Money management is the secret to accumulate large wealth

I agree with you that even though a person will work harder everyday with the goal of getting rich one day. Then he or she is full of mounting debts I'm sure they will have a hard time getting rich because most of their earnings will only cover to pay the interest of their debts. So they will only work hard for nothing and start another day laboring again and again. The best thing to do is to get rid or pay all the debts and then start saving money or put it in a business. If the business will prosper and grow in to a big venture then someday wealth is just easy to reach. I think it's the only way I know how to get rich.

Making money is very easy and there are many jobs that will give one the kind of money which one wants. But keeping the money and growing it to the desired amount after a certain period is not an easy task. As money comes in, we generate various needs which previously did not exist or we develop new habits which only money can buy. When the rate of return on investments are heading south, one thing becomes very important and that is the keeping the accumulated wealth intact or grow it. Money management plays a definite role in meeting these targets. without proper money management, no amount of money will grow into the desired target amount we hope for. Money management is not a rocket science, it is a very simple method and all that one has to do is to apply it in real life. One should know what kind of risk one can take while investing and deploy the money accordingly. Safety of the capital is more important, then comes return and other benefits associated with it. Generally most people ignore this simple thing called money management. that is why very few people have mastered this art and are very successful inlife.

I agree with you. We earn money to make a living and save for our future, but often times, we mismanage our resources, specifically our finances, thus we end up getting buried in debt or out of money. This should not be the case if we know how to check and balance our resources and our expenses, we will surely save enough money for our futures and someday even become wealthy.

Yes, I think you have a point there. Even people who win the lottery often lose most of their winnings because they simply do not know how to manage their money, so that is a very important part of being wealthy. But the good news is that anyone can learn to manage their money! All you need to do is to be interested in personal finance and read a lot about it, and applying it to your own life. I am not saying everyone will be rich this way, but you will have more money than you would have otherwise!

Yes you are right. Moneymanagement is very important in life. some people earn more money and saves less on the other wise people earns and saves money. Money will create money for you.