Road To Wealth: Manage your Finances with 3 Don’ts

Road To Wealth: Manage your Finances with 3 Don’ts

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Wealth

Take a look at the property market of Hong Kong – surely you’ll find the ever-increasing property price level jaw-dropping. To most of the Hongkongers, such insanely-inflated housing costs are beyond bearable. We can still easily recall one of the Hong Kong’s young tycoons, Ming-wai Lau, advising young people to travel less to save for a down payment; however most of us would probably like to travel, as well as gain financial freedom! Here’s what we at MoneyHero.com.hk suggest:

Shortcuts to Financial Independence

Competition is everywhere. Everyone wants to come first in: obtaining a master degree, getting married, earning the first pot of gold, getting promoted at work…We have never slowed down in face of the fast-changing world.

Opportunities arise from instability. However, the key to individual superiority and financial independence should be a high level of self-discipline. Nothing matters as long as you are clear about your own goals and keep the right pace.

Therefore, those who would like to gain wealth should bear the 3 Don’ts in mind. Do not drift with the tide in spending but stay self-disciplined while financing.

3 Don’ts!

1st: Don’t give up Saving

Please remember the formula “Income – Savings = Expenses” for your monthly saving plan. (Suggestion: club deposits, and auto-debiting by banks). Besides, set a monthly budget to avoid overspending. If you have money left at the end of the month, please deposit the amount into your savings account then. In foreseeable future, you’d be pleasantly surprised by how much you can and have saved.

Read More: 7 Easy Saving Tips For Lazy People

2nd: Don’t forget to record your Expenses

You should have a clear picture of how much you’ve spent, however little the amount is. Record all your expenses (tons of apps to do so) every time you spend. The good thing is – when you review the records, you’ll be able to tell the ad-hoc expenses from the long-term ones. Seeing the big picture will mostly likely help you cut back on the unnecessary and prioritize. Sooner or later,you’ll be proud of what you can achieve.

3rd: Don’t avoid all spendings

Do NOT lead an extremely frugal life. Otherwise, you’ll fall a slave to money when indeed, you should be all be the master of money. Good use of it can help you realize your goals and get one step closer to your dreams. Consider investing more on yourself by taking courses that strengthen your competitiveness. That’s one way to manage your wealth. Furthermore, reach out to free resources (e.g. those from public libraries, the Internet & television programs) and make the most out of these resources! A kind of smart financing win-win would not be digging into your pocket while still sharpening your skills.

NOTHING is impossible

Remember! There is no use in being so pessimistic about saving money. A myriad of people make their excuses, such as “How can I save money when I earn so little?” If you are always negative, saving would really be mission impossible. As the saying goes, “When there’s will, there’s a way.” Accumulating wealth bit by bit does work. Be patient.

Want more financial wisdom?

Read more: “5 Money Myths that you Should Totally Ignore!

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