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MONEY IS NOT THE SOLUTION

 

MONEY IS NOT THE SOLUTION

THIS IS A STORY OF KBC 5 WINNER SUSHIL KUMAR WHO WON 5 CRORES.

HOWEVER, AFTER FAILING TO INVEST HIS PRIZE MONEY WISELY, KUMAR IS NOW STRUGGLING IN HIS LIFE.

HE STARTED INVESTING IN VARIOUS BUSINESSES HE DIDN’T UNDERSTAND.


MOST OF THESE VENTURES FLOPPED AND HE LOST A LOT OF MONEY.

HE WOULD DONATE CLOSE TO RS 50,000 EVERY MONTH.

HOWEVER, MANY MISUSED HIS PHILANTHROPY AND CHEATED HIM OFF A LOT OF MONEY.

HIS NEW SELFISH FRIENDS MADE HIM GET ADDICTED TO SMOKING AND ALCOHOL.


HE HAS LOST ALL HIS WINNING AMOUNT AND BOUGHT TWO COWS, SELLING THE COW’S MILK IS NOW HIS WAY OF LIVING AND EARNING.

IT’S NOT HOW MUCH MONEY YOU MAKE, BUT HOW MUCH MONEY YOU KEEP, HOW HARD OT WORKS FOR YOU!!

 

 WE REACHED 100TH  POST..😍😍 LET’S REACH 500TH POST SOON WITH ALL YOUR SUPPORT..💗

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SOLUTIONS OF FINANCIAL MISTAKES

SOLUTIONS OF FINANCIAL MISTAKES
THE EARLY YOU START YOUR FINANCIAL PLANNING, THE BETTER IT IS.
FINANCIAL PLANNING IS NOT STANDARDS. IT’S PERSONAL!

BUYING LIABILITIES
ASSET IS SOMETHING THAT PUTS MONEY IN YOUR POCKET.
FOR EXAMPLE INVESTMENT, REAL ESTATES, A BUSINESS, PRODUCTS LIKE BOOKS OR ART, OR THE DIVIDENDS FROM STOCK AND BOND INVESTMENT.

POORLY USING CREDIT CARDS
CREDIT CARD CAN BE SMARTLY USED.
YOU CAN USE IT GET UPTO 50 DAYS INTEREST FREE LOAN.
CREDIT CARD CAN BE USED IN EMERGENCY SITUATIONS.
IT CAN BE USED TO IMPROVE CREDIT SCORE.

BUYING TOO MUCH GOLD
ROBERT KIYOSAKI PROMOTES BUYING GOLD, BUT WARREN BUFFET ADVISES AGAINST IT.
SO, BUYING GOLD OR NOT AND IF YES, HOW MUCH DEPENDS ON YOUR FUTURE GOALS AND RISK TAKING ABILITY.

MONEY LYING IDLE IN BANKS
MOST OF US ARE YOUNG. IN THIS AGE, WE CAN AFFORD TO TAKE SOME EXTRA RISK.
WE SHOULD INVEST IN STOCKS, MUTUAL FUNDS(FROM INDEX FUNDS TO LIQUID FUNDS), ETF’s DEPENDING ON PERSONAL GOALS AND REQUIREMENT RATHER THAN PLAYING SAFE.

PUTTING ALL EGGS IN ONE BASKET
LOOK OR EVERY INVESTMENT OPPORTUNITY POSSIBLE. INVEST IN WHAT SUITS YOU BEST. NEVER PUT ALL EGGS IN ONE BASKET.
YOU CAN DIVIDE MONEY FOR EMERGENCY FUND, FD, CASH IN SAVINGS ACCOUNT, INVESTMENT IN STOCKS, MUTUAL FUNDS, BONDS, REAL ESTATE ETC.

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THE LEVELS OF FINANCIAL FREEDOM

THE LEVELS OF FINANCIAL FREEDOM

 LEVEL 6 : ABUNDANCE

(INVESTMENT CASH FLOW >> ANYTHING YOU WANT)

LEVEL 5 : INDEPENDENCE
(INVESTMENT CASH FLOW = LIVING COST)

LEVEL 4 : SECURITY
(INVESTMENT CASH FLOW = SURVIVAL EXPENSES)

LEVEL 3: DEBT FREEDOM
(FREE OF DEBT & START INVESTING)

LEVEL 2 : STABILITY
(LIVING EXPENSES = INCOME) + EMERGENCY FUND

LEVEL 1 : SOLVENCY
(DEBT/LIVING EXPENSES = INCOME)

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FINANCIAL PLANNING: THE 50/30/20 RULE FOR PERSONAL FINANCES

FINANCIAL PLANNING: THE 50/30/20 RULE FOR PERSONAL FINANCES

 NEEDS 50%

HOUSING, FOOD, TRANSPORTATION, EXPENSES, ESSENTIAL DEBT.
 

WANTS 30%

RESTAURANTS, ENTERTAINMENT, VACATIONS, LUXURY ITEMS,  ELECTRONICS,  CONCERTS.

SAVINGS & INVESTMENTS 20%
EMERGENCY FUND, 
RENTAL PROPERTY, 
STOCKS / ETFS (EXCHANGE TRADED FUND), 
REGISTERED RETIREMENT SAVINGS PLAN (RRSPS),
BONDS/MUTUAL FUNDS.
 

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TIPS FOR PERSONAL FINANCE GOALS

 TIPS FOR PERSONAL FINANCE GOALS
1) BUY STOCKS ON MONTHLY BASIS

 2) SAVE 20%OF YOUR INCOME

3) INVEST IN LOW COST INDEX FUNDS.
 4) INVEST IN DIVIDEND STOCKS.
 5) READ 1 BOOK A MONTH.
 6) PAY OF ALL YOUR DEBT.
 7) CREATE ANOTHER STREAM OF INCOME.

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