4 Financial Tips From Money Management Masters

These pearls of wisdom are all well-known and simple, but have you ever applied them to your money treating? John Rockefeller, Robert Kiyosaki, Dave Ramsay, and George Clayson reveal the secrets of financial well-being and money management skills.

1. Keep track of your income and expenses (John Rockefeller, entrepreneur, philanthropist, the first billionaire in human history)

First, it's important to understand in what state is your money now. Rockefeller advised keeping a record of income and expenses. He took into account every dollar received, spent and invested.

To begin with, monitoring your money, start recording your expenses. To do this, review your bank accounts and card statements in the last three months.

Now try to define your priorities. Your past decisions do not have to dictate your future. Think of what is especially important to you right now. Maybe you want to move? Travel? Payout a loan? The choice is yours.

2. Pay yourself first (George Clayson, entrepreneur, author of "The Richest Man in Babylon" book)

Clayson was the first to propose to defer 10% of his income. This principle can be applied to any wealth. According to Clayson, you will hardly notice the difference, living on 90% and 100% of your income. But gradually you will accumulate the amount necessary to achieve your goals.

Try applying this principle for at least three months and see what happens. To remember to defer this 10%, set up an automatic transfer of funds to a separate account.

3. Live moderately (Dave Ramsey, entrepreneur, author, radio host)

Advertising and popular culture tell us again and again that happiness can be bought. Although, deep inside, we still understand that a new car or the latest iPhone is not capable of bringing real-life satisfaction.

Ramsey advises changing the shopping approach for living more moderately. Think about whether you need a new phone or a new pair of shoes? Remember, making money is more difficult than spending them.

4. Understand the difference between assets and liabilities (Robert Kiyosakientrepreneur, investor, author of "Rich Dad, Poor Dad")

This tip is for those who would like something more. For example, you may want to retire early or devote all your time to charity. Or maybe you want to pay for your children's tuition or are just looking for additional sources of income. To do this, Kiyosaki advises learning the differentiate between assets and liabilities, study basic financial terms and how the principles of money management work. He says that the assets are what brings money into your pocket, while the liabilities are what we spend our material resources on.

According to this classification, assets include real estate income, securities, royalties, investments - that is, everything that brings profit. And liabilities include a house, a car, various gadgets, loans.

Kiyosaki advises to continue working at your job, not to rely on it blindly and in the long perspective, but to take your financial future into her own hands. Never expect that someone else will ensure your existence or wait for the magical luck to bring you a happy lottery ticket. You have to take care of yourself.