These habits can make you wealth or more wealth. The saving habit can make your wealth double in some year.
chicken, meat, or pork when they are poor. They collect penny by penny to grow the business. They want to trim down the food spending. They earmark the food spending for the fund. They buy the items or stuff and then sale it. When they become rich, they eat rice and some meat. They enjoy the money after working so hard.
The parent has obligation to grow the good habit to children. When they grow up they will accustom to the habit. They can reach wealth easily. Here are some good financial habits:
Saving is a good financial habit. Our ancestor had saving habit long time ago. They save the money at the shape of cattle, precious metal, gems, and land. They did not recognize stock, bond, mutual fund, insurance and others. When they need money, they sell the livestock to other people. My uncle is a cattle farmer’s son. He paid the school by selling the cattle.
Teach your kid to save. Give them a nice cash box or piggy bank. Tell them to save if they want to buy a robot or a doll. Surely, you can give them some nickel.
Investing can double our money. After your cash box full, you may use the money for investing. After ten or twenty years, your money might be double. Some finance experts suggest to buy the stock today because the stock is cheap including blue chip stock. However, the experts believe the stock price will grows after the crisis over. It may double after the crisis but we do not know when it happens. After the great depression in 1923, some stock increase again. Off course, not all stock can increase and make profit. Some stock decline to zero because the company choose to bankrupt.
Invest at the stock when you still young and you will enjoy the return when you are old. Warren Buffet has been investing at stock since he was 11 years old. Not suprisingly, he is good at stock investing.
Live below your means
What for a luxurious car if you do not have a house? You are better to use used carn and you have better the excess cash for important things. Why do not help other people with your money? There are so many peoples need your help. You can open a business so some unemployment people can work there.
Published in: Personal Finance