Brad Reifler is the founder and CEO of Forefront Capital Management. Before that, he was the CEO and chairman of his company, Pali Capital where he served between 1995 and 2008. He previously worked at Refco as a star trader before founding Pali Capital. Reifler also worked as a director at Foresight Research Solutions, Genesis Securities and the European American Investment Bank. He is currently a director at the Sino Mercury Company.
As CEO at Pali Capital, Brad guided the company to achieve over $200 million dollar profits. Under his care, the company also grew to employ over 200 workers. They also widened their scope from the US to Australia and the United Kingdom.
In a recent article published at the Huffington Post’s Contributor platform, Brad Reifler shared some financial lessons that everyone is required to learn. Here are some of these principles:
The Importance of a Budget
The same way businesses prepare budgets to plan their expenses and predict their revenue, individuals ought to figure out their possible income and how they intend to spend and save their cash. In fact, you would handle your finances better if you considered yourself as a business. If you understand the importance of balancing your income and expenses while focusing on future needs, you will be able to avoid falling victim of unmet needs and endless debt.
What Compound Interest Does
A young person who begins saving a small amount of money every week or even month can become rich by the time they reach retirement age. The interest gotten from your saved money is added to your account balance and this result in even more interest. Over a long period of time, the compounding effect will result in substantial gains and help to reduce the stress that comes with retirement.
Get Good Deals
They say,” cheap is expensive.” Paying more to get better quality stuff might make sense especially if you can comfortably afford it. Shop around for better offers or negotiate on things like life or car insurance without decreasing their value. It is good to understand the difference between an item that has a low price and one that has a good deal.
Reinforce the above financial lessons in your life then pass them to any young adult. Understanding budgets, saving, credit and other financial concepts will help you create a secure and stable financial future.