Managing Personal Finance

Personal finance is every household’s topic. Everybody wants to reach out for that idea that will help him or her earn that extra coin to foot his bills, pay his insurance or save for the future. Internet is awash with get rich quick ideas which at the end of the day do not land you to that fortune they promise.

The truth is there is no get rich quick scheme that works. You got to go through the process of making money that sticks, which is often slow and sometimes tiring. Perseverance, consistency and hard work still remains the indispensable ingredients to success.

How to hack financial freedom

To begin with you must develop a goal meaning you must start with knowing what you want. Certainly you need money, but just how much do you want? Your goal should be specific, achievable and realistic. For instance you may set your goal to be; developing income channels that yield 100,000 dollars a year.

After you achieve this, you can climb the ladder to an income of 1 million dollars a year. Remember that the goal may take time to achieve. Don’t get too obsessed with when you will achieve it. The most important thing is to keep the eye on the ball.

After setting the goal next is to develop products that will enable you achieve the goal. If to start with the goal is earning 100,000 dollars a year, come up with ideas that will generate income to achieve 100,000 dollars a year. Establish life habits that supports your goal. You can’t make to the goal if your habits reverse every effort you make to go forward.

Come up with as many practical ideas as possible to achieve what you have set for yourself and execute them. If you choose to buy and sell stocks, invest in an online business or provide professional services to clients keep your eye on the goal.

Thirdly consider people to be your greatest resource. To achieve your goal, you will have to involve other people who will play a role either as assistants to your products’ creation, deliverers of those products to the users or they will be the buyers of your products.

How do yo buy stocks:
Buying stock requires one to go through a broker and most importantly have to choose if you want to buy the stock online or through a face to face broker

After choosing your broker you open an account and place an order. The broker gets a small commission ordinarily in cents per share. Online brokers charge less commission since they carry out this process electronically.

The order you make is dependent on the stock you choose to invest in. There are many factors that determine what stock to buy. You can buy a stock for speculative reasons. This means you buy a stock at low price and sell it when the prices go up. You may also buy a stock and hold on to it to get the dividends after the financial year.

Stock speculation may be profitable but require good stock evaluation skills and timing to ensure you sell at a time when the stock price has gone up from the purchase price. On the other hand holding a stock for dividends depends on the overall performance of the company for the financial period you have held it.

When investing in stocks its best to have a portfolio of different companies shares to diversify risks. Better still approach a financial adviser to help you with investment ideas.

See this article at:
Links buying stock:
http://www.business-competence.com/buying-stock.html
Read more on personal investments here:
Links personal finance:
http://www.business-competence.com/personal-finance.html

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