Alberta Mirror

Sunday, October 24, 2021

Anyone Can Improve Their Finances Regardless of Age or Income – Derrick Kinney

Money is what you make it, not just how much of it you make or when. At least, that’s the perspective espoused by wealth coach Derrick Kinney. After mentoring many to control the reins of the money horse, so to speak, Derrick firmly believes that anyone can improve their finances regardless of their age or income. Here are the top insights from his positioning.

Maintain an active budget book

“There are rituals you probably begin your day with. Now here’s one for you to end your day with. Every night, right before going to sleep write down all your expenses for the day. Then analyze them. Hence the active bit. To jot down a bunch of numbers and just calculate what they add up to is only half the job done. Maintaining a budget book gives you a sense of orientation to your financial matters. Maintaining an active budget allows you to assess underlying patterns, analyze your spending attitude, and then come up with an action plan. It’s not just an ‘I won’t spend anymore’ policy. That will never work. What will work is when you straighten your back, face the facts, and accept that you’ve been repeating mistakes that you don’t need to.”

Practice being careful

“Being careful is a state of mind, above all else. It’s a habit, sure, but even before it becomes a habit, it must be understood in terms of its need, especially when it comes to your money and how you handle or mishandle it. So think before buying, think before spending, think before taking loans, and in that, think about your plans to repay. Once you see why you must be careful and how it helps you, you will develop a lifelong habit to be careful with money without denying yourself what you need and without overindulging.”

Learn about investment

“Investments are a great way to fortify and grow your money. With youngsters and even some older people getting bit by the entrepreneurship bug, people stand the chance to earn more than they have ever had. Opening a savings or current account is so last millennium. Now is the time to educate yourself about different financial instruments you can invest your money in and make it work for you while you focus on things you’d like to thank life for.”

It’s good to see that by being careful instead of stingy and active instead of passive about one’s financial commitments, one can keep their finances in good shape.

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