Face it. No matter how handy you may be, you can’t fix your car if you don’t use the proper tools. The same can be said about your portfolio. You’re not going to reach your goals unless you know what tools you have in your toolbox and how to use them.
Bruce Sellery identifies seven key tools that everyone has when it comes to their finances: earnings, spending, saving, borrowing, selling, investing and organizing. Some we are quite familiar with while others we need more practice with.
While a tool like earnings—making more money—will take care of some of your financial problems, it won’t address every issue. If you’re not organized you could find yourself falling behind. The same can be said about saving. You can cut your spending to the bone to save as much as you like, but if you’re ignoring your debts you’re not going to getting any further ahead.
Using all of the devises at your disposal will not only make your life easier, it will help you reach your financial goals faster.