You can work hard for your money, or your money can work hard for you. I can assure you that it’s possible for anyone to build a plan and follow a system to become wealthy. The only catch here is you won’t get more money until you learn to manage what you have.
Monitoring System
Learn from everyone, but control your wealth yourself. Managing and mastering your own money is an area of great returns on both time and money. Unfortunately in Kuwait we don’t have a system that can help you monitor all your accounts in one place, either you get the Edge Money Dashboard that is included in the consultation, or use one of the following apps (https://www.spendee.com/ - https://www.wally.me/ - https://www.youneedabudget.com/ ) to monitor your money, or a simple pin and paper will work.
Managing System
You’d be wise to have a short-term and a long-term plan. You can start with a plan to get out of debt, spending plan, funds, and investing plan. Start planning so far ahead that the goals and visions can be inspiring without the pressure for instant achievement.
Create several bank accounts to manage your money
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Income account - have all your income pool in one account so you will be able to know your monthly income amount and then automatically set standing orders to the saving and spading accounts.
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Emergency Fund account - if you have emergency money that’s great if you don’t start allocating a small portion to this account for a rainy day.
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Freedom Fund account - is your investment portfolio money start saving in this account until you know where you will invest this amount, you can also use it to save cash for a year of work amount.
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Sinking Funds accounts - start saving for the things you want most (travel - shopping - etc.) by creating separate accounts to save in a deferent bank so you don’t use the money for something other than the suggested in each account.
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Spending accounts - Create a spending account for you and use it to pay for your expenses on a monthly basis. Another spending accounts might be (home - kids - going out).
Its your money! its your life! take control..
Money Strategy
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Start paying yourself first by saving and investing
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Create and separate your accounts to have better control over what you spend and when
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Automate the transfers so you will have less time managing your money and more time enjoying life.
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Automate your investing by using Robo Advisory Platforms
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Set a side money to spend it on things that brings you joy
So at the end I will leave you with this; Money simply tends to stay with those who manage it well and move away from those who manage it poorly or without respect.