I liked how this article was straightforward with common sense reminders to help people to elevate their financial status. As further encouragement, I would like to add some points.
wealthy
Some people who are more in touch with music videos, shopping, and/or pop culture may not realize they intuit trends. Hence if you’re willing to spend hundreds on something seen on a video, step back and think. If you are willing AND able to buy something that will lose its value, consider investing the same (or less) amount in that company’s stock. You might lose some or all the money you invested, but that’s no biggie since you were willing to spend it on something that eventually would be worthless. Of course, there is the wonderful possibility that your stock could make you money.
wealthy
It is good to diversify little by little when you are starting out. You don’t want to spread yourself and resources thin while not knowing what to do. Say you start off with a bank CD (which offers guaranteed, but minimal profit.) After the bank allows you to withdraw money without penalty or fees, consider using some of the profit for something else. After that succeeds, you might want to add another dimension to your portfolio.
wealthy
I’m usually weary of group think. Just recently, I overhead a 14 maybe 16 girl tell another to get a cell phone and there’s one that only costs $50 a month. While a cell phone may or may not be good for this person, I was appalled that this child would tell someone else how to spend their money. First off, the bill would probably cost more than $50 considering fees and taxes. Secondly, these two did not look too prosperous, so why should that child incur $600 plus debt a year just to appease the other.
wealthy
It’s nice to keep a network of the like-minded, but as people get older they get better at faking wealth, a mind set, status. Hence, people you thought were doing so well, were not. Some people are faking it until they make it, but do indeed make it. Some people look like hippies and are exceedingly wealthy. While it is nice to be around like minded folks, you may never realize who is who.
wealthy
Hence, it is better to be internally strong and diversify your friends. I have friends that are savers, spenders, investors. The savers are too afraid to spend or invest but they have their little nest egg. The spenders don’t believe in rainy days and their optimism has magically kept them afloat thus far. (If they get in a bind, are willing to change lifestyle, have collateral (even if it is just sentimental,) and doesn’t interfere with my financial goals – I might help them step by step.) The investors have big returns and losses because they’re not afraid of risk.
2009-2011 Nelani Skincare & Cosmetics LLC
