Understanding successful investing and money management requires a basic knowledge of the language of investments.
There is no single place where all of the language is offered. For example, real estate, one of the main sources of investment wealth is outside of the source which is recommended here. It will be covered at another time.
The foremost tool for managing money is a budget. A budget is a simple plan and forecast of where cash flow will be sent. Following a budget is the most powerful money habit anyone can have.
Naturally, everyone has expenses for living. Taxes must be paid if not from withholding at work then in some other way.
Married couples will achieve the best results if both parties are agreed upon the near and long term plans for their finances. One popular system for couples is to have three accounts: Ours, His, and Hers.
To get started, keep track of expenses as they are paid. A good way to do this is to use a bank that permits each item to be assigned to an expense category. An excellent online bank for this is USAA.com.
Adding up each category at the end of the month will show a pattern. If the pattern is agreeable, fine. If not, this is the time to make adjustments and decide where to make changes in spending targets.
Enormous advantage is gained by choosing as early in life as possible to save part of every dollar earned, after taxes and before expenses. Pay yourself first. Then allow compound interest to give birth to more dollars as they are earned on your savings dollars.
Begin now. These simple steps are your path to Wealth Without Worry.
Be your own planner. Use this template and the resources here. Start with looking at the Mint.com tools and USAA.com online banking support.
In the current economy there is so much reduced demand for Certified Financial Planners and others of the type that the number of planners still in business has dwindled. Only the rich can afford them now.
The rules of finance are the same for everyone. Learning and using the rules and the tools will work for you just as they have for millions over all the ages.
The basics are all in the classic book, The Richest Man in Babylon. Written in story telling fashion, it is filled with wisdom and can be understood by children and adults of all ages. It is family friendly reading. Find it in book, Kindle or Kindle for PC versions.
Wealth Without Worry will be your guide to get you from where you are to where you want to be. Take control of your financial destiny and get headed in the direction of your dreams.