General

Tips for Growing Money in your bank account

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31 Jul 2016 - General
 

Warren Buffet Said it well: 

Rule 1 : Dont lose your money. Rule 2 : Dont forget rule no.1

We lose money through expenditure, buying goods that ends up sitting on the shelf or in boxes that is long forgotten. We also lose money through bad investment; a lemon property ,bad equities because you bought based on relative or friends hear-say.

Uncle Scrooge to a certain extent is right in money management- be a scrooge, being stingy is the religion to practice. But the caveat is, if you want to be well liked and have a moral conscience, why become someone that people generally hate...? Be thrifty but to yourself and your desires.

Before typing the CVV number or inserting the verified pin for online purchases or even passing the plastic card to the cashier... think twice !

DO I  REALLY NEED THIS OR JUST THAT I WANT IT?

Huge difference between need and want.. most of the parents reading this article will agree with me that we have used this many a times when we pry that toy away from our child,

" you dont need this son, we have a similar one at home"

Guess what the child's respond will be ? " but I want it"

If you can reject your son, why cant you do that to yourself. Dont make a exception for self :)

Growing the money the in your bank account does not necessarily mean that you need to work another job, invest ( a word that I am quite allergic to.. i believe most of the time any offering of investiment have the opportunity to become a pest of future loss; not that I am grim but NO INVESTMENT IN THE WORLD GUARANTEE A PROFIT - AT MOST YOU GET BACK YOUR PRINCIPAL 

Apologies for the "caps" told you I am allergic to the word...invXXXXX

When you dont invest and gamble the potential to win extras- you lose nothing 

When you spend more you lose and the opposite being spend less save more.

So SAVING MORE is really your answer to growing your money isnt it?

Please like this article as I have given you the GOLDEN NUGGET of making money grow 

 

 

For me it's always about a few things:

(1) Do not have large amounts of cash lying around. The best way to keep yourself from spending is to never have too much cash lying around. I mean, you can always go to the ATM if you need money, just don't have too much cash in your money that you do not need. And... if you are going to be spending, yes you always have to think multiple times before you finalize a transaction.
(2) Put money on savings. Always put money away that you a...
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Actually when you do not invest what you have, you lose the value of the cash you hold. Take for example, you have 1 million in your bank that can buy you a 1 million dollar house now. 10 year time, the house will probably cost 1.5 million to 2 million and you still have 1 million in your bank. Or you have 1 million in your bank now enough for you to buy 100 lots of shares in XXX company now. 10 years later your 1 million can only buy 50 lots. PLease do not ever put too much money in the bank. A...
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I would totally agree that don’t buy something because you “want” it, buy something because you “need” it. That is very important to save money. Saving and growing money in the bank is always the safest option. But, I believe that we should designate a part of our saving for investment purpose. This is because the interest rate for the saving account in the bank is usually not that great. A proper investment may possibly get more return (with dividend and possibly increase in value), comparing...
 (Total 175 words)