The basic principles of effective Money Management.
- Save at least 10% of all that you earn for an investment fund for the future.
- Learn to live on 90% or less your income.
- Invest your accumulated capital into project that will provide a safe, steady income, taking full advantage of compounding of the interest received.
- Invest only in areas in which you have expertise or with people who are experienced.
- Buy the house in which you live so you don’t waste any money on rent.
- Have a realistic insurance (takaful) program.
- Always keep working at various ways and means of increasing your income.