In today world

in life •  2 months ago

In today’s difficult times .It is on everyone’s mind on how to earn extra money. Many of us never think about how to manage our money. For me my number one gold is to never take a loan .Interest is like a cancer ,it will eventually kill you. Let’s look at some maths .If you take a loan for a motor car $10.000 and your repayment is $100 a month and the interest rate is 7% how much are you actually paying back? Well 10000×7%=700÷12 months that gives you $ 58.33.So in essence you are paying of $58 and $42 is the interest. At the end you will be paying off the car 2.5 times minimum.
Another problem where people give away there money is when they over spend. If you have a salary of $1000 a month you should not spend more then $ 950 so you can have a small amount left aside .Many of us would find near the end of the month we have some surplice and before we know it we have spend more, sometimes we have to subsidise it with the new months salary. This will set you back for for another month.
In today’s world ,we have all become brand conscious . It has come to a point where we will not buy an item if it doesn’t have a branded name on it. I have a question to ask, those that own the brand are they rich, and where did they get the money from? So if you can get a similar product at much less of a price then rather buy the cheaper one. I am not saying that you should be stingy, but only buy what you can afford. You will get a chance to buy that expensive item you like .
So remember every day is not Christmas and if you can sacrifice during the year you will be able it enjoys the fruits at the end.

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