of these steps, but I really liked the first step because they teach you that you need to have "Multiple Streams of Income" like small businesses, investments, and real estate among others. I learned that having multiple small businesses can not only be lucrative, but you can also obtain tax breaks. I encourage you to learn for yourself.
    Well I just thought that I'd share what I found so far.
     
  2. southbank63

    southbank63 New Member

    Thanx netbiz [​IMG]

    Yes you are right.. multiple streems is the way to go.. dont have all you eggs in one basket..[​IMG]
     
  3. southbank63

    southbank63 New Member

    Streams..duh!
     
  4. Newbie Shield

    Newbie Shield Gold Member

    Diversity reduces risk. It's wise to spread out the risk. Besides, why not enjoy income from several sources?

    This is how I do it and I also appy this to stock investing. I hunt down my own stocks individually. But, I never put all of my money in one stock or in one sector.

    [​IMG]

    Newbie Shield
     
  5. southbank63

    southbank63 New Member

    Is that 'asset allocation' theory then Newbie?[​IMG]
     
  6. pcwork

    pcwork New Member

    Actually money management techniques vary from country to country and your personal profile
     
  7. Newbie Shield

    Newbie Shield Gold Member

    Quoting: southbank63Is that 'asset allocation' theory then Newbie?

    Essentially yes, though asset allocation is a little more complex. Although it has to do with diversification of assets (thus minimizing risk), it also has to do with maximizing profit and risk comfort level.

    Reduced risk through diversification is definately a corner stone of asset allocation. If you partake of several different income streams and one, two, or three collapse, you'll still have income because you have several other streams.

    Diversify at once!

    hee,

    Newbie Shield
     
  8. netbiz

    netbiz New Member

    Well just a quick update. I have found an amazing book that I'm reading right now called "The 5 Lessons a Millionaire Taught Me" by Richard Paul Evans. I highly encourage you to read this book. It teaches some great principles about life and wealth, and I'll let you all know how great the book is when I'm completely done reading it, but so far it's really sweet!
     
  9. netbiz

    netbiz New Member

    How about you guys? Have any of you read any great books about money management?
     

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