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owesem75
02-22-2014, 02:45 PM
What is CD-RW? We all know it to be "Compact Disk - Re Writeable". Right! but I have read in one newspaper a new meaning to it that will surely makes you remember how to save and get rich..

Here goes, and it has to be in this sequence.

C stands for Cash Flow - you have to identify all your sources of income and management it. If you think you are able to make some passive income from other sources, you have to do so. The aim is to make sure you have a steady stream of income.

D stands for Debt Management - Pay your Debt as soon as you can. You do not want to be tied up to it for life paying high interests, etc. etc, specially if its credit card or loans from banks. The faster it gets paid, the more cash you will be able to save.

R Stands for Risk Management - If you are trying to invest, try to make sure you have separated funds for emergency. You get yourself and the family life insurance. You have to secure yourself for any eventualities when you get into the last bit, which is...

W Stands for Wealth Management - this is when you start to invest your extra cash and let it work for you earning additional income generated by dividends (if invested in the stock market).

So that's it guys, I do not own this concept, I just read it and thought would help others when shared.

Good luck saving and I wish you all great richness!

idlecuriosities
02-25-2014, 05:06 PM
This is good advice. I always enjoy acronyms for helping me to remember things, and this one is concise yet still contains depth. Thanks for sharing.

albertron
02-25-2014, 05:13 PM
It's basic personal finance, but so many of us often don't keep this in mind. That's a catchy backronym--thanks! I'm new to the forum and already feel like I picked up a gem.

crimsonghost747
02-25-2014, 05:30 PM
A very nice way of explaining it!

What I often recommend to others is to, each and every month, move a certain amount of money from your regular bank account into a savings account. And move it the very same day that you get paid, this way you won't waste it!

I personally don't do this because I know that I don't waste money on useless things, but it's a good system for those who do.

LindaKay
02-25-2014, 07:40 PM
Those are some pretty basic but pretty good tips! It's hard to follow them when you just plain don't have enough cash flow coming in, though. :/

Rainman
02-26-2014, 04:26 AM
That's sound advice but I wonder why everyone is always so focussed on getting rich instead of saving enough to take your mind off money or making more of it. Anyway, thanks for sharing.

JohnSword
02-26-2014, 04:56 AM
These are good tips. Using an acronym such as CD-RW definitely helps one remember the basics of personal finance. I'm currently working on my cash flow in the form of passive income. Hopefully I would soon have some extra money in hand to start investing.

crimsonghost747
02-26-2014, 06:20 AM
That's sound advice but I wonder why everyone is always so focussed on getting rich instead of saving enough to take your mind off money or making more of it. Anyway, thanks for sharing.

If you reach the point where those two points happen (you don't have to worry about money, except how to make your money work for you) then wouldn't you call yourself rich?

sofieb529
02-26-2014, 03:11 PM
I like this a lot. I don't know whats harder in life than saving money! Acronyms always helped me remember especially when I had an exam to study for in college. Oh yes, college, the reason I am in debt still!

DomDom
02-26-2014, 04:01 PM
Awesome stuff. I read in a good book that the best way to save is to put 10% off all your monthly income aside and spend the rest. I personally would save even more % but its a good guideline.

AlecD
02-26-2014, 05:15 PM
Any amount being saved is a good amount always. I spent a couple years of my life not saving a penny and now have nothing to show for it. Not surprising, but damn, tens of thousands of dollars down the drain.

cpefley
02-26-2014, 11:45 PM
Those are all very good things to remember. That is a great way to remember them too. I doubt it will make me rich, but I don't think it can hurt!

mikelouis
02-27-2014, 02:33 AM
Never knew CD-RW had such other great meaning. Thanks for the tips you have used to describe the acronym. This will definitely help someone who has continuously had problems with saving.

angelicagapit
02-27-2014, 05:50 AM
Great advice! I'll try to follow each and every one of them. Nice choice of words in replacement of CD-RW.

I've been trying to save money these past few days, and this post is exactly what I need. These are the best ways to save money. Management of time, debt, risk, and wealth.

