UNDERSRANDING HOW TO MANAGE MONEY - Part 2
Weather means condition of atmosphere of a place for a short period of time while climate is the atmospheric condition of a place over a long period of time. Weather and climate conditions affects the rate at which business yield.
For instance, a business that involves the production of umbrella, cardigan, sweater, etc. will definitely have more sales during the raining season than the dry season because those materials are majorly used in the raining season and therefore the demand will increase during that period.
So therefore, any one planing to invest on a particular product should check the product to be produced in relation to the weather and climate condition of his or her area at that particular time.
He or she is good to go if it the business will yield income while he or she should consider investing in another thing if it is not favorable enough to generate profit for him or her.
Peoples Review About The Business
One should try to learn from peoples views about the business before starting. It can never be possible to be the first person to start a business. A lot if people already did and have their reviews about the business.
A new business man should approach the previous business man either physically or online to ask about their review on the business and their suggestion, advice and guidelines to follow through out the business.
If their review is very good and interested, you are good to start the business but if in other way round, one should back off to avoid loss.
The Ratio Of Profit To Stress
A good business man or woman should estimate the percentage of profit to be generated and the stress involved through out the business because some business requires much stress and at the end of the business, makes little profit.
If the expected income covers the stress to undergo throughout the business, the business can be done but if the stress is much more compare to the expected profit, then such business is not advisable to avoid loss.
2.) MONEY CAN BE MANAGE WELL BY SAVING IT FOR FUTURE USE
What is savings?
Savings can be defined as anything always like money that one is keeping or any money that is being set aside for use later in the future. It can be in different form, weather in form of money or property.
Savings that deals with money can be keep by each individual by putting it in a secure place where no one can take or steal it. It can likewise be saved with the help of crypto for instance, bitcoin, litecoin etc. by getting the digital currency with the required money to be saved and then sell it out when the money will be needed for the purpose it has being set aside.
Daily contributions among friends or any organization also serves as a means of saving in the sense that interested people join hands together and save money either daily, weekly or yearly and then have it back when the money is needed for the purpose.
Bank is the number one mode of saving presently, a bank is an organization where money and properties can be safe for use in the future. Anybody that has money, certificate or property that he or she wants to safe for use in the future can walk up to any bank of his or her choice and create an account with the bank if possible savings account and deposit the money to be saved, and the money will remain In their custody and save till the time it will be needed.
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Think about where you want to be financially. There is no wrong answer but you’ll need to take a minute to think about your plans and how money would factor into them.
Once you have an idea of how money will play into your life, make clear and specific goals for your money.
Money can be managed by investing in a proper manner as per own current financial position. Money can be managed by firstly by creating your own budget. Then make usage of money according to budget made by sticking towards budget.
Keep the records of expenditures and limit yourself for unbudgeted expenditures. Also limit yourself for credit card purchases and lesser amount towards debts. Don’t let debt stand between you and other financial goals.
Contribute regularly towards saving which will lead towards building healthy financial habits. Importance need to be given towards investment and keeping track of investments. Investing over a long period of time can lead to amazing returns. You’ll be able to grow your money slowly as you invest more every year.
You can’t make progress without knowing where you stand. Take five minutes every day to check in with your budget.
Are you overspending? Are you right on track? It’s important to know.
It might sound tedious to check into your financial situation every day. However, it doesn’t need to take a long time. Use an spreadsheet to quickly determine how you are doing financial and get back to your life.
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