7 ways: How to manage your money effectively

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During our formal educational years, we learned a lot of subjects that helped us face the professional challenges in our lives. However, I realised that there were many other important subjects necessary for professional life that we had to learn by trial and error. We were never taught the important subjects of money, relationships, health and happiness.

Build products or assets: We all have a career of approximately 40 years, while some prefer to work even post retirement. If you do not build any money producing products or assets during your career, then you will have to trade your time for money. Products and assets are the sources of passive income. You do not need money to create products or assets; you just need to work on ideas. I did not have the resources initially to create assets so I wrote 5 books and they will forever be my sources of passive income. What are your skills and talents which are lying dormant? Can you use your spare time to create something that guarantees you future cash-flows? (Source: Thinkstock Images)

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