It is crucial for people, especially youngster, to understand the value of money in today’s world. People are seen to spend money without giving a single thought. It is hard to deny that many people out there buy stuff to gain validation from other people on social media. They care about their status in society more than anything else. What they do not consider in doing so is that they are getting themselves into some serious financial troubles by doing so. Once you start to spend money without thinking about it, you get in a bad habit of wasting it. People with such habits make poor financial decisions that later on put them in hard to deal with financial situations. They have ask for loans at every stage in their life when they are in the need of money.

Learn to manage your money so you can be financially strong:

The first step to become financially strong is to start learning how to manage your money. Once you know how much you should be saving every month, and how much of it you are allowed to spend, you can start to grow your money. People only work on their earning skills. However, it is also important that they should also start to learn where they should be investing their hard earned money. This will prove to be hugely beneficial for them in the future as well.

Put your bike on collateral to lower the interest rate while taking a loan:

When you are taking a loan, you can consider to choose Motorcycle pledge [จำนำมอไซค์, which is the option in Thai] option to lower the interest rate. Pledging your precious goods which hold high market value can easily get your loan approved. This also ensures the lender that if you won’t be able to pay the loan back then he has the option of keeping your bike to recover the cost.

By Genaro Martin

Linda Martin: Linda, a renowned management consultant, offers strategies for leadership, team building, and performance management in her blog.