In the journey to wealth creation, you need debts to build your wealth faster and less costly. However, there are two type of debts both short and long term you are able to acquire. namely the healthy and the unhealthy debt. How do you actually differenciate the two for wealth creation?
For simple explanation, the healthy debts will make you rich while the unhealthy debts you acquired will not make your life better and happier. In order for you to make the right decisions in acquiring healthy debts you need the financial knowledge or IQ to help you.
Manage your Credit Card debts:
A credit card is undeniably a convenient electronic payment tool which allows for greater flexibility and added security, particularly when one is travelling. Credit card company normally grant you the spending limit for each card you applied for 2-3 times more than your monthly income. You will enjoy the benefits as long as you did not default or make minimum payments each month.
1. Before apply check the Term & conditions of each card including joining & annual fees. Choose the card that best suit you. Always keep not more than 2 credit cards with you for better budgetting and control over each month expenses.
2. Then set the spending limit/budget for each credit card.
3. Plan your monthly purchases for household, entertainment, foods, & etcs.
4. Eliminates the unnecessary goods purchase to avoid over spending.
5. Plan your purchase according to the cut off date for the monthly billing cycle to enjoy the more than 20 days interest free period given to you.
6. Check your credit card transactions before signing to avoid unauthorised transactions
6. Ensure you check your card statement and clear the monthly outstanding amount immediately before the due date.
7. Safeguard your credit card.
If you are currently have outstanding credit cards debts & other debts please wait for part II, which are coming soon.
Personal Finance, Planning and Management to Wealth Creation
At Clic Finance, you are not going to find any get-rich-quick schemes nor multi-level marketing things for wealth creation. Instead, I will be sharing the information on personal finance knowledge and related topics.
I am personally love to acquire knowledge and skills in personal finance hoping to find answers to deal with debts, how to get out of it fast and how to manage loans to wealth creation and so on.... I could said there are people who get rich quickly, but the fact is almost anyone can get rich slowly and patiently.
In your journey to wealth creation, Don’t become obsessed with money and wealth. Always Remember! Money does gives you more options, but happy and balanced life makes your life worth living. Having lots of money does not guaranttee/mean your happiness in life. You happiness come the moment you receive the services or values that money can bring you.
Learn to have a balanced happy life in wealth creation with proper saving, investment strategies and spending planning.
May be by now you are asking youself: "How I am going to start or achieve it?"
It's simple, Take your actions now and remember failure is ok. A thousand mile journey always start with the 1st step. The sooner you determined to start moving toward your goals, the easier they are to reach. Everybody makes mistake, the important point here is, have you learned anything from it. Every mistake encountered makes you stronger and get closer to the door of success. It would be better to fail once than you have never tried it.
Lastly please note that everything you read here is my own informed opinion. Never believe everything you read, and always form your own conclusions.
Thank You.
I am personally love to acquire knowledge and skills in personal finance hoping to find answers to deal with debts, how to get out of it fast and how to manage loans to wealth creation and so on.... I could said there are people who get rich quickly, but the fact is almost anyone can get rich slowly and patiently.
In your journey to wealth creation, Don’t become obsessed with money and wealth. Always Remember! Money does gives you more options, but happy and balanced life makes your life worth living. Having lots of money does not guaranttee/mean your happiness in life. You happiness come the moment you receive the services or values that money can bring you.
Learn to have a balanced happy life in wealth creation with proper saving, investment strategies and spending planning.
May be by now you are asking youself: "How I am going to start or achieve it?"
It's simple, Take your actions now and remember failure is ok. A thousand mile journey always start with the 1st step. The sooner you determined to start moving toward your goals, the easier they are to reach. Everybody makes mistake, the important point here is, have you learned anything from it. Every mistake encountered makes you stronger and get closer to the door of success. It would be better to fail once than you have never tried it.
Lastly please note that everything you read here is my own informed opinion. Never believe everything you read, and always form your own conclusions.
Thank You.
Monday, April 6, 2009
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