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It probably doesn’t come as a big surprise that many people have struggled with their finances over the last several years. In fact, with the economy being in the shape that it is in most people are having a hard enough time finding a full time job. Everyone wants to have a big nest egg and be able to save a lot of money in the process. Maybe saving money isn’t the problem. Maybe it is the lack of resources that is affecting your ability to get ahead. So, what are you doing wrong and is 2018 the year that you can change this? Below, you will learn about some of the best financial advice that you will receive for the year 2018.
Don’t Be Afraid To Take Risks
It is natural to be afraid to take risks. This is especially true in this type of economy. However, you should never be worried about failing, because you could literally fail at anything you try. Just think about when you were young and when you first learned to walk. Of course, you fell, but you didn’t fall that far did you? The same concept should be applied to taking risks. Don’t make investments that will completely bankrupt you if they fail, but take risks that won’t damage your finances that badly. Sure, you might lose some savings in the process, but you also have the potential to succeed big time.
Put Your Money In Yourself
If you read the Better Credit Blog you will easily see that the experts say that the biggest investment you can make is an investment in yourself. This is especially true if you are younger. If you invest in your education right now when you are young, you are going to accumulate more money over your lifespan than you would as if you invested in your education when you grow older. Of course, investing in yourself doesn’t necessarily mean that you have to invest in education solely. You can get certifications, take a public speaking class, or learn a new online skill that you can utilize to open a side business.
Always Know Your Net Worth
Before you can really run out and do anything you need to know your true net worth. Net worth is basically is what you have left over after you calculate your debts and assets. For instance, this could mean that you might have $50,000 in the bank and you are currently in debt for $20,000. You can also reduce this to a lower scale. You could calculate your monthly bills against your monthly paycheck. Know how much you have left over. This will give you a clear understanding of how much money you can spend, save, and safely invest. Without knowing your net worth it would be way too easy to overspend.
Set Financial Goals
If you don’t know where you want to be in the future, how do you ever expect to get there? This is just like traveling through life without a plan. Do you want to cut your debt by half in 2018, do you want to save more money, or maybe you want to take bigger risks. Whatever the situation is, you have to set financial goals before you can meet them.
