Wealth in Words

Knowing whether or not you are saving enough is a constant concern. The uncertainties of life consisting of its twists and turns can create even more room for question. Financially speaking, the best way to protect yourself from these unforeseen events and to minimize your worry is to have adequate savings. However, before answering how much you should save, we need to look at how much you can possibly save. In other words, you need to begin documenting your monthly income and expenses. Start by using a simple budgeting worksheet . Fill in your income and subtract expenses to get a quick estimate on whether or not you have any money left over each month based on your current spending habits. If there is no money left, you need to find ways to immediately cut extra expenses, find discounts, and minimize costs  to create money that can be used for savings. Once you do have some positive net income there are several options. First, a portion of it should be put into c...

In a recent interview entrepreneur Daymond John, founder of FUBU and member of ABC’s Shark Tank, offered some noteworthy money advice to the audience.  John has amassed a fortune estimated to be around $300 million primarily through his FUBU business, as well as smaller ventures, so it is always worthwhile to learn from his perspective. When asked what advice he would give a younger version of himself he said, “Make sure [I] have financial intelligence.” Sound fiscal principles that constitute being financially intelligent are ubiquitous with success. Importantly, this skill set can be learned. Attaining financial aptitude can be accomplished through studying the successful investors and entrepreneurs throughout history (i.e. create a personal financial plan that is a mimicry of a successful person’s process), reading books or blogs that will increase your financial IQ, as well as having discussions with individuals in your social circle who exhibit sound financial decision m...