3 Financial Management Tips From 3 Wall Street Professionals

Wall Street experts are known for their grasp over the world of finances. These lads help entrepreneurs and even enterprises to earn millions. A tip from them can make or break the stock market in a heartbeat. But you already knew that, did you not?

Here’s a thing you probably weren’t aware of – brokers and financial gurus from the world’s business capital don’t usually follow common industry patters when it comes to their own finances. Yeah, they have a few tricks up their sleeve, but those are for internal use alone. Professionals, just like decent magicians, don’t like to share their personal secrets.

Financial Management Tips

Not to worry though, because we’ve managed to get three of them spill some milk and we are now proud to present you their own personal financial management tips.

“Choose a credit card like you would chose your wife” – James Steimle Jr.

Nowadays, with Best Credit Cards service one has all the power in the world to make a smart credit card choice. Some credit cardsare simply better than others – certain banks give better deals for travellers while other institutions provide bonuses programs for cash lovers.

Learn about which area fits your needs best, find out about the bonuses you can earn and the terms and conditions from them. I, myself, have 9 cards and each is used for a strict strategic purpose. I use “miles per dollar” deal card for travelling and I use purchase bonus cards for shopping. This way I save from 6% to 15% on every card.

6% may not seem as a big deal but every penny counts. In my case 6% makes up to several thousands of dollars a year.

“We live in the future, so just use an app” – William Ranchford

I mean, seriously, how hard can it be? Especially today, when there’s an app for everything! Take a look at Mint for example. You can easily manage your accounts there, set up transactions, get clear, visible charts of your income, credit score and what not.

You see reports on your spending and investments and you know what works and what breaks by simply looking at the screen of your phone. What else can a heart desire?

“Have a system” – John Diggerson

Here’s what I use. Say you are earning $5000 per month. We leave the taxes out for the clarity of the example. So, imagine $5K in your hands.

Save 10%. That would be 500 dollars. You can freely deposit them in a bank. Don’t do anything else with them, just deposit and keep depositing 10% from every paycheck.

Plan your necessary purchases next: you have to invest, buy food, shop for clothes and get a present for Madison as her birthday will be this month. What are you left with? I say $2000. Divide it into 4. That’s it –that’s all you have to spend per week. Not more, nor less.

 

 

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