Simple Yet POWERFUL Tips To Better Manage Your Finances

Season 2021, Episode 56,   Aug 07, 2021, 01:00 PM

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How well would you say you manage your finances? In today’s video, we will talk about all things money, including how you can avoid negative cash flow and credit card debt. I will share some of my own life lessons in financial literacy, which you can hopefully find helpful in your own life.

Would you describe yourself as rich, poor, or somewhere in between? We are currently experiencing a global financial crisis, with more people living in poverty than ever. This makes it even more pressing for you to learn how to manage your finances, as for everyone else.

As people who have both income and expenses, we should treat ourselves like a business or an entity. Ideally, your income should exceed your expenses. Else, you might be in trouble. When you have less income than expenses, you enter a negative cash flow status, which is what leads most people into credit card debt.

Credit cards allow us to buy things that we cannot necessarily afford today, with the promise of paying for them in the future. Unfortunately, while it seems helpful initially, you might end up buying something that's more than you can afford in the future. Especially with interest, you can also end up paying more than what the item is actually worth.

In improving on your financial literacy, you can manage your finances better by avoiding a negative cash flow situation and not falling into the trap of credit card debt. I hope my tips can help you avoid experiencing poverty, and help you manage your finances better.

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