Have you ever watched the ABC network show Shark Tank? The show presents aspiring entrepreneurs as they present their unique business to a group of highly successful investors known as the “sharks”. These investors include names like Kevin O’Leary, who also goes by the name of “Mr. Wonderful”. O’Leary has several tips when it comes to managing money, and they’re worth considering if you have trouble managing your finances effectively.
For starters, don’t buy clothes you’re not going to wear. The majority of people tend to wear certain outfits from their wardrobe several times a month. Stop buying clothes just because they look good or you might wear it “one day”. Wear out the clothes you have before spending money on new items.
This has been said before, but have a budget. Do you know what it will cost you to make it through the next thirty days? If not, you’re placing yourself at financial risk. Strongly consider keeping track of where all of your money is going and adjust your spending accordingly.
Unless you’re certain that you’re going to be able to pay the balance in full every month, stay away from credit cards. With that in mind, don’t spend more than you make. The less you spend, the better you’re able to save.
This information is provided by Miami bankruptcy lawyer Alonso, Perez & Santos, LLP. Our areas of practice include bankruptcy, insurance litigation, debt harassment, credit card defense, foreclosure defense, immigration law, condominium law, business start-ups, and more. Call 305-676-7545 to speak with one of our attorneys and receive a free consultation including a Miami insurance attorney. We look forward to working with you.
This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.