How to manage your money wisely
Here you will read 7 steps to handle your money wisely?
"How to manage your money wisely"
Here you will read 7 steps to handle your money wisely?
Most of us learning many things for earning money. For this we take education, we learn skills, we learn working but still we cannot create huge wealth. You know why? Because most of us don’t know how to manage our money. Those who learned how to manage their money wisely, they know how to earn money from money. They creates ongoing source of income, they can create multiple source of income, and they earns passive income from their investing assets, which never stops…
If you are interested in such a thing, then you are on right place. Let’s see the way how to handle your money wisely…!!
1) Create your monthly, quarterly & annual budget first
Many people complaints that their money is not sufficient to them. Mostly they earned less is not their problem, but the problem is they don’t understand, where their money is going? This thing happened because such people don’t make their monthly, quarterly & yearly budget. If you make your monthly budget once, then you get clear idea where to spend your money & where to avoid?
Making a budget is the first important to any money management. This budget will help you to control your spending and will help you to achieve your financial goal, as you decided. You can track all your expenditure, what is your necessaries and what you can postponed to achieve your financial goal.
2) Try to Save first then spend
3) Set your financial goal in life
If you have set your financial goal, it will guide you to move on right direction. It shows you the way of saving & expenditure. You can focus on your desired goal. Your goal should be categories into three types 1) short term goal 2) Mid-term goal 3) Long term goal.
Short term goal would be complete in 6 month to 1 year, mid-term goal would be complete in 1-3 year and long term goal would be complete in 5+ year. As per duration you can decide your goal & track it. Buying house, car, or child education or marriage, your retirement, world tour. Such a goal can be achieved with proper planning on targeted timeframe. You just need to decide your goal, timeframe & proper planning. You have to stick on your planning , be patience until your goal complete.
4) Invest in early age
Invest in early age is the most important in everyone’s life because if you have started in early age, you can have longer time to grow your wealth with minimum investment. You can get maximum advantage of compounding.
As Albert Einstein said that, compounding is the eighth wonder in the world. You can avail this benefit if you have longer timeframe. Because compounding will multiply your investment. With compounding, you money would be double in 3 years, 10 times in 10 years & 100 times in 30 years. This is the power of compounding, you just need patience to complete this process.
5) Initial age, avoid taking loan
In an early age, everyone should be focus on investing. Must avoiding taking bigger loan. Because once, you trapped in this rat race, it would be difficult to come out from it. Taking bigger loan means a trap which is created by big institutions. The interest rate of such a loan can destroy your future.
Credit card loan, Home loan, car loan these are some loan which continues for a longer timeframe. You have to pay minimum double or triple interest on your gained loan amount. It will occupy your major portion of you income. You will face lot of problems in your future. So please, stay away from such a bigger loan in the early stage.
Once you have accumulated enough money for your expenditure then you can take such a loan. At this level, you would not need to take such a big loan amount because you have already created multiple source of income from your saving & investment. If you want to get more information about how to Invest Money, you can contact @ www.moneyworkforu.in or mail us @ yourmoneyworkforu@gmail.com
6) Buys medical & term insurance
Today, science have such a developed but still our health is so uncertain. Anything can happen with anybody.We must ready for such a medical emergencies. Today medical expenditure have grown a lot. Medical treatment Is so expensive. If you admitted in the hospital, that hospital treatment will destroy all your savings which you have saved for your future.
Medical Insurance & term Insurance is the most important part of everybody’s life. You can secure you & your family’s life with such a medical & term insurance. You must take appropriate medical & term Insurance as per you requirement. For more guidance about Medicle & Term Insurance you an connect with us @ www.moneyworkforu.in or mail us @ yourmoneyworkforu@gmail.com
7) make emergency fund
Emergency is the thing which will never come to asking you, it will come suddenly at anywhere and in anybody’s life. We must be ever ready for such an emergencies. It can come in any way, like any accident can happen at home, office or road.
In financial planning, you must consider to make emergency fund which will help you to rescue from such an emergencies. You must consult to your financial advisor for proper emergency fund. If you want more help you can contact us @ www.moneyworkforu.in or mail us @ yourmoneyworkforu@gmail.com
Conclusion
The above given points will definitely help you to manage your money effectively. Remember, proper financial planning with a good afinancial Advisor can reach you to your desired goal and will make your life more happy & prosperous.
You must take consultation with us for better financial adviser and manage your money wisely. Do connect with us @ www.moneyworkforu.in or mail us @ yourmoneyworkforyou@gmail.com
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