Thanks for sharing your knowledge on this topic.

janineaa
02-27-2014, 05:52 AM
Thanks for the acronym! It is so easy to remember because of that. It seems like a good and simple plan, but might be difficult to follow if one is tight on cash flow in the first place. This is probably more applicable to those with more of a disposable income.

pahagwl
02-27-2014, 05:57 AM
This is a very easy to remember mnemonic for people to remember, I would recommend everyone to stick to this mnemonic if they want to amass a good amount of wealth. These are the basic tenets of wealth maximization and are required to be followed for planning out your savings efficiently.

crimsonghost747
02-27-2014, 06:15 AM
Awesome stuff. I read in a good book that the best way to save is to put 10% off all your monthly income aside and spend the rest. I personally would save even more % but its a good guideline.

I hate it when guidelines use a certain percentage. If I make $5000 a month then I could easily save 50%, since $2500 would be more than enough to live a good life. If I make $1500 and save 50%, I would probably have to life under a bridge. Same thing with 10%, with a $1500 income that might be ok but with a $5000 income 10% would leave me with way too much money to spend on things I don't need.

crimsonghost747
02-27-2014, 06:17 AM
Thanks for the acronym! It is so easy to remember because of that. It seems like a good and simple plan, but might be difficult to follow if one is tight on cash flow in the first place. This is probably more applicable to those with more of a disposable income.

Well you can and should follow at least the first parts even with a low income. You don't need to save a lot each month, even tiny amounts will result in big savings in the long term.

mameeker@cuse
02-27-2014, 06:43 PM
I would suggest opening a savings account and putting 15% of your net income in it every month. Do not touch this account unless its an emergency, if you have to ask if the situation is an emergency, it is not.

Taru
02-27-2014, 08:30 PM
Those are some pretty basic but pretty good tips! It's hard to follow them when you just plain don't have enough cash flow coming in, though. :/

I agree. It's very helpful but I think it's a second stage type of tip, which of course is still very helpful, and it at least gives you a good solid plan on how to attack things when you do reach that stage, as opposed to some people who never even give it any thought and end up broke even with a stable and regular income. Also, it may be helpful in providing motivation as well for one to reach this next step.

alec
02-28-2014, 01:56 AM
Great simple advice, thanks! Too often I feel that business owners should study some financial philosophy also, not just marketing and customer related stuff. Getting some money in as you go, money to invest further, is always good. Paying your debts as fast as possible will keep things safe and you'll be able to further take risks and test new things. Risk management is related to the first and second point I feel. Get some money in, pay them debts and the risk is lower. And finally, with wealth management you grow your business even more.

crimsonghost747
02-28-2014, 02:52 AM
Great simple advice, thanks! Too often I feel that business owners should study some financial philosophy also, not just marketing and customer related stuff. Getting some money in as you go, money to invest further, is always good. Paying your debts as fast as possible will keep things safe and you'll be able to further take risks and test new things. Risk management is related to the first and second point I feel. Get some money in, pay them debts and the risk is lower. And finally, with wealth management you grow your business even more.

Interesting. I view this as more guided towards individuals rather than companies, for example I see nothing wrong with a company having a loan if the investment they made with that loan produces more money than the interest they pay.

delusional
02-28-2014, 05:24 AM
Very nice tips. I think everyone should be aware of these tips. I have copy/pasted this into a file just to be sure I can keep it.

Francisco23
02-28-2014, 04:57 PM
This is an awesome acronym with an awesome advise. There is such wisdom in this that you have shared. I think I am on my way to wealth now. Not that I didn't know all of these things before, but you have certainly compacted everything in one reading. Certainly, this will help me. My biggest issue is saving. My least concerning issue is debt management. I don't owe people on purpose.

coffee
03-01-2014, 12:42 PM
That is pretty clever! Thanks for sharing. They are each very important though I'd do R before doing D because depending on the debt it can take years to pay it off, and debt doesn't stop bad things from happening unfortunately. C is a good first step. It covers everything from budgeting to cutting costs and to not rely on one stream of income - so important these days.

DomDom
03-01-2014, 03:43 PM
Interesting. I view this as more guided towards individuals rather than companies, for example I see nothing wrong with a company having a loan if the investment they made with that loan produces more money than the interest they pay.

