GOS03: A Glass of Rioja and Managing Your Finances Glass Of Success

Today we will share our tips for managing your finances, all while drinking a glass of Rioja Cepa Lebrel Joven 2019 from the region Rioja , Spain.

1. To measure means to management

Actions


55% Rent + Transportation
10% Entertainment
10% Long Term Goals
10% Financial Freedom Investments
10% Personal Learning
5% Charity



2. Reduce expenses

Actions


Fight the emotion - leave in the cart for 3 to 5  days
Convert in hours whatever you are about to spend eg £10/h → £100 = £10 x 10hrs



3. Save 10% of monthly earning

Actions

7 cures for a lean purse (Clason, 2015)


Part of all you own is yours to keep - 1/10
Control expenses-budget to allow for necessities, to pay for enjoyments and gratify worthwhile desires, without spending more than 9/10
Make gold multiply - put each coin to work so that it may reproduce
Guard treasures from loss - invest were principle is safe, easily reclaimed if required and good return. Consult wise men and get advice from those with experience in handling gold.
Make your house a profitable investment - own your own home
Insure future income  - provide in advance for the needs of the family and old age
Increase ability to learn - cultivate power, to study, and become more skilled, respect yourself.

Reference: Clason, G. S. (2015). The richest man in Babylon : original edition.

Tool of the week 

Revolut (For people living European Economic Area (EEA), Australia, Canada, Singapore, Switzerland, Japan and the United States)

Pro: 


Easy to use
Immediate transfer
best currency exchange
investing, vaults
sharing expenses

Con: 


Not deposit cash

Link: https://www.revolut.com/