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- 206 pages
- English
- ePUB (mobile friendly)
- Available on iOS & Android
eBook - ePub
Money Sense for Young Professionals
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About This Book
Money Sense starts with responsibility and confidence and attitude. You first must realize your money is your responsibility. Then you must learn enough about money matters to gain confidence to do what must be done. The right attitude is essential.Young professionals in their twenties and thirties already should have a good foundation of knowledge about money. Many do. Unfortunately, many do not. The goal of this book is to help young people start (or continue) moving in the right direction
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Yes, you can access Money Sense for Young Professionals by William Stanley in PDF and/or ePUB format, as well as other popular books in Personal Development & Personal Finance. We have over one million books available in our catalogue for you to explore.
Information
Topic
Personal DevelopmentSubtopic
Personal FinanceChapter 1
Money Basics
Smart Finances for Young Professionals
Listen to Your Mother
Live within Your Means: What Does That Mean?
Financial Goals: The How-To
When You Might Need a Money Coach
Take the Money Coach Test: The Financial Checkup
The Big Money Picture
A Money Exercise for All
Learn from Kids
Smart Finances for Young Professionals
Financial Planning Is Simply Taking Charge of Your Money
You can start now.
You can start later.
You can never start.
The start time is up to youāand only you.
Want to Be a Millionaire?
Start by learning how to spot a millionaire. A millionaire shuts the light off when he/she leaves the room. Be frugal and wise if you want to be a millionaire. Saving a little over a long period will help you tremendously. Start early and keep adding to the account. Start today!
Take Control
Take control of your money no matter how much or how little you have.
Learn as much as you can. Apply that learning.
Youāve heard of street smarts. Develop āmoney smarts.ā
Set goals. Achievable goals for yourself. Short, medium, long termāwrite them down. Do it now!
Itās Not How Much You Make; Itās How Much You Spend
You do the best you know how to earn as much as you can based upon your education and your attitude.
You donāt have full control over how much you earn.
You do have control over how much you spend.
When you budget, you keep track of where your money goes. That way, you know how much you spend.
What You Want Is Not Always What You Need
This advice is from my stepdaughter, who, in her teens and twenties, was always buying things she later decided she did not need.
Learn from Your Mistakes
This is a lesson in life. Mistakes are okay, but we must reflect upon them and learn not to make the same mistake again. Avoid paying a āservice chargeā on your bank account or buying something over the phone from an unsolicited phone call, a telemarketer. Just say, āSorry, I do not accept telephone solicitations.ā Then hang up.
Write down some money mistakes you have made. Write down mistakes you have made and are not going to make again.
Investing Is Not Gambling
Educate yourself about investing. It is not that hard. You can do it!
Protect Your Health, and Amass a lot of Wealth
Avoid tobacco and alcohol and sugary stuff.
If you now spend $50 per month on beer and cigarettes and instead invest the money at 8% gain compounded annually, you could have nearly $175,000 after forty years.
Despite perceptions that it is healthier, there is little difference between bottled water and tap water per the World Wildlife Fund. Often the only difference between bottled water and tap water is that it is distributed in bottles rather than pipes. Bottled water can cost up to a thousand times more than tap water.
Listen to Your Mother
We honor Mom on her special day each year in May, but we should forever follow Momās advice on money matters.
āLook both ways before crossing the street.ā Streets are dangerous; you must be careful. The world of finances is also a dangerous place; people are often trying to take advantage of you. Enter this world with caution, and keep your eyes open. Learn the basics. Question everything.
āSave for a rainy day.ā This is a very important piece of advice from Mom. It translates to having an emergency fund to pay for unexpected things that might happen. If you have an emergency fund, you donāt have to put emergency expenses on a credit card.
āDonāt put all your eggs in one basket.ā This means diversify your investments. Donāt buy too much of any one investment option; donāt have too much in the stock market. Spread your money across the savings and investment board.
āDonāt play with sharp objects. You can hurt yourself.ā In the world of finance, people who make a commission on things they ārecommendā are sharp objects. Donāt play with them. Learn how to do it yourself or get help from a fee-only adviser who is a fiduciary (someone who must put the client first).
āFinish your homework.ā Mom wants you to do well in school. The financial reason is, a good education brings a good job and a good job brings benefits. Your financial life will be much better if you have a steady job, a good health care program, and good retirement benefits. Pick a career you enjoy. Enthusiasm is the key to success!
āWalk. Donāt run.ā If you are going into something new in finances, walk; donāt run. Take your time. Learn about it. Think about it. Do not make a hasty decision because some financial salesman bought you lunch. Apply the twenty-four-hour rule: when pressed to buy, tell the seller you need twenty-four hours to think it over.
āEat your vegetables.ā Mom knows health is more important than wealth. Live a healthy life. Eat good stuff, exercise, and have many close relationships.
Thanks,...
Table of contents
- Chapter 1
- Chapter 2
- Chapter 3
- Chapter 4
- Chapter 5
- Chapter 6
- Chapter 7
- Chapter 8
- Chapter 9
- Chapter 10
- Chapter 11
- Chapter 12
- Chapter 13
- Chapter 14