They say rich people make money off other peoples money! :)

Linvall
03-04-2014, 01:41 PM
What is CD-RW? We all know it to be "Compact Disk - Re Writeable". Right! but I have read in one newspaper a new meaning to it that will surely makes you remember how to save and get rich..

Here goes, and it has to be in this sequence.

C stands for Cash Flow - you have to identify all your sources of income and management it. If you think you are able to make some passive income from other sources, you have to do so. The aim is to make sure you have a steady stream of income.

D stands for Debt Management - Pay your Debt as soon as you can. You do not want to be tied up to it for life paying high interests, etc. etc, specially if its credit card or loans from banks. The faster it gets paid, the more cash you will be able to save.

R Stands for Risk Management - If you are trying to invest, try to make sure you have separated funds for emergency. You get yourself and the family life insurance. You have to secure yourself for any eventualities when you get into the last bit, which is...

W Stands for Wealth Management - this is when you start to invest your extra cash and let it work for you earning additional income generated by dividends (if invested in the stock market).

So that's it guys, I do not own this concept, I just read it and thought would help others when shared.

Good luck saving and I wish you all great richness!
This is quite informative. I believe in wealth, and once you can achieve it by legitimate means, then by all means. I believe in the spirit of industry and work. One has to put in the hard work and wait patiently for the fruit of your input. Some people get up every morning waiting for the wealth to come to them, but for wealth acquisition, you have to be proactive. You have to ask question and be willing to take risks. You must invest in order to reap returns.

DomDom
03-04-2014, 04:05 PM
This is quite informative. I believe in wealth, and once you can achieve it by legitimate means, then by all means. I believe in the spirit of industry and work. One has to put in the hard work and wait patiently for the fruit of your input. Some people get up every morning waiting for the wealth to come to them, but for wealth acquisition, you have to be proactive. You have to ask question and be willing to take risks. You must invest in order to reap returns.

Very true! You have to be proactive and very hard working to succeed. A little bit of luck goes a long way too!

gadgetised
03-04-2014, 09:48 PM
Thats an interesting way of explaining the concept. Saving is hard, and getting rich requires hard work and luck!

dolly fsession
03-05-2014, 06:52 AM
This is good advice. I always enjoy acronyms for helping me to remember things, and this one is concise yet still contains depth. Thanks for sharing.

DomDom
03-05-2014, 02:22 PM
This is good advice. I always enjoy acronyms for helping me to remember things, and this one is concise yet still contains depth. Thanks for sharing.

Acronyms are really the best things for remembering. I still remember things from my university 5 years ago that were acronyms!

LindaKay
03-05-2014, 06:19 PM
I know, right? I still have acronyms in my head that I learned when I was really young, like Please Excuse My Dear Aunt Sally when doing Algebra. Even though I suck at Algebra, I still remember the order of operations. ;)

mikka254
03-06-2014, 02:10 PM
Thank you for this fantastic advice. A lot of entrepreneurs get into business with the get rich quick mentality that makes wealth creation almost impossible. Understanding debt management and risk management is especially important when the business is starting out so that an entrepreneur can reinvest in the business.

DomDom
03-06-2014, 03:53 PM
Thank you for this fantastic advice. A lot of entrepreneurs get into business with the get rich quick mentality that makes wealth creation almost impossible. Understanding debt management and risk management is especially important when the business is starting out so that an entrepreneur can reinvest in the business.

Agreed! I must stress risk management the most!

pahagwl
03-09-2014, 01:47 PM
This is an awesome acronym with an awesome advise. There is such wisdom in this that you have shared. I think I am on my way to wealth now. Not that I didn't know all of these things before, but you have certainly compacted everything in one reading. Certainly, this will help me. My biggest issue is saving. My least concerning issue is debt management. I don't owe people on purpose.

Yeah, I would like to thank the OP too that he has summed up the basic principles of managing a business in an easy to remember acronym. It is very important that an entrepreneur remembers this principles while managing a business. These principles are also relevant to an individual because he can secure his financial future by following these principles.

