(For Building Your Financial Wealth)
If you only have 15 minutes to spare, what will you invest it in? This turbo charged 15 minute series, aim to empower you, to achieve your goal, in a discipline, intense 15 minutes a day fashion.
1. Apply for a GIRO transfer to your Pay-Yourself-First bank account
Most of us combine our salary and savings in a single bank account. Our savings thus end up being a balancing figure, where income less expenditure for the month. However, one of the best tips in saving money is to pay yourself first. Invest 15 precious minutes in applying for a GIRO and automate the transfer of a portion of your salary (e.g. 20% -30% of your salary) to a savings account. Most bank accounts offer slightly more attractive savings rates for regular savings plans.
2. Set clear milestones for your projected portfolio
Make use of the next 15 minutes, to set clear milestone periods, for your projected portfolio. The projection should be based on your most reasonable and assumptions made based on your best available information. This does not mean perfect information, however, what it does mean is that you are setting specific end goals in mind. This also allows you to better manage your projected cash flow. All too often, we do not have clear milestones and end up drifting aimlessly. This same theory applies to investments as well.
3. Take stock and review your portfolio on a regular basis
Most of us are at a loss at where our current portfolio standing is because we do not mark out specific time in our routine to reassess. Thus, it is important for us to discipline ourselves by taking stock to review our portfolio on a regular basis. This is crucial, even if it is for 15 minutes, to allow us to assess and gain control of the situation. Mark out a date monthly which you will concentrate and take stock of your portfolio. Rebalance if necessary.
Email me at perrineohwrites@gmail.com and I will be please to share with you a copy of the Wealth ebook I have written.
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