20 Nov 5 Unexpected Ways Personal Finance Can Make Your Life Better
Personal Finance is something that makes everyone crazy. Crazy in the sense, A survey state that people spend 5*7 hours just to uncover the way of earning and once a dream profile knocks a door, people worked so hard to earn.
But the question is What makes you earn more and more?
Actually, for this question If you answer only one reason, it will not be justice to the question and your hard work.
So, Basically There is 5 reason that makes you work so long.
1. Family Financial Security
2. Saving for Retirement
3. Saving for Emergency
4. Luxurious Livelihood
I have mentioned 5 basic reasons for the above question but there is much other reason also. If you think, you have some more reason for this. Comment Down below will add in our upcoming blog.
Wait for a second and think, to achieve all these, Family Financial Security, Saving for retirement and for an emergency, luxury life and Investment.
Do you have any plan with you?
Have you consulted any Personal financial advisor?
Is your answer being NO?
Don’t worry you are not alone.
7 out of 10, don’t have a financial plan with them.
Because of this Trillions of Dollar are in consumer debt.
Strange know. But it is a fact.
People work so hard with full passion and dedication to earn and to save something but don’t have a proper plan to manage the Personal financial expenses and that end up with great disappointment.
This led to them in huge debt.
So to solve this issue, Today we will become the witness of
5 Unexpected Ways Personal Finance Can Make Your Life Better
Yes, will see how and what strategies we should follow to keep our head over the debt of ocean.
1. Prioritize your goals:
Make a list of your goal.
The goal must be for both long term and short term.
If you are planning to go abroad or you plan for early retirement. Whatever is your plan, You have to work for it form today itself.
If you do not prioritize it today it will affect your dream vacation your retirement or awaiting investment.
Once you finalise your priorities. You get an idea where you have to invest more and which need little attention for a moment.
2. Free from Debt:
When you plan for any investment. Most of the time you have to bear a loan. Sooner or later your loan amount becomes more than your income.
Generally, people use to pay off all the debt at a time. But it’s not a good idea. It feels a burden to you all the time. You can pay off one debt at a time and then collect the next amount for the next debt.
In simple word you can say “Pay off on at a time”.
What you think, will it work for you?
3. Pre-plan your Budget:
Till now we are aware of the importance of the financial goal.
So, now the time is to pre-plan of a budget that meets our financial goal.
According to a report, we should divide our budget in the following manner
1. 50% Essential Expense
2. 20% Financial priorities
3. 30% LifestyleSource: Youtube-Tedx
But the main issue is, some people plan it but not able to follow or stick to this plan for the long term. Then this is of no use. Some follow it for 1-2 month and fail to stick to it in the further month.
If you are also a victim of this situation, then it won’t work.
First, determine and plan your goal, then pre-plan your budget and stick to it for the long term to see a result.
4. Invest your Budget:
Once you start working on the above strategies. After a few months, you will see you have enough treasury. And also now you have low debt.
So, now the time is to invest your budget in your dream project.
Yes, you might think what about the retirement plan.
Don’t worry, It will there itself. The monthly budget which you have decided will continue further.
But now, the time is to experience your short term goal. As you have planned earlier.
5. Consult your Financial Advisor:
Last but not least, ask your financial advisor to help you out in planning your Personal finance.
Financial Advisor will suggest you in a more effective way. They will strategies things and make you aware of the upcoming risk and then how to overcome it.
Alert: Be aware of fraud cases.
And, At the end of the day, you have enough budget in your account, get rid of all debt and can see your dream project into reality.
If you have any query or suggestion about personal finance. Please comment down and let us help you in planning your personal finance with a game-changer AI.