DomDom
03-09-2014, 03:42 PM
Yeah, I would like to thank the OP too that he has summed up the basic principles of managing a business in an easy to remember acronym. It is very important that an entrepreneur remembers this principles while managing a business. These principles are also relevant to an individual because he can secure his financial future by following these principles.

I totally agree with what you say. Its important to not go stray with your principles if it seems hard. It will all be good long term.

Bakerpat
03-09-2014, 03:59 PM
Good advice. Very simple and down to earth to explain to other how to keep what they have and how to grow it so that when it comes time to retire they have what they want nice and easy.

difrancprod
03-09-2014, 05:22 PM
These are amazing tips! This post just made me inspired to be diligent on my finances. I promise myself this year to fix my finances and business. It's all about decisions and making wise ones.

novasparker
03-09-2014, 06:50 PM
Wow.. This is really great advice and advice that many people should heed. I think that the acronym is a great way to remember the keys to financial success. Hopefully this will stick in the minds of some folks and they take a different approach to money. Being able to figure out how to have a different relationship with money is one of the best ways to go from living hand to mouth to taking charge of your future. I have also heard about the 10% rule, domdom and if you have this ability, then by all means, you should do it. But until then, the CDRW approach is a sound one.

idlecuriosities
03-09-2014, 10:15 PM
Saving x% of your monthly income is a great way to build up wealth. I maintain a savings account in addition to my normal checking account. I can transfer money to the savings account every month and I never touch the account unless an absolute emergency pops up. It started off pretty small, but now the account is rather large and produces a nice amount of interest throughout the year.

the_jamal
03-09-2014, 10:23 PM
What is CD-RW? We all know it to be "Compact Disk - Re Writeable". Right! but I have read in one newspaper a new meaning to it that will surely makes you remember how to save and get rich..

Here goes, and it has to be in this sequence.

C stands for Cash Flow - you have to identify all your sources of income and management it. If you think you are able to make some passive income from other sources, you have to do so. The aim is to make sure you have a steady stream of income.

D stands for Debt Management - Pay your Debt as soon as you can. You do not want to be tied up to it for life paying high interests, etc. etc, specially if its credit card or loans from banks. The faster it gets paid, the more cash you will be able to save.

R Stands for Risk Management - If you are trying to invest, try to make sure you have separated funds for emergency. You get yourself and the family life insurance. You have to secure yourself for any eventualities when you get into the last bit, which is...

W Stands for Wealth Management - this is when you start to invest your extra cash and let it work for you earning additional income generated by dividends (if invested in the stock market).

So that's it guys, I do not own this concept, I just read it and thought would help others when shared.

Good luck saving and I wish you all great richness!

Excellent tips! Very simplistic, but also incredibly accurate. It's all about living within your means and being smart with the extra income you do gain over time. I feel like a big mistake is that people don't account for the extreme lows that can happen with a business or investment.

Oivas
03-10-2014, 01:58 AM
Thanks for the acronym.

In fact, it makes a lot of sense. Cash flow if handled well, can take care of our wealth management and debt management capabilities. I had come across an article on 'saving' and found it useful. I am sharing it here and hope it is useful for you.

http://money.wikinut.com/How-to-Save/2f96x_3q/

Thanks again!

DomDom
03-10-2014, 04:49 PM
Thanks for the acronym.

In fact, it makes a lot of sense. Cash flow if handled well, can take care of our wealth management and debt management capabilities. I had come across an article on 'saving' and found it useful. I am sharing it here and hope it is useful for you.

http://money.wikinut.com/How-to-Save/2f96x_3q/

Thanks again!

May all our cash flows be good enough to take care of our wealth and debt management! :D

crimsonghost747
03-11-2014, 11:34 AM
There are so many ways to improve cashflow but I find the easiest thing to do is to move the amount to be saved away on the same day as you get paid. This way you will NOT be able to use it on anything and when checking out your bank account it has been already taken off from there so you don't get an illusion of having more money there than you should.

owesem75
03-11-2014, 12:38 PM
You should also think about RETIREMENT in order for you to give importance to CDRW. To grow old with sickness is difficult enough.. to grow old with DEBT!!!! is a nightmare. You should not rely on your children to finance your old age. Somehow, someone must break the cycle.

autograph
03-12-2014, 09:02 AM
Good advice, especially on the debt management part. Many people get caught up in the credit cards debts and actually went bankrupt for not being able to clear their credit cards debts. We must always remember that credit cards are not free money, treat it just as you are paying with cash. If you think you could not afford that gadget now, what makes you think you could afford it at the end of the month? A little tip from me to prevent spending unnecessarily: hold yourself from buying that shiny stuffs for a few days; chances are you have forgotten about it or do not really feel like you need it any more.

