13 May 08 It is all about Money

Hi there!

I know most of you know the importance of money in our daily life.It is not only important but also essential.So when it is so important dont you think we also need to have a good knowledge about managing it besides having it ?… yes I know the answer would be definitely ‘YES’. I am exploring the various ways of earning the money,investing it and also managing it (obviously !!!) In this process, as I learn different things about money, this blog would be the platform to share knowledge I gained. hope that’s interesting. Well, I think thats enough about the intro … with out wasting much time let us explore !!!

As I was going through internet I found the following pieces of information appealing .. I was inspired and want to share them with you all.. 

2. Save smart

Saving money should be part of our money management but it should not be considered as ‘THE ONLY’ way to manage our finances. We should strike the right balance between saving and earning.

3. Observe Economy patterns !!!

Many of us invest in shares and with the curreent trend of economy going down we should be careful about our investments. Economy and share market goes up and down and everytime it fluctuates people start thinking  ”it’s different” Dont panic if the economy is down !!! Just stay calm and you can observe a pattern in the share market and finally you end up in being good shape ..

4. Stay focussed.

The secret of most of the people who acheived their goals is to stay focussed. There could be so many distractions, but at the same time there are so many good things that one can do. Instead of losing your energy which yields less creatively investing in something which has huge returns would always be beneficial  

5. Take risks when you can.

Take calculated risks. Do everything reasonable you can to minimize the risk, but don’t be afraid to take a risk. It is okay to make mistakes. Human beings are designed for this. Life is just too dang boring without them.

6. To excel at something, immerse yourself.

Dabbling in somethings doesn’t make you an expert. In order to become truly great at something, you have to live, breath, think, and dream it. Find every book you can read about the subject, start doing what they say, and teach others about it. You retain the highest percentage of what you learn when you share it with others.

7. Making money work !!!

Most of us are working hard to earn money,but keeping the money idle does not yield us anythi\ng. We should make our money work harder for you while we are working hard for earning it !!!

8. Don’t follow the crowd.

It is not always safe in doing what everyone else was doing. Follow your own instincts and intution.

 You might be wondering that why I missed number ‘1′ in the list.. its precise and most effective in managing our personal finances . here it is..

1.Spend less than you earn

The simple rule of finance management is: spend less than you earn.

Well thats all for this now. I will share my other learnings in the next blog

-V