The new year is here, and it’s the perfect time to take charge of your finances. But where do you start, and how can you stay on track? Senior Director of Business Coaching and Advisory Services, Nigel Romano had this to share on financial planning.
“Many people don’t understand the basics or the time value of money or the power of compound interest. Many are afraid of banks and have very superficial relationships with them. So, achieving financial freedom takes discipline and focus and that requires that one has a plan. And the first thing that you must put in place there is that you must know your numbers.”
But knowing your numbers is just the beginning. Tracking your spending is equally important.
“Write down literally; ok this is how much my take home pay this is how much I take home from my side gigs. You put that down then you keep track of the money that you spend you keep track of the money that you have to spend.”