Money: Financial, Economic News and Money Saving Ideas

Secrets of success

Ever wondered where your money goes whenever you get your pay? Probably you tend to be very reasonable before you get your pay, but immediately the money gets in to your pocket you throw the caution to the wind and all money seem to fly in all directions leaving you looking forward to the next pay. You plan to save or invest but somehow you just don’t have the money.

We want to present you with some useful tips on how you can manage your money and invest so as to be successful in life.

Most people usually rush to invest in stocks hoping to reap big in a short time. It has worked for some though, but the probability is very low. The fact is you will never get rich in the stock market. The returns may look appetizing but it takes long and it most cases you will end up losing. All you need to do is to develop a reasonable investment strategy and stick to it.

But you need to have a plan B. Once you have decided on a particular investment venture, have the next best alternative in line just in case the first one fails to pick up. But don’t be in a hurry to drop plan A before you exhaust all the available avenues for plan A. The bottom line is, do not jump from one venture to another and do not go into a business just because you have seen someone else in the business.

Another secret to success is to save. You will always have a reason not to save, but to be successful you need to force yourself to save. Do not say “I will start next month or next year”. Start now and save between 10 to 15 percent of your total income month.

Another secret to success is to learn to say ‘no’ rather than ‘yes’ to some deals. Not all deals are great. If you get yourself involved in what does not fit your core strength you will be draining yourself physically, mentally and financially. It is better to walk away and live to fight another day.

To be successful also requires you to get the smartest people to work with. You can not be an expert in everything. Work with accountants, attorneys, contractors etc to ensure that you are doing the right thing.

Finally, you need to understand the reasonable range for anything. Before you settle on any deal or on buying anything, try to know roughly the range at which its price should fall. Many people have been ripped off huge amount of money for lack of knowledge. Someone sells you a commodity at twice the price and you think it a good deal!

Remember that success is not the result of one great action, but an accumulation of small actions in the positive direction. Be consistent and do the right things on a regular basis. Take additional training if necessary if there are certain aspects of your business that you can not handle.

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