DomDom
03-12-2014, 03:46 PM
There are so many ways to improve cashflow but I find the easiest thing to do is to move the amount to be saved away on the same day as you get paid. This way you will NOT be able to use it on anything and when checking out your bank account it has been already taken off from there so you don't get an illusion of having more money there than you should.

I also do this, part of the money goes straight to saving and its easier to function that way and save!

mramirsking
03-25-2014, 09:39 PM
Setting up a business is a massive risk and these kinds of advice are really useful. I would not risk taking out a loan until I have a proper business plan in place. I would say that a big proportion of start up companies don't make it because they haven't checked out the market or the competition. Some companies do make it and then it is something to be very proud of. It might take 1 to 3 years before you break even.

eagle22
03-25-2014, 09:57 PM
Thanks for the tips Owesem, this was great advice. One of the main reasons people are never financially secure is because they don't save or invest. Saving and investing are the keys to becoming financially secure. The problem is some people save too much and don't invest, others invest too much and don't save. You need to find the balance.

pahagwl
03-27-2014, 02:18 PM
Setting up a business is a massive risk and these kinds of advice are really useful. I would not risk taking out a loan until I have a proper business plan in place. I would say that a big proportion of start up companies don't make it because they haven't checked out the market or the competition. Some companies do make it and then it is something to be very proud of. It might take 1 to 3 years before you break even.

I completely agree with myramirsking that a lot of start up companies do not make it due to the reason that they do not conduct the adequate amount of market research. This is something a lot of entrepreneurs do not pay enough attention to. It is also worth noting that it is of essence that people starting a venture should have a lot of patience because it generally takes a lot of time for a new venture to succeed.

DomDom
03-27-2014, 06:26 PM
Setting up a business is a massive risk and these kinds of advice are really useful. I would not risk taking out a loan until I have a proper business plan in place. I would say that a big proportion of start up companies don't make it because they haven't checked out the market or the competition. Some companies do make it and then it is something to be very proud of. It might take 1 to 3 years before you break even.

Great post and I completely agree, know what you are gettign yourself into!

owesem75
03-28-2014, 04:51 PM
Thanks for the tips Owesem, this was great advice. One of the main reasons people are never financially secure is because they don't save or invest. Saving and investing are the keys to becoming financially secure. The problem is some people save too much and don't invest, others invest too much and don't save. You need to find the balance.

You are most welcome. Also, dont forget to manage risks. You should have sufficient emergency funds, insurance (if you can) for any eventualities.

DomDom
03-28-2014, 05:34 PM
You are most welcome. Also, dont forget to manage risks. You should have sufficient emergency funds, insurance (if you can) for any eventualities.

I would also add that I dont think anybody can invest too much but you can certainly save too much!

ursell
03-28-2014, 05:42 PM
Thanks for the advice. I will use this method to save some money.

Kimble
03-29-2014, 02:27 AM
Wow! It's the first time I've heard of this concept and I liked it :)
I'm always on the cautious side and want some cash as a safety cushion at all times. Maybe I'm too afraid of risks and that's why I still haven't started my own business.
On the other hand, I once read an article recommending to have enough cash to get you -and your family- live by for 6 months if your cashflow ceases to exist.
That 6 months is a buffer for a young adult to find a new job / cash flow.

fredkawig
03-29-2014, 04:46 AM
Thanks, this is actually a nice acronym for business enthusiasts to enjoy.

wandering wildman
03-29-2014, 07:40 AM
Wow! This is a very useful acronym that I can use as I establish myself as a freelance author. Cash flow can be extremely important for new businesses. It seems like this is one of the top causes of failure for most organizations. Thanks again for your post!

