You are the CEO of your money.
You are in charge. You make all the important decisions. When it comes to your pocketbook, you are the top executive, and you are in charge of everything.
This is good and bad. The bad part is, you have all the responsibility, and no one else. The good news is, you have the power to make things better.
Now is the time to accept this power. Now is the time to decide your finances. Here are six ways to act like a CEO:
1. Get a good return on your investment.
A good CEO “ROI – focuses on return on investment.
You want to invest your time and money in things that return a profit. This includes comparing apples to apples: Should I do it or should I do it?
For example: If you already have an emergency fund, instead of investing in a rainy day savings account, you should really invest in it. This is the best way to increase your money.
With interest rates so low, a savings account these days will pay you pretty much zero interest. However, according to the US Securities and Exchange Commission, investing in the stock market yields an average annual return of 7%, which is adjusted for inflation.
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2. Stay in the dark
A smart CEO is always looking for ways to reduce unnecessary expenses and improve their bottom line.
For example, do you have a balance on your credit card? Then you are definitely spending a lot of money on interest. Credit cards carry notoriously high interest rates.
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3. Pay yourself first.
CEOs make sure they get paid. There is really no question about that. No matter, CEOs make sure. Get. Paid
Of course, you need to fulfill all your obligations and pay all your bills, etc. However, you also have to take care of yourself and your financial needs.
Invest in your retirement. Create a good gross retirement fund through 401 (k) or IRA.
Also, make sure you have an emergency fund – an easily accessible fund that is equal to six months’ salary if you lose your job unexpectedly.
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4. A mission statement
Another way to say, “Don’t forget about your long-term goals.” When deciding on money, ask yourself: “Does it get me closer to my goal?”
You must take specific steps towards your goal. That’s what a CEO would do.
For example, owning your own home may be one of your long-term goals. Or maybe you just want to drive better.
If so, you’ll need a good credit score. It will make a big difference how much interest you pay on a mortgage or car loan. It can easily add tens of thousands of dollars to a mortgage.
If you want to get your credit score back on track – or even if it’s on track and you want to hit it off, try using a free website Credit Mole.. Within 90 seconds, you’ll get access to your credit score and get personalized tips to improve it. You can even see any errors that hold you back (one in five reports is one).
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5. Focus on the interests of stakeholders.
“Stakeholder” is a big buzzword in the corporate world. In business terms, stakeholders are people who are interested in the company, such as investors, employees and re-customers.
In your personal life, your stakeholders are members of your family.
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6. Innovation and Axis.
CEOs like this thing. This is a big time CEO initiative. They are always talking about promoting innovation, keeping up with the times and pointing to the next profitable thing that is right around the corner.
You can also innovate in your personal financial life. Just try to save money that you have never bothered with before. You may be surprised at how much money you save!
For example, you’re probably shopping more online than ever before. (Most of us are.) Wouldn’t it be nice if you could be alerted to pay more?
That’s exactly it. Free service does. Just add it to your browser for free, and before you check out, it will check other websites, including Walmart, eBay and others, to see if your item is available cheaply. In addition, you can get coupon codes, set price reduction alerts and even view item price history.
We say you’re buying a new TV, and you think you’ve got the best price. Here you will find a pop-up that will tell you if the right TV is available somewhere else cheaply. If any coupon codes are available, they will be automatically applied to your order.
Last year, it saved people ڈالر 160 million.
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Remember: You are the CEO of your money. This is someone’s responsibility, not yours.
Mike Brassfield ([email protected]Penny Howard is a senior author. He’s not the CEO, but he believes your money is strategic.