Don’t trust the “fast cash” schemes as many of them charge astronomical interest rates that can make you fall deeper into debt. Whenever you can, always try to use professional opinion from a credible/knowledgeable source. Deal only with reputable firms that would not shaft you and your finances. Do your due diligence and become knowledgeable about how to manage your finances yourself. It also helps to know your consumer rights when it comes to dealing with credit and loans…
Try to invest only in those securities that provide a positive yield on your investment. Before you calculate the marginal gains, you need understand the economic concepts of marginal propensity. These are special laws of tendency that sway you into either high or low financial risks. A golden rule is to minimize the risk while maximizing the pay-off returns. You can also invest in non-risky commodities or certain ventures that you wish to launch for which you absolutely know there is going to be a high demand.
If you’re a student, make sure you’re proactively resourceful in how you obtain your financing. Get as much as possible from scholarships, grants and family college funds. This will drastically reduce the amount of loans you have to take on. It’s been said the interest rates from some of those loans encumbered many students to declare bankruptcy. Choosing a profession like a Medical Doctor can make you rack up too much student debt too fast. So be prepared for what comes with the territory. It’s been said that luck happens when preparation meets opportunity.
If you choose to have children, please, do so AFTER you will have taken care of your career goals that would provide for an adequate financial support. Raising kids can be very expensive and is a sure way to hell if you don’t do any financial planning. And for goodness sake, don’t ever get too many credit cards; it may create an illusion of having lots of extra money but that’s not really the case. The credit card balance acts like a small loan that you have to pay off. Keep your credit score at a higher level to avoid bigger interest rates and ALWAYS pay off everything on time!
Dec 22, 2014 - Yuri Sire – Content Manager / Blogger