Why make costly financial mistakes when you can learn from other’s experiences. In this case, Chris Cole’s experiences. Be wary of traps that could easily derail you from your financial success. Let’s make the year 2021 specific to our life’s finances as a wake-up call.
Chris Cole is a global entrepreneur, president & founder of BWO Academy, along with nine other businesses and counting. This is a promising initiative for the black community where over 4,200 like minded, intelligent, helpful and focused individuals with the same motivation join together to earn money through financial investments and tax savings. Chris shares some financial errors you could avoid this year.
Are you not considering maintenance costs while you invest in anything; be it real-estate, a product or service? Beware that everything you invest comes with a cost of maintenance. To provide a simple understanding, everytime you invest in a new/old car, you should also look out for the cost of its expenses – fueling, servicing, new tires, etc. Similarly with real-estate and other products/services.
This brings us to the point where budgeting becomes important. For every new purchase you want to make, prepare a budget and check if you can afford to spend twice the amount of the cost. If you cannot afford twice the cost, it is advisable not to make the purchase until actually necessary.
Do you consider yourself ignorant when it comes to filing or understanding taxes? No matter what your role is, understanding taxes is a must. This takes an important role because if you don’t, you could just miss out on building your generational wealth, happy vacations, a new house, and so on.
Go on to deduct your home office, car expenses, hire family members to work for you, and take advantage of the penalty relief program (if available in your native). The avoidance of taxes is the only intellectual pursuit that carries any reward. Learn the basics and you have all of it, with time.
You ought to invest even if you are not rich yet. The sooner you invest, the quicker you can attain financial freedom. The rich invest their money and spend what is left. The poor spend their money and invest what is left. Do remember this always.
Finally! If you have successfully built a habit of saving money and investing it – don’t forget to maintain an emergency fund along with this. More importantly, don’t use your emergency fund for all the wrong reasons.
Emergency fund is for unforeseen situations and not for your day-to-day living expenses or desires. Also, not prioritizing your health is the worst thing you can do to your hard-earned money.
Financial freedom requires discipline. If you’re not disciplined, you won’t achieve anything worthwhile, and this year will be like the other years for you. If you are someone who is interested in being a member in BWO Academy – you can do it through an easy process by logging into the website. If you still want to join, visit their website and register yourself.
Published November 25th, 2021