GottBiz
03-29-2014, 07:50 AM
I think "trying to get rich" is an idea generally wrought with fret and failure. I drove myself into such a stressful unfulfilled life when I was younger and I tried to do just that "get rich". However when my life ideas changed, I settled into a much more peaceful existence by getting out of debt first, living below my means, and having an attitude of wanting to help those that don't have enough for basic "food and clothing" needs in their lives.

Of course that meant moving into an area where I was close enough to those in real need, and not concerning myself with the latest gadgets. But the focus I have now has helped me to live a life where I not only have enough for my family, but I also have enough to share as well. I would call that real success. I have less than some but more than the 80% of the world living off of less than $2 USD per day :-)

owesem75
03-29-2014, 10:15 AM
I think "trying to get rich" is an idea generally wrought with fret and failure. I drove myself into such a stressful unfulfilled life when I was younger and I tried to do just that "get rich". However when my life ideas changed, I settled into a much more peaceful existence by getting out of debt first, living below my means, and having an attitude of wanting to help those that don't have enough for basic "food and clothing" needs in their lives.

Of course that meant moving into an area where I was close enough to those in real need, and not concerning myself with the latest gadgets. But the focus I have now has helped me to live a life where I not only have enough for my family, but I also have enough to share as well. I would call that real success. I have less than some but more than the 80% of the world living off of less than $2 USD per day :-)

You have a very good point there. The tip was just a simple personal finance management. If are able to save much for yourself and your family and you think you are secure enough to extend some of your savings to charity, then I salute you for doing that. Investing some of your extra cash won't hurt you and your intentions, infact, if you are able to increase your cash flow through some part time jobs, or passive income through some of your investments, then there is much more room for you to help more people.

ElvisPresley
03-29-2014, 12:03 PM
Good tips, especially the debt management. A lot of people don't bother eliminating their debts while they're saving money in the bank, but they don't end up doing the math and figure out how much money they're losing with the high interest rates from their credit cards, mortgage and car loans.

Rosyrain
03-29-2014, 01:26 PM
Great acrynm thanks for sharing. My dad always used to tell me to watch the pennies and the dollars will take care of themselves. Even if you have a chance to earn an extra dollar a day...you should do it. It is very little at first, but over time it adds up.

canoe
03-30-2014, 12:33 AM
I think the best way to save is to always focus on the small stuff you're paying for everyday. I've noticed that the biggest reason why my bank balances drop fast isn't due to big purchases. Big purchases, by definition of being big, are always in the forefront of our minds so we're automatically mindful of such purchases. But with small purchases, we take them lightly and hence are prone to abusing that card. A couple lunches and dinners, plus a drugstore purchase for a facewash and shaving blade will easily cost you over $100 but we never take into account such expenses when we're planning our budget. Remember the small stuff and you should be gold.

DomDom
03-30-2014, 05:33 PM
I think the best way to save is to always focus on the small stuff you're paying for everyday. I've noticed that the biggest reason why my bank balances drop fast isn't due to big purchases. Big purchases, by definition of being big, are always in the forefront of our minds so we're automatically mindful of such purchases. But with small purchases, we take them lightly and hence are prone to abusing that card. A couple lunches and dinners, plus a drugstore purchase for a facewash and shaving blade will easily cost you over $100 but we never take into account such expenses when we're planning our budget. Remember the small stuff and you should be gold.

Very true! I noticed I spend alot more if I visit the grocery store daily as opposed to with a plan, weekly.

harpy
03-31-2014, 11:56 AM
Tips like these should be taught in schools. Seriously. You know what they say about developing good habits-- start young. I'm proud of, and at the same time, envious of young adults who know how to manage their money properly. I wish I was taught some basic accounting skills when I was younger, but I guess it's never too late to become more frugal and more conscious with one's spending.

Lately, I've been managing my money by following this ratio: 50-30-20, where 50% goes to my bills and debts (rental, utilities, car maintenance, loans, health care, etc.), 30 goes to daily living expenses, and 20 goes straight to savings. I don't touch it, never should, never will. After awhile, I reinvest a percentage of this 20% into my small business.

