![]() ![]() So, we should diversify our investment to mitigate risks. We should not put all eggs in one basket. And the second rule of an investment is don’t forget the first rule. Warren Buffett once said, “The first rule of an investment is doesn’t lose money. You can also employ the cash envelope budget system if you want or need more control over your finances.ħ. You can see your income, expenses, net worth, and more. Use software such as Personal Capital, which will help you track and manage all of your accounts in one place. A great first step to creating a budget is to make a spending plan. We can claim the benefit of credit period and enjoy the fruits of our hard-earned money, provided all payments of credit card has to be done within due period to avoid any interest penalty.Ĭreating a budget will help you lower your expenses because you can identify where you’re spending too much money. Paying all expenses through credit card is the best way to plough back your finances into investments. You also can cut insurance expenses by exploring discounts, such as those for bundling policies from the same insurer. While choosing insurance policy, one which secure the future with least insurance premium should be selected. Paying insurance not only protect you from future contingencies but also give you tax advantage.
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