s a personal finance advisor, I can only show my clients the cold, hard realities of their financial lives and give them strategies for improvement; but until they are ready to make the necessary changes, I really can 't help them become financially successful. After learning the secrets of managing, multiplying and maintaining money, it became my mission to pass on the good news to all. At first I was naïve in believing that once people understood how to transform their finances, they would quickly adopt key principles such as budgeting, saving and debt management.
Very soon I realised that it would not be quite that easy to influence some people 's personal finance habits. Even if they recognised that their negative practices would lead
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How I wish I could turn back time to be 21 again! Knowing what I do now, saving would be my number one priority. In fact, had I adopted the simple plan of saving just 10 per cent of my income, I probably would have millions of dollars in the bank today.
If you decide to spend all your money when you 're young, it will almost be impossible to catch up on the lost interest when you eventually 'settle down '. The magic of compounding works harder on your money the longer you save; so as you spend each dollar today, visualise the millions that you could be giving up tomorrow.
I 'm Too Old; It 's Too Late For Me To Save
This is a particularly tough case; it is true that the later you begin to save, the harder you have to work to build a nest egg. Financial guru and author Jean Chatzky explains that you first have to change your money mindset. "Give yourself a second chance at attaining wealth, and commit to doing what it takes to get there," Chatzky asserts.
If you are over 40 and just recognising the importance of saving, you need to save as much of your income as possible, find ways to earn more money, consider delaying your retirement age, and become prudent with your spending in order to make your money last longer.
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