What do millionaires know about money that the rest of us don't? The U.S. News & World Report website has uncovered some of the secrets that skilled financial managers give their top clients.
Keep these tips in mind as you seek your fortune:
* Get in the savings habit.
Put away a little money every payday. As soon as it becomes a habit, you'll be able to start building your capital.
* Invest wisely.
Make your money work for you by investing in businesses you own or someone else's.
* Maintain an emergency fund.
This is familiar advice, but always valid, especially if you're self-employed.
While you're at it, set up a fund for medical emergencies as well.
* Review your finances regularly.
Sit down with a financial planner at least once a year to make sure you're on the right track in terms of expenses, revenue, taxes, and the like.
* Don't lend money.
Be firm. Lending money is risky, both to your finances and your friendships.
* Teach your children.
Start your kids off at an early age by helping them learn how to make and manage their own money. Your family will be better off and wealthier in the long run.
* Understand why you spend
. Examine your spending habits so you can get a better handle on what you're buying and why. You'll make better decisions and make fewer impulse purchases that aren't worthwhile.