How to plan your financial life:
Whether it comes to build huge fortune or steady life try to begin now. You cannot postpone your success for long time. In the era of open opportunity, it is easier to build wealth than never before. Internet era gives. People opportunity to make money by leveraging money and time for any good idea.
Don’t wait for long time to pursue your dream and stop yourself to get rich.
Here are the few tips about the savings strategy:
- Start today/ As early as possible:
This is not some bullish strategy, this creates ignition to create your glory path. Starting a day before always helps you more. Don’t wait for something or someone to help you or guide you because for most of them they are not going to get any help. Prepare yourself to get ready for battle.
- Plan your cash reserves
Try to calculate all the cash reserves. You should always have at least 6 months cash reserves as emergency fund. Cash reserves help you take decision with straight mind. Don’t try to live paycheck to paycheck. Try to take up part time job or business to setup emergency fund
- Plan your monthly expenses
Create a proper monthly expenses planned with at least 30-50% in savings. People who could afford should definitely think of cutting their expenses. One big emergency will ruin all the savings if you don’t have plan to cut the exposure. pay yourself first
Try to put the savings first if you are in salaried sector, then plan your bills. This will help you save consistently and avoid you from spending in luxury and concentrate on your needs.
- Increase your savings whenever possible
Try to add more funds in your savings whenever possible, if you get dividend or bonus , try to increase the savings rather planning on vacation or buying expensive house hold goods. If you are not having 1-2 year monthly expenses covered, you cannot afford to lose money on expensive vacation.
- Review your plan at least yearly once.
Investment all the money in best way possible by diversifying. After putting lot of effort making money, it is not acceptable to lose money in some stock your never know because someone told or buying non liquid assets. The investment should be made based on your needs and 40-50% of the fund should be liquid to cover in case of emergency needs.
Always make sure that you are insured to make sure life goes on to you and to your family . Make sure one good incident for one person should not create hole to all people in the family.
Keep yourself insured.
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