Never before has money been so important in the history of mankind. There's so much of it yet, so little for another individual for sustainance.
However, there are rules one must observe in order to maximize monetary value.
1. Set Aside Your Savings First.
There's no end to one's spending. You'd always find one thing to buy. This, it's imperative you save first. You can always live with what's left of your income after savings.
2. Never Lend Money You Cannot Afford To Lose.
Even the best of friends have been broken because of issues with money. While lending is an act of kindness, its best to put into consideration the possibility of getting back what you lend out. If it seems uncertain, then give out what you could easily forgo or none at all so as to preserve your relationships.
3. Only Invest When Your Principal is Insured.
Many investment platforms seem too good to be true. They offer high interest rate only to cart away with investors funds.
So it's best to invest only if your principal amount is guaranteed.
4. Set Aside Emergency Funds.
There would always be rainy days. An emergency fund savings would help cushion the effects of the unexpected events.
5. Stay Away From High-Interest Loans.
Bad debts can ruin your financial life as fast as fire. If you must take a loan, compare agencies and choose the one with the best interest-tenor ratio.
6. Make Money Work For You.
Increase your earning power by reinvesting some of your money in yourself. You could get a certification or learn a new business.
7. Never Stand as Guarantor for a Stranger.
When you stand as a guarantor, you have agreed to pay back in case the borrower can't. Thus, if you must stand in, be sure the borrower is capable of repaying.
