Well, for the first practice, what can you do as a new entrepreneur? A prospective entrepreneur can begin by managing personal finances. It’s really important to manage personal finances. Unfortunately this thing didn’t teach in college. A student majoring in economics is taught to make other people financial statements or company’s financial journals, where he became a worker, and not taught how to make financial reports as the company’s owner.

This is the lack of college education system. Students are educated to be an employee who worked on the company’s financial statements, instead of making financial statements of the company that he would build.

About these finances, you can begin by managing personal finances, how to manage the salary wisely. The money will become a good friend as long as it can be managed properly. The point of success for managing the finances is depending on your commitment.

By starting to make a personal financial statement and personal financial management, a prospective entrepreneur would get used to make larger financial reports and manage the financial management of the company that he would build later.

So, whether you are owed or other person who owes you, then that debt should be returned. This is the mindset and principle which is essential if you want to get rich out of debt. The debt should be returned. What if your debt is actually rewarded by the owner of the money? My advice: Refuse it. Just ignored it. Say thanks to him, then refuse it. You are able to repay the debt. Why should be a gift? By refusing, you still have a good value in front of all people.

Of course, in this case, you should also look at your condition. If your condition is indeed very difficult, then it would be better to take that gift. But still with one condition. If one day you have the opportunity, then you will also give reward to that person. Not necessarily in the form of money. It could be in the form of goods or items. That way, you and he are both doing something good.

Image: www.debtadviceireland.ie

Credit card

But so many people fail in managing the use of credit cards. Sometimes they use in significant amounts without calculation. In order to more wisely use credit card then you should plan for the use so it doesn’t have to be a problem later on.

But clearly, unit link provides protection for the risk, which is the life risk. This means, if the investment holder dies, the heirs will still get the benefit of insurance. So basically, it is the same as insurance plus savings products. The different is, in this unit link, there are various selections of investment products.

Other advantage that distinguishes this unit link with the conventional insurance is generally the value of investments that have been collected can be taken at any time, as long as the remaining funds at least $500,00 USD.  This mechanism that is often applied to the unit-linked management companies.

In addition to that advantage, certainly, investors are also getting charge. This transfer costs are apply if you want to remove Porto folio or types of investments from one type to another type of link units. For example, from a diversified equity to fixed income. But these costs do not apply if the transfer occurs in the first year of investment. Whereas if the investments diversion is made in the following years, the investors will be charged about one percent of the value of investment funds.