With global markets acting volatile, you never know when economic recession will hit again. It is therefore always better to be financially prepared than to regret later when your company hands you a pink slip, and you wonder where to make money from! Our expert financial advisors give us 5 invaluable personal financial planning tips that will help you to build your wealth and make your future secure!
1. Take control of the steering: You are the driver of your own life, so it is totally up to you whether you want to race your car at 10 miles per hour, or 90 miles per hour. We would suggest a moderate 50 if you are an amateur. Anyways, you should take control of your finances as soon as possible. If you are waiting for the right moment, let us tell you that there’s no right moment for financial planning.
2. Avoid eating out too much: Do you know what eating out does? It magically transfers money from your pocket to the cashier’s cashbox. While we are not telling you to eat out, we are telling you to avoid doing so too often. Not only will this save money, but also ensure personal well being.
3. Buy a retirement scheme today: The sooner you enter into a retirement savings scheme, the more money you can possibly expect when you retire. Your life post retirement should be absolutely tension free; so make sure that you invest in one such scheme as soon as possible.
4. Don’t pay too much tax: No, we are not telling you to do anything against the national interest of our country. We are simply telling you to invest your money so that you don’t have to pay too much money in tax. Paying tax simply reduces your money, and with the kind of activities going on in the country, we know that our money is not even being used for the right purpose!
5. Avoid apartments with high rent: If you are living on rent, it makes sense to pay no more than 30% of your income. Financial advisory services say that anything higher than that should be consciously avoided!
1. Take control of the steering: You are the driver of your own life, so it is totally up to you whether you want to race your car at 10 miles per hour, or 90 miles per hour. We would suggest a moderate 50 if you are an amateur. Anyways, you should take control of your finances as soon as possible. If you are waiting for the right moment, let us tell you that there’s no right moment for financial planning.
2. Avoid eating out too much: Do you know what eating out does? It magically transfers money from your pocket to the cashier’s cashbox. While we are not telling you to eat out, we are telling you to avoid doing so too often. Not only will this save money, but also ensure personal well being.
3. Buy a retirement scheme today: The sooner you enter into a retirement savings scheme, the more money you can possibly expect when you retire. Your life post retirement should be absolutely tension free; so make sure that you invest in one such scheme as soon as possible.
4. Don’t pay too much tax: No, we are not telling you to do anything against the national interest of our country. We are simply telling you to invest your money so that you don’t have to pay too much money in tax. Paying tax simply reduces your money, and with the kind of activities going on in the country, we know that our money is not even being used for the right purpose!
5. Avoid apartments with high rent: If you are living on rent, it makes sense to pay no more than 30% of your income. Financial advisory services say that anything higher than that should be consciously avoided!