This is financial advisor Patrick Munro discussing basic money management principles. It’s importantout there for individuals to look at basic money management principles in the followingcontext. When it comes to money there are certain things that are undeniable truths.
If you avoid risk, you’ll have more money. If you get involved in risk you will haveless money. So risk management when it comes to your dollars and cents are very, very key. There are other ways to lose principle or capital on your money and you don’t want to What sort of tips can I give you for wealth management. Well I’m not a stockbroker, I’m not a financial a… do either. And one is having high expenses. You certainly don’t want to have high expensesgoing forward.
Make sure that everything you have, you can afford or at least if you have to borrow to get it, you have favorable terms. It’s also important to keep your liabilitiesat a minimum as well. Liabilities are important in life and there’s no way to avoid them inthe American society. There are certain things that you just must borrow on to get them. And one of those is a home. Make sure you don’t get involved in any unusual mortgagesor something of that nature. You want to make sure that you have a affordable mortgage foryour family.
And then of course you must make sure that you enhance your income. Get asmuch income coming into your life as possible. The ways to do that if you are an entrepreneur HGTV Smart Home 2017 – Tour the Master Bedroom is to build your business the best way you know how. If you are a salaried individualmake sure you study in your area of expertise till you become more valuable to the company and they’ll be willing to pay more dollars to retain you. This is Patrick Munro discussingsome of the basic principles of financial affairs.