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Earning money is surprisingly easy. You show up to work, provide a little bit of value, and hey presto! Your boss dumps a load of cash into your account. 

Keeping your money, however – now that’s an entirely different ball game. 

When you’re a productive person, you suddenly find that everyone desperately starts clawing away your resources. The taxman is the worst. Nobody deprives you of more of your earning throughout your life – unless you’re the victim of some elaborate fraud. After that comes all of your dependents – your spouse, kids, and friends who just can’t seem to settle down and find a job. And then finally, there are charities, utility companies, and the rest of it. The list goes on and on. 

Money, therefore, has an annoying habit of slipping through your fingers. You can adopt a very modest lifestyle and still find yourself massively out of pocket at the end of the month. It’s painful. 

Keeping Hold Of More Of Your Money

Many people, therefore, are looking for ways to keep hold of more of the money that they earn. But what can you do realistically to ensure that it stays in the family?  If you want a great way to manage money then Swissmoney is a fantastic option.

Have A Difficult Conversation With Your Broke Friend

Having a broke friend is never pleasant at the best of times. But when they’re continually asking you for money to support their profligate lifestyle, it is a drain. You’re not there to subsidize them. If they want something, they should jolly well go out and do the hard work themselves. 

Having that conversation, therefore, is essential. It’s high time that your friend grew up and took responsibility for their own life. They can’t carry on swanning over to you every time they have a problem, asking for additional cash. It’s not right. This is not to say that you will not help them out when you know that they genuinely need it. We’re not saying that you can’t send money to your broke friend when you have it available and you don’t mind doing so, but you should never feel like you have to, and it certainly shouldn’t be a regular occurrence.

Think About Where Your Money Will Go In The Future

With COVID-19 rampaging around the planet, everyone needs to think very carefully about where their money will go when they pass on. No – it’s not nice to think about your will, but speaking with an estate planning lawyer is essential if you want to protect your assets over the long-term. 

Two big things can go wrong when passing on your estate to the people you love. 

First, you can wind up paying too much inheritance (or death) tax. Your beneficiaries – the people you want to receive the money – may wind up saddled with a massive tax bill.

And second, you can end up sending the money to the wrong people under the wrong conditions. Your next-of-kin could get all the money, for instance, even if you want some to go to a charity or third party. 

Planning, therefore, is fundamental. You want to make sure that you don’t hemorrhage funds in the wrong direction, which is why you should hire a wills, trust and probate lawyer from Bogin, Munns & Munns right now.

Don’t Think About Big Projects Until You Can Pay For Them Through Interest Alone

Have you ever wondered how the rich get so wealthy? It’s not what you think. 

They don’t just have higher salaries. Most of them don’t earn wages at all. Instead, they find ways to accumulate as many assets as possible, and then just fund their lifestyle by skimming off the interest. This way, their pot of money never goes down. 

Yes – that’s right. The rich pay for designer clothes, holidays, and horse riding lessons with the money they make from their property and shares. 

If you want to keep hold of your money, therefore, you need to get used to the idea of saving. It sounds obvious, but storing up and investing your earnings is the ONLY way to generate long-term wealth. Sure, you might have $100,000 in the bank right now for a new house, but once you buy the property, it can no longer generate wealth. 

The trick here is to put it into something that will earn you money and to keep reinvesting until you have an income that provides for the lifestyle that you want. 

Learn To Put Things Off

The worst part of saving money and getting wealthy is deferring consumption for the future. It’s tough, and, quite frankly, not everyone is up to the challenge. You have to work hard and then forgo all of the immediate benefits. You always have to remind yourself that the longer you leave it to buy the things you want, the more freedom you’ll have. 

On an emotional level, it hurts. You feel like you’re missing out. But it’s all about keeping one eye on your future self. The more you can empathize with that person, the better you’ll be at keeping all your hard-earned cash.