Brad Reifler is a finance executive who is based in the United States. Reifler has worked in the industry for a long time, acquiring a lot of expertise. He is the founder of several successful ventures in the US too. Brad Reifler has published several articles in the past with the main aim of transforming people’s lives. Here are some of the lessons taught by the successful finance executive:
The importance of a budget
Many people believe that budgets are only important for businesses who need to plan their expenses and project their revenue. However, Brad Reifler believes that young people should spend some time figuring out the amount of income they get, the amount they need to spend and the money they will have to save. The finance executive says that people can be very successful if they decided to handle their finances just like businesses do.
People get less than their earnings
With the new direct deposits, many individuals never look at their pay slips. These important documents are considered to be useless pieces of papers. However, these records tell an employee the amount they have earned in a month, and how much they paid through the payroll deductions. Everyone pays the central government some tax and some social security contributions are also deducted every month.
The effects of compound interest
If a young individual starts saving some money every week or month, it is very easy to become extremely wealthy when they have to retire. The money being saved earns some interest, and when the interest is added to the total balance, it gets more interest. The compound interest always results in significant gains in an extended period. The young person will also be prepared for their retirement.
Good credit is important
It is possible for a young person to get a student loan without a credit history. However, it is impossible to get a mortgage without an excellent credit score. It is also vital to focus on accumulating your assets and cash. If you spend your money wisely, it is easy to achieve these finance goals.