According to the First Survey on Financial Culture, prepared by Banamex and the UNAM, Mexicans have questionable habits that distance them from wealth:
31% of Mexicans make expenditures that exceed their income each month
69% of the population is never informed about financial products and services
43% have applied for money loans in the last year, mainly to family members
People with fewer resources agree to pay bank interest rates of up to 50% in loans
So how are you going to achieve your goals?
Nobody but you is going to help you with your economic problems. If you do not help yourself with discipline, perseverance and dedication, you will never be able to advance on any level (and least of all the economic one).
So that does not happen, then we share seven laws that will ensure the success of your personal finances, according to the Family Finance Manual of Infonavit:
1. Save as if it were an expense
Each time you receive an income, separate the tenth to save, consider this savings as a fixed expense in your budget. The best way to achieve the above is “not to see” that tenth; that is to say, the best thing will be to look for a mechanism so that in automatic this part goes to your saving.
Here the key is determination.
2. Control your expenses
Do not forget that our necessary expenses will always grow in proportion to our income, unless you propose otherwise; that’s why it’s important to control your impulses. The best way to decide whether to spend on something or not is to ask yourself if you really need to buy that or if you just obey one more tax.
The key in this step is discipline.
3. Put your savings to work
The money we can withhold from our income is only the beginning, the profits the same money generates are the ones that forge fortunes. So in this step you should know what will be the ideal investment for you, according to your investor profile.
In this step of the process, perseverance is indispensable in the creation of your savings, but also the vision in the appropriate selection of investments with good returns.
4. Protect your investments
Before investing your savings in any field, you must know the risks inherent in such investment. Invest only where the capital is safe and where you can claim if a setback arises and, of course, where there is always a fair return.
Your desire for continuous improvement is a value that in this step you should appreciate.
5. Accelerate the growth of your savings
If 90% of your income can convert part of them into a profitable investment, without sacrificing your well-being, your fortune will grow much faster.
Try to convert some of your expenses into investments. The best example is the elimination of expenses for rent.
At this point, the requirement to make the most out of each peso you spend is key.
6. Ensures a future income
Make the necessary provisions for your old age and the protection of your family. Remember that youth, strength and health are not forever, the day will inevitably come when we cannot work and that is when we will require all the savings we have forged during our productive life. If old age finds you without your being prepared, instead of enjoying your last years of life, you will be a burden for your family.
At this point, the key lies in the motivation to be able to enjoy your old age with financial tranquility.
7. Increase your ability to win
The secret is to prepare constantly, so look for where to learn more from your field of work, to do your tasks efficiently and productively.
Always keep your desire to excel. That is the answer.