Wednesday, 14 November 2012

5 Vital Tips for Your Wealth Administration

Do not forget the 2 rules to wealth...     Rule No. 1: Never lose money. || Rule No. 2: Never forget rule No. 1. — Warren Buffett

Even if you are a neophyte, novice or apprentice, after reading these "5 tips to your wealth administration" you'd be able to strategize the best way of managing your prosperity. It would also help you build your prosperity like a...

Tip 1: Have liquid savings

It’s important to have cash savings that are stashed away in a safe place especially if you need them for an emergency. Also try to save minimum 20% every month.

Tip 2:  Use credit only when you can pay on time

It’s not bad to use credit card; but it’s bad to use it for impulse spending that you can’t afford to pay without paying any interest on it. #Take Note

Tip 3: Have an achievable goal in mind

It involves knowing what your goals or ambitions are. If your dream is having a car, good home, good family, etc. Then, you need to think and plan your investments to generate cash needed for the big-ticket items.

Tip 4: Start planning for retirement

The retirement plans can't be cancelled. It should be on your mind even if you are just dipping your fingers into wealth management. For instance - If you've just been called up for a job in a company or organization, you should start up an insurance plan that would cover your retirement...

Tip 5: Create a long-term strategy

As an investor, you should be focused on making a long-term strategy that could reap rewards for you in the future. Long term strategy can include interest-bearing savings accounts, investments in property and investing in the stock market, depending on your strength.

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