Not going broke
Important money management tips for men. No matter what your personal and professional ambitions are, a gentleman should never be dead broke. Of course, life can throw some pretty nasty curveballs at you, but there are a few tips and hacks that can almost certainly guarantee that you’ll always have some sort of financial means to support yourself.
There are no shortages of online strategies and guides for building wealth. Most of them are locked behind sign-up forms and paywalls though. Everybody’s got a program these days. Yet, there’s not that many resources for teaching you how to keep what you have. Saving money is just as important as building wealth.
Every gentleman should have a firm grasp on the valuable skill of managing your money. It all comes down to simple financial principles. The markets go up and down. There’s boom and bust, but if you follow these clear steps, you’ll be able to weather nearly any financial storm.
Useful Money Management Strategies for Men
Develop Multiple Streams of Income
Multiple revenue streams used to be something that only entrepreneurs needed to consider. Passive income wasn’t a term that the average man knew about, but that’s all changed now. When economic times are unstable and there are so many flexible opportunities out there to earn money, every gentleman needs to think about creating multiple streams of income.
The purpose of multiple revenue streams is to protect your finances from volatile, risky, or unpredictable economic periods. You can create wealth from the comfort of your own home with a stable internet connection and a laptop computer. You’ll still have to put in the work, but the times have never been more favorable for creating businesses online.
Think about something you’re passionate about and ask yourself if there’s a gap in services or products there. In other words, is there a lane for you to make money. Do you love outdoor life, but nobody’s putting together camping tours in your area? Then, you might be able to fill that void.
You can also look online for new business ideas. Trends is an online research tool that helps people keep an eye on the latest market research. You can use this site to find a new passive income stream or get more data about the audience you hope to target with your new product or service.
Keep a Gentleman’s Wallet
If you keep some bills in your wallet, then you’ll never be truly broke. It’s called the “gentleman’s wallet”. Just place a single nomination bill inside your wallet and keep it there, never spending it or earmarking it for other things. You can keep a $20 bill or even a $100 bill.
I personally believe in the gentleman’s wallet. I keep a single dollar bill, a five-dollar bill, and a twenty-dollar bill in my wallet at all times. When I spend those bills, I automatically replace them right away. You’d be surprised at how this comes in handy when you’re single and on a date.
I was on a date once and passed by a small fruit stand, and my date just had to have a fresh peach. The fruit vendor didn’t take debit cards, so I reached in my wallet and handed him my $5 bill and told him to keep the change. That peach and that $5 bill totally shifted the mood of the date in my favor.
The gentleman’s wallet can help you save money, too. In a study conducted by researchers at the Stern School of Business of New York University, researchers found that people were more likely to hold on to money if they kept a large denomination bill in their wallet. Participants in the study were less likely to break their $100 bill and spend their money. Other participants who broke their large denomination bill wound up spending more money.
Take Advantage of Financial Opportunities
Just saving money isn’t very creative or proactive, and it doesn’t put your money to work for you. Saving your earned income is just a single part of the financial equation. At some point, you’ve got to take risks and take advantage of financial opportunities for growth.
The first thing you need to do is take a look at your entire financial situation – your living expenses, your income, your tax expectations, your savings, everything. Then, figure out how much money you can afford to invest. This is money that won’t break you if it’s lost.
Investing is risky business, but you can hedge against risk by spreading your investment money across different financial instruments. Don’t just dump everything you’ve got into the latest hot stock. Do some research and find a few opportunities. Separate them into categories like – safe, slow, risky, long-term, or high return. This just helps you qualify financial opportunities at a glance.
One of the safest ways to take advantage of financial opportunities and never go broke is to hire a financial advisor. You can find one in your city or online. You might want to take a closer look at SoFi; it’s an online financial investment platform. You don’t have to keep a minimum balance in any funds, and you get expert advice.
Additional Ways a Gentleman Never Goes Broke
There is no magic bullet to earning, keeping, and growing your money. There are lots of different approaches out there, and you’re probably already bombarded by them on social media. Crypto, NFTs, real estate, passive income, coaching, stocks, the list goes on and on.
You can turn the volume down on all the noise by observing some sound financial principles such as developing multiple streams of income, keeping a gentleman’s wallet, and taking advantage of financial opportunities when they arise.
You might also want to consider using different accounts for different reasons so that money doesn’t go straight out of your checking account the moment you get it. Building or repairing your credit is also sound financial advice. Your credit score says so much about you. It’s not just a number.
Lastly, a gentleman should strive to keep his ego in check to avoid unnecessary spending. You don’t have anything to prove to anyone but yourself. So, don’t make egotistical purchases that don’t add value. Think about the future and be patient with your money. If you conduct yourself like a gentleman, then you just might never go broke again.
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