Useful Tips: How young Executives their Finances Properly?

When you are just starting out as a young executive, getting your first well-paid job seems like a pipe dream. After all, it will take years of preparation to become a professional in your field.

Young company executives usually complain that salaries are barely enough to cover their own. There are two reasons for this: firstly, their wages are actually lower than those of specialists, in which case they must work to improve their skills and find better opportunities; secondly, these young managers have a secondary education, which means they have low qualifications.

If you are an up-and-coming young leader, here are some financial tips to help you take full control of your finances.

Track expenses, then cut them!

Accounting for all your expenses, even the smallest ones, will not make you stingy. Instead, it will help you identify the biggest financial holes and actually save money. You may find that your "accidental" self-medication at a trendy coffee shop is much more common than you think. Estimate your spending budget by first reallocating the interest on your savings account and then dividing your expenses by fixed expenses (such as taxes, monthly payments, meals, etc.). Another useful financial tip is to carefully review your accounts; See what those monthly bank bills look like, see how your cell phone bills are paid, and even a quick look at your long-term supermarket bills can also help you save money.

Diversify your sources of income

It is currently not recommended to rely solely on your monthly salary to cover all expenses. Increase your income by diversifying your income streams through overtime/part-time work, good investments, or passive income sources (such as real estate/car rental income, high-interest and fixed-rate deposits) or YouTube channel). Increasing your income is a great solution if you don't want to mess up your lifestyle or lose your ability to save money at a young age.

Always watch your debts

Unfortunately, the reality is that no matter how high your salary is, it won't be enough to support the lifestyle young leaders want. Debt is inevitable, and sometimes it never hurts to pay off a loan. However, be very careful not to get into unnecessary debt or a bad debt cycle. Never sign a friend or even a family member as a guarantor for a loan or lease, especially if they have a bad credit history. If you have ever borrowed or borrowed money from a friend, colleague, or family member, borrow/borrow only the amount you want to lose. As the saying goes, "When borrowing money from a friend, be prepared to lose money or lose a friend". If you already have bad debts, I suggest that you pay off the high interest rate loan first.

From the moment you become a young leader, it is important to develop good financial habits and save money. These habits will go up the career ladder and lead to complete financial independence. Stay up to date with the latest financial advice and stay tuned with /en/ - payday loans and personal loans.

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