Posted on: 17th December 2014 in Financial Planning
The percentage of people who regularly plan and record their spending is surprisingly low. Furthermore, many of those who do take a conscious effort to manage their finances don’t do it as effectively as they could. The following are 14 common misconceptions about budgeting which may hold you back. I don’t need a budget, because… 1. … my salary is high No amount of money is too high for a human being to waste. The countless bankrupt former millionaires are evidence. In fact, the more money you have, the more attention its management deserves. 2. … I have no money If you are on the opposite end of the spectrum and you are barely able to pay the essentials, actively taking control is much better than ignoring problems. A budget will help you identify opportunities to save or earn more. 3. … I always spend less than I earn Not getting into debt is good to start with, but in the long run, it’s not enough. Don’t forget to regularly save a certain portion (at least 10%) of your income. A budget helps make sure that you always put money aside for emergencies and retirement.We have 18 offices across the globe and we manage over $2billion for our 20,000+ clients
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