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Wealth Management is a MUST:
Is “wealth management” something you do every day or are you putting it off until you’re older? Actually, the earlier you start practicing wealth management the better. And that’s as true if you’re a student living at home with your Mum and Dad as it is if you’re already out working and earning your own salary. Ultimately, practicing wealth management won’t just make it easier for you to buy the things you want today, it will help you to achieve the security you need to fulfil your future dreams. |
 Teach room for Wealth Management
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Decoding poor financial concepts
How good are you at managing money? Do you think the following financial concepts result in poor financial management?
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Pocket Money or Poison Money?
Most parents think that giving their kids pocket money will teach them to learn how to plan their finances. Sadly, life is never that simple. Many kids squander every last cent of their pocket money on sweets, comics or games because they are financially naïve or cannot resist temptation. When they ask Mum and Dad for more, soft-hearted parents rarely say “no”. Such a vicious circle will ultimately cause the children to become overly-dependent. |
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Credit means Deficit?
Recent years have seen a lot of negative stories about credit cards and online shopping. This has scared many people away from more “unconventional” forms of spending such as credit cards, cheques, mail or internet shopping. The only real problem with these particular spending models is people’s lack of understanding. Ultimately, the more we learn about different financial tools, the more safely we can enjoy the advantages and avoid the potential problems. |
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No Money No Plan?
Do you think that wealth management is something only rich people have to worry about? As a matter of fact, wealth management is relevant to everybody – be they young or old, rich or poor. At the end of the day, it always pays to make sensible plans for the use of your money, regardless of how much - or how little - you have. Ultimately, wealth management is not unlike time management. If you haven’t planned a good schedule for work and rest, your life will be in chaos. Similarly, sticking to well planned financial habits will keep you from falling into debt. |
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Money Tips
Wealth management isn’t just an empty phrase. So start realising your financial plan by following these three simple steps!
STEP ONE – GO for Your GOALS!
Goals are what give our lives direction and meaning. Never try and implement any kind of plan without first setting a goal. As a newcomer to the wealth management field, you should begin by setting yourself some easily achievable short-term targets on a daily or weekly basis. Achieving these targets will help to build your patience and perseverance. You can then start making longer-term financial plans.
Example:
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Period |
Target |
Short-term |
Daily/Weekly |
Buy a ticket for a pop concert |
Mid-term |
Monthly/Quarterly |
Pursue extra-curricular studies / buy a computer |
Long-term |
Annually or longer |
Study abroad / start a business with friends |
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STEP TWO – Get MORE Information!
Wealth management means keeping clear accounts and a clear mind. So make a point of recording all the money you receive, including red packet, birthday money and wages. You should also collect invoices and receipts for every payment you make and check them against your bank statements. Remember to file all your account details systematically in folders. That way, it will be very easy for you to check your accounts and stay in good financial shape.
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STEP THREE – Always CHECK your account balance!
Even the world’s finest sports stars have to review their performance at the end of every game. The same principle applies to wealth management. By checking your account balance every month you will have a far better grasp of how you are performing against your financial plan and your true financial status. Don’t feel frustrated if your performance seems unsatisfactory – remember,“Rome wasn’t built in a day!” Just stick to your guns and you will eventually achieve your goal. |
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Say "No" to unnecessary spending!
Ever found yourself chilling out in your room listening to music and wondering why you bought so much stuff you never seem to use?
Our lives are filled with unlimited desires, but most of us know we will never have enough money to buy all the things we want. Next time you’re about to purchase something, remember that unchecked spending is the deadly enemy of wealth management. If you want to avoid unnecessary expenditure, follow these four simple guidelines:
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Resist temptation by opening a savings or deposit account! By regularly depositing money in your savings account, you won’t have too much cash for casual spending. |
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Record all your income and expenditure amounts! Be sure to keep clear records of your daily income and expenditure levels. |
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Never go beyond your spending limit! Save up for items you want and avoid overspending. |
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Keep your savings up by keeping your spending down! “Save for a rainy day.” - this saying may be old but it will never be out of date. |
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Budget Plan
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Starting from today, learn how to make both ends meet using your own budget plan. At its simplest, money management means monitoring your income and expenditure. The next step is to avoid unnecessary expenses and save to buy for the things that matter most to you.
So be smart and start recording your daily incomings and outgoings.
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| For enquiry, please call 2822 0228. |
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