Money Management Planning & Strategies Before Money Making

It’s quite obvious to lose your assets, wealth or money if you don’t have well discipline money management plans and strategies to protect your money. Many people think being a big time rich is all about find the edge of making money or investing in a big time project that fetches money. That’s really a fraction of getting money, but the real deal is to get the requisite skills of managing your money that you’ve accumulated for many years so that you don’t lose it. Many of us here have made money some time ago but due to very poor managerial skills and lack of good planning, today we have come to null.

It needs a conscious effort of being proactive and having very strategic approach to mitigate excess losses. Money for investment is sometimes faced with plethora of challenges, risks and uncertainties which are sometimes inevitable. But we can minimize certain huge losses which can ruin our reserved funds which have been kept for long term. I want us to make a quick look at some of the good management skills we can adopt to reduce some of these mistakes in our lives which are bound to happen.

It is always good not to think of “putting all our eggs in one basket!” in the cause of carrying all the eggs in one basket, who knows? One can fall and have all the eggs broken! In short, I’m trying to me that, we should channel some of our funds into other lucrative businesses which can equally give us money in case the first business fail us. It isn’t possible to have all your different investment projects collapsing at ago. There would always be variations in your different investment portfolio performance. Others would perform best, while others would perform poorly. The ones that perform best definitely fill the gaps of the losses in the others that perform very poor. Imagine all your idea of growing only one business perform very poor, it means there would a drastic reduction of your capital in that investment. Consider the risk factor of Crypto which is highly volatile and unpredictable of its market moves. There would definitely be some lapses here and there. So, one can decide to channel some of the investment funds into Real estate, stocks and bonds to maximize profits.

A very detailed budgeting would help you to strategically know the good future of your investment portfolio. This is simply because it would definitely spell out your total income, how this total income is distributed into each of the diversity of investment you’re making. The expenditure on each of the investment and how you can use that expenses to maximize your daily, weekly or monthly profits. Budgeting would also give you the overview of the cash flow in your investment portfolio and guide you to know which investment need overspending and which one need less funds.

One need to test his risk factors and outweigh that one with the profit margin he can make. Of course if the risk factors are more than the profit one is likely to make at the end of the investment then it is advisable to quit that investment and look for investment that has higher percentage of profit.

It’s always good to seek business advice from the experienced professional expertise. They have gained a lot of experienced in the business you’ve you’re operating. One need to be guided, coached and trained especially when you come to financial Market like stocks and forex. With the digital currency trading like Cryptos the Novice marketers need to learn a lot of skills for trading. As I’ve already noted, Crypto trading is highly volatile and we need to seek for mentorship advice.

You need to learn different skills of investment. We need to keep learning how to invest. There is evolution of new ideas and as time goes by. We therefore need to educate our serves with these new ideas. Research is very important to help broadening our minds. For instance in Crypto market, we need to research about the market moves. The same thing is applicable to knowing much about Hive Ecosystem. We need when to invest; the right time to buy or sell. We need to know the economic data and the sentimental of the financial markets.

In case of contingencies and unforeseen situations, there must be some reserve funds that has been kept to cater for certain risks. This emergency funds would cover your losses in case there is any calamities or accident like fire outbreak that is likely to occur and collapse your money you have save for so many years. Job losses, money losses through thefts are bound to happen and hence we need to have some money kept.

Due to many risk factors, we need to make insurance cover of our investment so that the insurance policy would recover your losses in case it happens. We need to have insurance for our Health, Home and our assets. This would definitely help to protect ourselves and property.