Finally, here's a nugget of wisdom I picked up from my former boss: "The difference between the rich and the poor is that the rich save first and then spend the rest; the poor spend first and save whatever is leftover." I'm far from being rich, but I'd like to think I'm doing something to improve my lifestyle conditions.

Rosyrain
03-31-2014, 01:08 PM
I also find that saving any extra income you make helps. I put money from my other sources into my savings account so it is like working to grow that account.

I don't miss the money because I don't include it in my everyday resources. Even little bits of money here and there add up quick.

In the last year I have also learned to live with less. Instead of buying a bunch of cheap stuff, I save up for quality items that will last me a while.

yossup
04-01-2014, 10:18 AM
Good tips. One tip of mine: do not try to use credit cards as ways to increase your spending power for the first 2-3 years. Build that credit. You'll need it. After that, once you're in solid financial footing, get a high limit, rewards card like the sapphire preferred and profit :)

DomDom
04-03-2014, 04:26 PM
I also find that saving any extra income you make helps. I put money from my other sources into my savings account so it is like working to grow that account.

I don't miss the money because I don't include it in my everyday resources. Even little bits of money here and there add up quick.

In the last year I have also learned to live with less. Instead of buying a bunch of cheap stuff, I save up for quality items that will last me a while.

Smart choices! If you are smart and good you can really pile up the money quick!

mramirsking
04-04-2014, 08:39 PM
Interesting acronym, I find that acronyms work well for remembering things, i used to use them for revision when I was at school. This acronym is good basic advice for running a business but there is more to it than this, you need a lot of advice. Getting an independent financial advisor might be a good step. Cash flow is important, its a good idea to not rely on loans and have a substantial amount of savings to fall back on if things dont quite go as planned. Debt being paid off as soon as possible is good to avoid interest.

Donstick
04-23-2014, 04:49 AM
This is good advice. I always enjoy acronyms for helping me to remember things, and this one is concise yet still contains depth. Thanks for sharing.

The same here!Thanks!

Limpie
04-23-2014, 05:42 AM
Ah that's really inspirational.
Personally I don't waste money. In fact it's been 2 months I started earning, since then I'm saving money. Although it's for a cause but yea I am saving :D

Michael Thompson
06-04-2014, 10:10 AM
Thanks for this precious advice. I like most the debt management as now a days debt is a big mess and we should deal with it by organizing it.

morrismartinez
06-06-2014, 10:46 PM
If we take the idea of compounding and apply it to our business start-ups, we can work our way up to bigger and better business ideas. The concept is to starts small with one or two business ideas that take little or no investment. Then, just as you would increase the size of investments in the stock market, you will invest in a larger business plan or idea. So, here is one of the tips Entrepreneurs use to get rich fast from a small to large business. It is a simple business idea you can get started on right away:

KennethPaxton
09-15-2014, 02:32 AM
Its a great way to explain the strategy on how to save money from the business and get rich. You explain here about the proper management for business which is very nice guidance for a business man.
Thanks owesem75 for sharing this nice and helpful information here. :)

Michael Thompson
09-15-2014, 10:26 AM
Very nice explaination of CD RW. Great idea !

ThurmanAmey
09-27-2014, 02:57 AM
Everyone wants to become wealthy but there few people who actually know about what they need to do in order to get this. Becoming rich is a combination of luck, skill, and patience. There are having some ways through which you can save money or get rich. This ways are like:-
Save money which helps you in a great manner to become rich.
Do every thing with a proper budget and plan.
Spend your tax and refund it wisely.

DwightDuncan
10-08-2014, 02:29 AM
What is CD-RW? We all know it to be "Compact Disk - Re Writeable". Right! but I have read in one newspaper a new meaning to it that will surely makes you remember how to save and get rich..

Here goes, and it has to be in this sequence.

C stands for Cash Flow - you have to identify all your sources of income and management it. If you think you are able to make some passive income from other sources, you have to do so. The aim is to make sure you have a steady stream of income.

D stands for Debt Management - Pay your Debt as soon as you can. You do not want to be tied up to it for life paying high interests, etc. etc, specially if its credit card or loans from banks. The faster it gets paid, the more cash you will be able to save.

