Financial controls are important to help anyone grow financially from one point to another. We believe that come 2020 you too would love to grow your revenues and make more money. Here are the top financial habits to adopt come 2020.
- Get realistic in your goals and expectations. By default as Humans we are in most cases very hopeful people. It is prudent you get as realistic as possible. If you are making a million a month from your business it is unrealistic to think because its a new year, all of a sudden you will be making 150 million a month. Get as real as possible to better plan how to advance
- Create a budget. Planning is quite crucial in everything you do. From things as simple as your route home in the evenings during Jam to things as complicated as wars, most people plan for everything. A budget could in other terms be referred to as a plan of expenditure and income. Setting a budget is quite crucial in helping you understand your financial stand.
- Invest in Financial knowledge: Most people globally actually don’t know so much about financial management. Things as simple as networth aren’t understood. If I asked you what your networth was today, would you actually know? What would you base on to determine your networth? Financial Knowledge is key to growing your finances. Invest time in learning about finances. Things as simple as YouTube Videos go a long way in helping you understand finances better
- Diversify your sources of money. The coin do not put all your eggs in one basket was coined as a measure to help reduce risk levels. All businesses/ jobs/ investments always undergo some sort of risk. With all your money held up in one investment in situations of instability, you may be at risk.
- Avoid making financial decisions when emotional: Never ever make any decisions in Anger, Love or any other high octane emotion. generating wealth requires a lot of calculation and sanity. Before buying a property, investing in a business take time and ask people, give it a day, a week or even more time to properly do your diligence. Avoid making any rush purchases especially just a few minutes after talking to sales staff.
- Save at least 10% of all money earned. Save 10% of any money touched until you hit your desired target enough to help you buy an asset or make a larger investment
- Invest in things you understand. There is a very high likelihood of losing all your money by investing in things that are unfamiliar to you. Take an example, if you are an architect by profession, investing in a medical center could result into loss of all funds considering its not an industry you are familiar with.