​We all know that a penny saved is a penny earned. Thus before you actually spend on anything, think twice if it is really necessary for you. This is very crucial in case you are an impulsive shopper. If possible, postpone the purchase for a week or ten days and if you still sense the need, go ahead and buy it.

​Managing finances is in itself an art. Many people who earn good amounts often fail at managing the money and are left with empty pockets by the last week of the month eagerly wait for their next salary. Though increasing income is not easier than said, with simple effective practices one can successfully manage their finances at home.

Here is a compilation of tested and proven tips that are easier to practice to effectively manage your finances.

Identify Money Leaks
Small aspects such as TV and magazine subscriptions, frequent plumbing repairs, excessive shopping, too much partying and spending on friends can cause money leaks without our knowledge. By the time we realize, the money is already gone and we are left with nothing that can be done.
Pro Tip:
Write down every expenditure that you make. Review the list weekly. This helps you to stay alert and cut down on similar upcoming expenses.
Beware of little expenses; a small leak can sink a great ship. – Benjamin Franklin

Opt for Home Food
With the increasing convenience of food delivery through apps, no wonder that we all are preferring to order food and skip cooking at home. While this can be good sometimes to relax ourselves, depending too much on outside food will affect our finances heavily. Besides, restaurant food is rich in oils, salt, and sugar that can impact our health too in the long run.
Pro Tip
Cook at home whenever possible. If you are working and have little time to cook, plan cooking for the week ahead, stock your fridge with concerned ingredients and stick a note with your cooking schedule on the fridge. Opt for single pot recipes when you run of time. Keep eggs, oats, fruits, nuts and dry fruits ready which come handy when you are left with little time and energy to cook.

Review your Weekend Plans
Weekend plans are another source that leads to huge expenditures. Long drives and fun activities can be fun once in a while, but not multiple times in a month. We end up spending a lot of fuel for the car, eating out and staying in hotels, etc.
Pro Tip
Call your friends and family for the weekend to your place once in a while. Share the cooking part, enjoy the fun and spend the evening playing indoor games or spending time at your pool. You can also relax on your weekend completely at your home watching movies on TV, working out for an hour more, enjoying a nice bubble bath, or simply losing yourself into a book with a cup of coffee.

Make Gardening Your Friend
Gardening is one such hobby that has multiple advantages. You can grow your own vegetables, fruits, and herbs and enjoy homegrown organic food, instead of shelling out dollars on organic food from supermarkets. Gardening also offers comprehensive work out without needing to invest in high-cost exercise equipment. Thus, gardening can make you healthy and wealthy at the same time.
Pro Tip
Encourage your family members too to involve in gardening. This builds good family bonds and also teaches your children the joy and pride in growing their own food.

Save Before you Spend
​A common mistake that many of us do is staying in a notion to save whatever is left after our expenditures are made. This is the wrong way of managing your finances. Financial experts opine that your management of savings should be according to the formula: 50-30-20, which means you should spend 50% of your earnings on your basic needs such as food, education, shelter and health, 30% on wants which include your internet connection, car gas expenses, and 20% should definitely go into your savings.
Pro Tip
Never touch the savings amount unless there is a critical emergency. After you save enough amount, try to make the money work you by taking the help of a financial expert.

An Ultimate Approach for Managing Finances
Check where your hard-earned money is going waste, and stop the spending without any further thinking. Sometimes, it is good to be strict, especially in curbing extra expenses.
Do not save what is left after spending, but spend what is left after saving. – Warren Buffet

When both wife and husband are earning, it is important that you both are on a single page about investments, expenditures, and spending on luxuries. In situations like the selection of schools, shopping, planning for vacation or luxury purchases, both of you should discuss and make a proper plan about finances. EMIs and interests consume a major chunk of earnings and hence you should have a solid plan to deal with them effectively. Incorporate all such expenditures in your budget planning.

Spending on health and healthy food is always an investment and should never be ignored. Insurances can save you from major financial windfalls and you should take insurances for all your needs.
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When it comes to savings and investment, remember that you can even start your savings with a couple of dollars. The earlier it is, the better – when it comes to managing your finances and savings. Never postpone your plans of savings and start early even if the amount of savings is little. Take expert help when in confusion and this pay well in the long run.

​This is the story of a man who became one of the world's richest people from being a railroad worker's son. He is mostly known as the owner of the 'Zara' brand, however, Amancio Ortega owns a chain of stores including Massimo Dutti, Pull & Bear, Bershka, Oysho, and many more brands. He's a true self-made billionaire. With his $64.5 billion of fortune, he is the world's 4th richest person. So how did that happen?
We brought this inspiring story together for you.
Ortega was born in 1936 in Spain as the son of a railroad worker.