R Stands for Risk Management - If you are trying to invest, try to make sure you have separated funds for emergency. You get yourself and the family life insurance. You have to secure yourself for any eventualities when you get into the last bit, which is...

W Stands for Wealth Management - this is when you start to invest your extra cash and let it work for you earning additional income generated by dividends (if invested in the stock market).

So that's it guys, I do not own this concept, I just read it and thought would help others when shared.

Good luck saving and I wish you all great richness!
It is a very clearly explained information about savings, I think planning is the most important thing.

jenniferandrews39
10-14-2014, 02:01 AM
Thank for such a idea for finance tips...

senthil
10-23-2014, 03:04 PM
Publishing Company:

Hi Friends I touch with this internet start from 24Kpbs to 14Mbbs since 1995 still I am unable to find gr8 home base or online business, done few tricks and got Money but that will not help for long run
But today morning I noticed my Mother old scribbling book, just had a glance , I was unable to believe my Eyes , These many days whatever my mother said like “I can write good books, stories & songs my son please have the look” but I not even taken this into serious, I will keep on make fun out of her ….
Finally I was thinking why we don’t start a publishing organization, like gathering information form house wife; friends etc… maybe who knows who can able give gr8 book or Ideas.
I have decided, collect all this information, organize category wise, using some publishing tool to make that into E-books and Sell?
But I have bit knowledge in publishing still I am expecting your wise advice

Thanking you
Regards
Senthil Kumar

PaulCargo
10-27-2014, 06:20 AM
Great way to explain the meaning to save and get rich. It is great to know about the financial meaning of CD-RW. The above post is a great information to share, the above tips are really very nice tips to save the money and become rich.

David T. Breen
11-20-2014, 12:06 AM
Saving money is very essentials for everyone's life. Each and every individual has to save money for the sake of their future. Becoming a rich is not an easy work or task, those who are rich can think differently, they do things differently, they have the ability to face the risk and handle it. First and most important thing is buildup cash cash and save money, clearout all your debts, set goals and achieve them. Takeout time for research about how and from which way you will earn money.

melissasuzy
11-22-2014, 08:43 PM
The book " Capital in the Twenty-First Century" by Thomas Piketty (http://amzn.to/1yFAwHP) is actually a great book that explains modern economics in depth. By listening to this book you begin to understand the importance of accumulating interest. Technically money is worth more when it is old money, as opposed to having to go out and earn the money and then save it. Being able to pool money and accumulate interest over long periods of time is very very important, it seems like common sense but if you give this a listen, you'll notice some interesting things.

Cesar Montoya
11-25-2014, 08:08 PM
Or join me at cesarmontoya.wakeupnow.com

This product is for the sole purpose of saving money on everything you spend. All you need is a smart phone because its an app where you take a picture of the receipt and it will calculate how much money you will save, at the end of the month you will receive the money. This includes food, clothes, shoes, pretty much almost everything. For every 2 miles you drive you receive a dollar back in gas. It's $100 a month for this product unless you get 3 people who want the same and then its free.

Grabowski
11-29-2014, 07:23 AM
There can be lots of options for saving money, like you can have a saving money and after certain period of time when you have a good sum of money you can make it a fixed deposit of that, likewise you can invest in share market on a safe guide even now a days peoples are using internet based currency for getting richer.

fillidave
05-31-2018, 06:05 PM
A good way to save would be to get a lower rate on any loans you take out. Heres an awesome guide that helped me get started with regards to loans: http://b7y.us/SmlBizLoansHow2INC

ThomasJone
06-04-2018, 05:48 AM
This is solid counsel. I generally appreciate acronyms for helping me to recall things, and this one is brief yet still contains profundity. A debt of gratitude is in order for sharing.

davidlee21
02-12-2019, 05:16 AM
Great piece of information,
saving money is good, but to be rich you need to invest that money somewhere.

inonicarlson
02-14-2019, 05:42 AM
looking to invest available capital overseas,please any ideas?

inonicarlson
02-14-2019, 05:44 AM
was thinking of real estates and hotels

Luisgallo
02-17-2019, 10:57 PM
Great tips and advises. Thanks.