John Kim, co-founder of Syncis, is an organized businessman who manages his money carefully. As a financial professional, he also offers mentorship to his prospective associates. During his mentorship programs, John Kim teaches his mentees what they’ll need to know about working with Syncis and also about basic money management skills. These skills are useful both to aid the mentees’ business endeavors and also to help them manage their personal finances.
Managing your money requires active effort, but with these simple tips, you’ll have it under control sooner than you think:
- Live beneath your means. The most important step to money management is spending less than you make. Cut expenses, increase your income and work hard to live beneath your means. Put the extra money in savings until you have a financial cushion, and then devote it to debt repayment.
- Put money aside. Once you’ve paid off your debts, start putting money aside so that your money works for you. Make sure that your money is somewhere with a positive rate of return so that it is always growing, even while you sleep. This is one of the secrets of how the rich always seem to get richer.
- Plan for the future. Before you make a purchase, think for at least 24 hours on whether the expense will benefit you more than it hinders you in the future. For example, buying a new car might be luxurious, but if you don’t have the means to pay off the loan easily, the benefits likely don’t outweigh the costs. If this is the case, save your money instead.
John Kim founded Syncis to help middle-income families plan for their future. By following these tips and, perhaps by reading Mr. Kim’s book, “The Foundation of Success,” you can begin achieving financial success of your own.