Knowing and Applying the Word ‘Money’ Can Make You Rich
Posted on December 09th, 2009 in Business Insight
Written by A P Claassens for FNB, the word money can be interpreted to mean more than just the letters “MONEY”. This financial advisor has put an interestingly new meaning to the word. Each letter of the word money spells out a principle that is vital to your financial well-being.
Getting knowledge is not good enough but applying it is what matters the most. Considering these five letters from the word money for building your personal financial planning can help you achieve the success you are dreaming of.
Let’s go for it:
- M – Managing your money using a flexible system of planning and controlling your expenses.
- O – Ownership. Taking ownership of the responsibility to plan and manage your money is the core principle of financial success. If you don’t know where you are and where you want to be, you will not be able to take the right steps to get there. Your adviser will also not be able to give you the advice that suits you best.
- N – No debts. If credit had been availed of it need to be controlled. Too much credit and other debts will rob you of the ability to save and building funds for future needs like education, retirement, etc.
- E – Equilibrium. Building and managing a balanced investment portfolio as early as possible is the only way to ensure a low risk future.
- Y – Yield. Your money must work for you. Yield is the return on your investments in the form of capital growth as well as dividends and/or interest. Your prime objective is to achieve a growth rate that beats inflation after tax and keep investment costs as low as possible
You may want to know more about this concept. Do follow the link to ‘How Can We Help You Community Forum’.