Posts Tagged ‘manage’

“Many Americans – average folks working to build a comfortable life – assume the ‘rich’ have a secret.  It seems they know something about ‘how the world works’ that the rest of us don’t….  It turns out, the wealthy do harbor a secret – three of them, in fact….  And these secrets not only build wealth, they allow you to use it to live the life that you want to live….

You don’t need to be rich, though.  You don’t need to pursue money at all costs.  But having financial stability gives you freedom.  Reducing stress improves your health.  And understanding how to manage your income makes for better relationships with your family and loved ones.

Tenet No. 1: Save Religiously.  Tenet No. 2: Invest for the Long Term.  Tenet No. 3: Obsess About Risk

Only by following all three of these tenets can you successfully set yourself free from living paycheck to paycheck.  If you were to find folks with enough cash to live how they’d want to live, you’d find almost all of them followed these tenets.” -David Eifrig

“You must take responsibility for your future finances and well-being.  This is not something you can just agree to.  You have to review what you’ve done in the past and make a serious personal commitment to change.  After that, you have to curtail your spending, manage your money, and allocate your investments wisely.  Then you must create a plan to increase your income.” -Mark Ford

Until you’ve mastered the discipline of saving money, you have no realistic chance of developing the discipline to manage capital.” -Porter Stansberry

Building wealth involves much more than just investing in stocks and bonds.  Most rich people get that way by consistently doing five things:  1.  They understand and manage their debt.  They don’t let debt manage them;  2.  They spend their money wisely, getting maximum value for every dollar;  3.   They continuously work to increase both their active and their passive incomes;  4.  They are aggressive savers, far outpacing their peers;  5.  They are disciplined investors.  When they find a good strategy, they stick with it. -Mark Ford

Central banks have not been attempting to manage an economy for very long.  But there is no experience we know of that shows us that interest rates set by a group of bank industry insiders are better than those discovered by honest outcry in an open market….  Nowhere in the history books is there an example of it.” -Bill Bonner