Start saving a percentage of your earnings. Get into the habit of always putting aside ten percent of your earnings before you do anything.
Sit down and work out a budget. Work out what you need to spend. Pay all the vital expenses first. Once your living expenses are covered, the rest is yours to spend. If you are wise, you may choose to save some of this money, or invest it in your education.
3. Invest your savings.
Money must work for you. It is no good accumulating a fortune if you hide it under your mattress. Your money needs to work for you.
4. Get expert advice on investment.
Make sure you get expert advice when investing your money. Do not go for high-risk investments unless the person advising you knows all about the business. A good rule of thumb is that if it sounds too good to be true, it probably is. It is better to invest in a sound venture than to risk losing everything.
5. Buy your home.
Your home can be one of the best investments you will ever make. There are many advantages in owning your own home. If you follow expert advice and buy in the right area, at the right time your investment could pay for itself many times over.
6. Insurance and superannuation.
You should protect your investments. Insurance is essential once you begin to have assets. You do not want to risks everything for the sake of a few dollars. Get expert advice on the types of insurance available and get insurance tailored to your needs. Always make sure your policies are updated every time they come up for renewal. Superannuation is important for your retirement. You do not want to work forever so you need to plan for your later years. A little put aside each week adds up to the difference between a happy retirement and a dismal old age.
7. Further education.
Always look for ways to learn more. Ask questions and read books. Keep up with current events and even take courses for further education. If you keep your mind alert and stimulated you will enjoy and long and vital life. What use is all the money in the world if you do not enjoy living?