He was the youngest of 4 brothers. When he was 14, his family had to move to La Coruna. Ortega started his work life there, running errands for the local T-shirt factory.

Ortega learned tailoring in time and he opened a small shop with his family, using the skills he got from his previous job.​In this small shop, they started producing robes, dresses, and many other kinds of hand-made clothing items. They asked for help from the women in town who knew how to knit when they were short staffed. This shop would become the foundation of Spain and even the world’s biggest fashion company.

He created his first brand, 'Zara' in 1975, with his spouse Rosalia at the time.

(Rumor has it that Ortega wanted to name the brand 'Zorba,' but the name was taken, so instead he went with 'Zara'.)
He started producing nightgowns, underwear, and even children's clothing. The same year, Zara opened its first store in Spain. Zara was getting more and more popular and the enterprise was growing very rapidly.

What was his strategy that made him achieve such growth?
The brand was following the latest fashion trends and it was aiming for the middle class. Zara helped the middle class have access to fashionable clothing with fair prices.
Basically, the strategy was to make cheaper imitations and different variations of whatever was popular on the runway.

What's more is that people could buy these creations within almost two weeks after a fashion show. This was an extraordinary revolution for the middle class.
Moreover, Ortega introduced the 'fast-fashion' concept to retailers.

​What does 'fast fashion' mean?

The fashion world is simply made of two main collections. Spring-Summer and Autumn-Winter are constantly in circulation, meaning when the old season goes on sale, new products arrive so there is a much faster pace and consumption.
After Zara, the fast-fashion model was adopted and is still being used by many other companies.
Amancio Ortega single handedly owns 59.3% of the world's retail clothing market.

The adventure that started in the rainy forests of Galicia now reaches over 90 countries with more than 6000 stores.
Ortega surpassed Bill Gates to become the richest man in the world.

He had a good roll in the stock market and he was listed as the world’s richest man in 2015, surpassing Bill Gates.
As Europe's richest man, Ortega had earned 'world’s richest man' title more than once.
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​People speculate that his system can achieve better profitability than Warren Buffet or Jeff Bezos of Amazon. So we think that he will stay in the top 5 for a while.
Inditex, is one of the 3 companies that was valued over $106billion.

The other two companies are Sarterder Bank and GSM company Telefonica. Howeve,r Inditex has left these companies behind long ago. Ortega was a self-made billionaire who achieved all his wealth in a recessive economy where people were losing their jobs and companies were bankrupting.

What do we know about Ortega's personal life?
Surprisingly, not too much as he is living an isolated and private life away from the public eye. He does not give interviews. He didn’t even have any photos until he got rich. However, this photo shows that it is getting impossible for him to escape the press.
After the sudden death of his first wife Rosalia in 2013, he married Flora Perez.Other information we have from the paparazzi is that he likes horse riding, watching horse racing, and sailing with his yacht.

Here’s how we understand how serious Ortega is when it comes to business:
According to Inditex employees,Ortega values front end sales personnel’s opinions and feedback more than their managers.Successful businessmen tend to have many real estate properties as they have an eye for good investments.Ortega owns insane amounts of property. The total value of his real estate is $10 billion. May we remind you that good real estate usually earns value over the years instead of depreciating.
Who will take over the Empire?
It is speculated that 80-year-old Ortega probably will leave its place in the company to his daughter, Marta Ortega Perez in the near future.There are reasons behind why Marta is the most likely candidate.Marta Ortega had been training for the company from a very young age. She has worked in every level of the company including folding clothes in the stores.The duo are seen together in every photo that was in the press.We can say that they have a common taste and they surely spend a lot of time together. Will Marta be able to manage this company as successful as her father? Only time will tell.

​A bad credit score cannot keep you from getting a car. However, if you follow tips such as improving your credit score, choosing a short-term loan and buying a used car, you can surely obtain lower interest rates than before. Understand the link between bad credit score and interest rates to save some dollars on the deal.

​The interest rate for bad credit car buyers will always be higher than a good credit individual. The primary reason being that a lender is taking a risk by lending money to someone who has difficulty in repaying the money or maintaining a healthy credit score. Before you step into a dealership to check out car models, you should check your credit score. It is the key element in deciding the amount of interest rate that you will have to pay for your car. Bad credit buyers should think one step ahead and ascertain the average interest rate according to their credit score in order to avoid any surprises later.

Bad Credit Score and Auto Loan Rates: How Bad is Really Bad?

