Wise Accounts Blog

The first uses of the early computers were various accounting systems for banks, insurance companies and mutual funds. Imagine running one of these businesses today without computers... Yet the awkward situation is that young people don't seem to care about keeping a tab on their finances.

Life has a way of catching up with you if you live carelessly - especially in the domain of finances. Few people grasp the concept of compounded interest (interest paid on interest). It works wonders for those who save and it spells disaster on those who borrow.

Little streams make big rivers. People at large do not grasp that small changes in the management of your money can trigger sizeable consequences over time.

The modern mantra is "whatever feels good - just do it!" self-gratification is everywhere and it's all about lack of discipline. "Today let us drink and be merry for tomorrow we die."

Why should only the taxman be privy to your state of affairs when you have to lodge your tax return? There is much valuable information to be found in poring over your personal finances. You might be disappointed with your job, frustrated with the neighbourhood you live in, jealous of your friends' lifestyle - but still the buck stops with you.

The way you handle your finances says a lot about the direction you're taking for your life. If you set goals it will channel your resources and you will have to make some strategic decisions about where to spend and where not to spend.

Unlike time which flies through your hands, money can be saved for a rainy day. The ability to store up cash for a worthwhile goal is the mark of a determined person who is prepared to hold on to achieve something worthwhile.

A cash flow forecast is a great tool for planning where you want to be financially this time next year. And guess what? If you don't plan to reach a given financial target you are very unlikely to bump there by accident.

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