Simple Tips & Tricks in MY Financial Journey

From the many financial stories, I have come across majority involve some struggle and hard life lessons. Everyone has financial freedom story, which inspires them to work harder and create more wealth. My financial success story is quite different smooth, and I haven’t had any challenges. It’s pure luck or favor, but I have handled money from a young age, let me say, a teenager. My parents involved us in other money-making activities from a young age. At 10 years I was helping mum sell her ice cream and hotdog van. We could drive around different towns selling and also cooking inside the van. It was an excellent adventure and eye-opening on money matters.

Every evening mum would reward me few dollars for the excellent work. Dad, on the other hand, would teach me simple tricks. I remember him telling me money only grows when you feed it more money. I saved to have more and more in my collection wallet. I was able to open my first account at age 18 and deposited all my savings. I had made quite a lot, and I was motivated to grow my account.

Best Personal Finance Tips
Best Personal Finance Tips

First Credit Card

Now I was old enough to go to college and worked in several jobs, making a good salary. I got my first credit card which my parents opposed, but I got it anyway. I knew credit cards help your credit report grow, and the only way to do it is to ensure you pay credit debts on time. I had accumulated funds in my savings account. However, I opted to purchase items using a credit card to improve my credit score. My parents were worried I might get into debt.

Nonetheless, I only took loans which I could comfortably pay back. Though I purchased to build my credit card score, I only considered necessary properties. By the age of 24, I had my car and already paying for my mortgage.

Saving Schemes and Emergency Funds

My policy was to spend less and save more. Besides the saving account, I directed 45% of my paycheck to emergency funds for a rainy day. My parents had established their wealth through saving schemes that offered reasonable interest rates by the end of the saving period. I had not considered much on retirement since I saved on other accounts. However, my bank educated me on the importance of retirement funds and medical insurance schemes. Today am at ease since my medical and retirement are covered. It’s not easy as it sounds, but it requires sacrifice. My parents are good mentors; they help in my financial journey. I have watched them work and invest in share markets, open businesses, get employment, and other ways to generate money.

Spending on Myself

Though I am strict on my spending, I allocate a sufficient amount for myself. When I was young, mum always rewarded me for the good thing I did. Now I am all grown; I reward my efforts whenever I feel I have achieved. Okay, the achievement might take a while, but I have allocated 5% of my income to my enjoyment. I also use credit card points such as travel points, shopping points to travel or purchase my best gadgets. I travel around the world and enjoy a thank you service to me.

Investing and Generating funds from different sources

I have been comfortable with my financial life for the past years. However, I am planning to marry and start a family. This comes with additional requirements, and I cannot deprive my family of life luxuries. So I have invested in share markets. It’s tricky and risky, but I am learning the art of trading and doing just fine. There are losses, but I also have my profits. My father has been in the market for a long time and has different concepts. He has taught me not to invest all my money in one security but to diversify my portfolio. I have invested in long-term securities such as government bonds and also short-term investments. I find it interesting as I can operate from my smartphone and control my investment directly. There are advanced platforms to help me conduct my business.

Living in my Financial Lane

I might sound rich, but I am just an average guy compared to my friends. However, this doesn’t push me to live their lives. If I cannot afford a Ferrari Pininfarina Sergio for now am good with Toyota Prius. I have to stick to my financial lane and appreciate others for their achievements.

This is pretty much my financial success, part of it I owe my parents for the guidance. However, it doesn’t mean you’re a failure for not starting early, but you can save and invest at any age. I am fortunate to have parents; this should deter you from trying. Get a financial advisor or a successful person and request help in your financial journey.

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