Doffinc - Save more than that if you can. Save for the long term, for
your mortgage deposit or pension, depending on where you are in life. If you
need to save for short to medium term things, such as a holiday or car, that
should be in addition to and separate from the 10%+ that you save for your
long-term needs.
With compound interest, your purse will get very plump over
the coming months and years, even if interest rates remain low.
If you're going to save at least 10% of your income for the
long-term, you must make sure that your current spending is no more than 90% of
your income. A car acquired on one of the popular leasing schemes can be
justified if it's essential for your work or business. Work out how much you
spend on mortgage, rent, travel to work etc. and set yourself limits on items
such as eating out, entertainment, travel etc.
Make your money multiply.
If you are not an expert in financial products and
investment vehicles, find someone who is. Never use a credit card or a loan for
spread betting, gambling or any high risk investments. If online poker is your
dream, practice with your mates for match sticks first.
Make your home a profitable investment.
Potential measures include revaluing property tax bands and
punitive taxes on buy to let properties and properties left empty. If you can't
afford to buy outright in the area where you want to live or work, consider
such options as shared ownership and self-build. If you already own your own
home you can use it to generate extra income by taking in a lodger. This works
particularly well if you live in a major city or a historic town.
Even if you rent, take a lodger (if your landlord will allow
this) or run a home business (see below). You can still make your home a source
of extra income, even if you don't own it.
Develop a future income.
Your aim is to ensure an adequate income for a long old age.
Remember, people are living longer, but not always healthier. You or your
partner become chronically ill or disabled and need long-term care. If you sell
your home what will you leave to your children. You need a pension, plus other
income streams, that will pay for all your needs for perhaps thirty or forty
years after you stop working. 7. Increase your ability to earn.
A popular option for generating extra income is online
selling. Even if you're in full time work and happy with your income, you can
try it in your spare time and get a feel for what's involved. If you enjoy
online selling, you could develop a successful business without risking your
core capital
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