Any credit score above 620 is considered to be decent and will attract reasonable interest rates. However, for people who have a credit score of 620 or lower, the credit score is considered to be poor. According to nerdwallet.com, a subprime credit score, which ranges from 501 to 600, will give you an interest rate of 16.14% for a used car and 11.89% for a new car.
While a deep subprime credit score of 300-500 gives you an interest rate of 19.98% for a used car and 14.41% for a new car. For credit challenged people, it is ideal that you build your credit score and bring it close to 601-660 so that you can achieve a lower interest rate on the purchase of your car.
Bad Credit Auto Financing Tips that Will Save You Dollars!

1. Check & Improve your Score
Before you start thinking about the details of your car, it is wise to check your credit score. Knowledge about your credit score will give you an estimated idea about the interest rate. If you have time before you apply for your auto loan, always take actions that will boost your score and help you to negotiate lower interest rates. Display a strong payment history by clearing your debt. Pay off credit card balances and keep them low. You should also avoid taking any new credit until the auto loan is approved.
2. Short Loan Term is Favorable
If you have suffered from bad credit history, do not go for a long-term auto loan. A term of 72 months or more will force you to shell out more money in the long run. It is because you will have to pay a higher amount towards the interest. Alternatively, choose a shorter term to reduce your financial charges significantly. An ideal term period is close to 60 months. However, bad credit auto buyers can even go for 48 month or 36 months to get a competitive interest rate.
3. The New Vs. Used Debate
The difference between a new car and a used car can be felt in the pricing as well as the auto financing rates. One may argue that new car loans come with lower interest rates and so it is wise to choose a brand-new model. However, the high cost of new cars can cause trouble. Individuals with bad credit should opt for used cars as the pricing is affordable and approvals are easy to obtain on pre-owned cars. Bad credit will hike up your interest rates than normal. Choose to go for a new car only if you are ready to make significant down payment.
Improve Credit Score to Decrease Auto Loan Rates
While an interest rate is decided on multiple factors such as the amount of the auto loan, term period and down payment, the most important factor is your credit score. Always make an effort to keep a consistently good credit score. Once you improve your credit score, your interest rates will automatically decrease and you can move forward to purchase your favorite car.

Could we really see the world's first trillionaire in our lifetime? 
A new report on inequality published by Oxfam suggests Bill Gates could become a trillionaire in the next 25 years, however, one critic has called the claim 'ludicrous.'
Source: http://www.dailymail.co.uk/news/article-...
​The Microsoft co-founder is already worth $85 billion, according to Forbes. But if Gates' wealth continues to appreciate at the rate of return it has been for the past decade, then by the time 61-year-old Gates hits his 86th birthday, he should be worth a trillion dollars.

​The 61-year-old Microsoft founder, who was the world’s youngest billionaire in 1987 at the age of 31, could be worth $1,000,000,000,000 by the year 2042, the report has claimed.
Oxfam says the wealth held by the super-rich since 2009 has increased by an average of 11 percent per year, using this average rate of growth to make its prediction.

“Once a fortune – or capital – is accumulated, it can grow quickly. The super-rich can achieve returns that are not available to the ordinary saver, helping the gap to grow between the wealthy and everyone else,” the report says.
If Gates' investments continue at that growth rate, then Gates, or perhaps another billionaire close to his level, will become the world's first trillionaire. That's even with the billions Gates has given away to charity. As of 2013, Gates had given away $28 billion to the Gates Foundation, which helps fight worldwide poverty.
However, economics expert Tim Worstall, a Forbes contributor, argues that Oxfam’s claims are ‘ludicrous.’

​Looking at the numbers, Worstall explains: “In the proper jargon they are confusing a cycle in the economy with a structural feature of the economy."
“Bill Gates, to be world's first trillionaire soon? Most likely, in fact almost certainly, the answer here is 'No'," he concludes. 
Using the same rate of return, and assuming Gates doesn't do something like suddenly give away most of his fortune, and using the same start date of 2006 when Gates was worth a mere $50billion, that means in 25 years, he would be worth $133billion, according to Worstall's estimation.
The Oxfam report concludes that “eight billionaires own the same wealth as the 3.6 billion people who form the poorest half of the world's population.”

​Mark Goldring, Oxfam GB Chief Executive, said: “This year's snapshot of inequality is clearer, more accurate and more shocking than ever before. It is beyond grotesque that a group of men who could easily fit in a single golf buggy own more than the poorest half of humanity."
“While one in nine people on the planet will go to bed hungry tonight a small handful of billionaires have so much wealth they would need several lifetimes to spend it. The fact that a super-rich elite are able to prosper at the expense of the rest of us at home and overseas shows how warped our economy has become.”
As the world's richest man is likely to becoming the world's first trillionaire, there have been plenty of Twitter jokes too: