Brad Reifler is the CEO of Forefront Capital Management. He is a renowned entrepreneur and hedge fund expert. Brad founded Reifler Trading Corporation in 1982 to break into his lucrative career in hedge fund management. He also served as the chairman and CEO of his other company; Pali Capital, between 1995 and 2008.
During his tenure at Pali Capital, the firm saw annual profits amounting to over $200 million and had an employee base of over 200 people. The company also expanded to the U.K and Australia.
The following are some critical financial lessons as shared by Brad Reifler:
You Take home Less Than What You Earned
If you critically analyze your pay stub, you will realize that what you receive in your account is much less than your gross earning. This is due to the numerous deductions including social security contributions, federal government income tax, health insurance deductions, local taxes, and so on. It is, therefore, important to budget from your net earnings and plan wisely.
Compound Interest Can Boost your Savings
If you begin making monthly or weekly saving from an early age, you may have substantial savings when you retire. This is occasioned by the power of compound interest. At the end of every year, the accumulated interest is added to the first saving and the final interest calculated from the boosted figure.
Budgeting is Key
Established business set ups prepare budgets, analyze the projected revenue returns, and plan for expenditures. The same way, individuals, should consider themselves as business units and plan for their income, expenses, and future savings.
Pick Affordable Colleges
For students paying their own fees due to one reason or another, choosing an affordable public college is crucial. Most employers nowadays look for individual strengths and talents as opposed to University names. You, therefore, need to avoid those expensive private colleges.
Build Your Credit Record
Student loans can be easily acquired without a strong credit history. However, you will need a good credit history to access asset financing and mortgages. You need to pay your bills on time and probably take up a starter load to build your credit worthiness.