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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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DIFFERENT WAYS TO BUY AND INVEST IN GOLD

TYPES OF GOLD INSTRUMENTS

PHYSICAL GOLD

Physical gold. Being a tangible asset, which can be worn or displayed, one always has an emotional attachment to physical gold. Also, for an individual, it is easy to buy physical gold. You can buy it in the form of jewellery or gold biscuits and coins from jewellers.

SOVEREIGN GOLD BONDS
SGBs are government securities denominated in grams of gold. They are substitutes for holding physical gold. Investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity. The Bond is issued by Reserve Bank on behalf of Government of India.

GOLD COIN SCHEME
Indian Gold Coin Scheme is the third scheme launched by the Government of India. The Indian Gold Coin is the first national gold coin which will have the image of Ashok Chakra minted on one side and the face of Mahatma Gandhi on the other side. The coin is currently available in denominations of 5gm, 10gm and 20gm.

GOLD SAVING SCHEME
Gold or jewellery savings schemes come in two forms. A typical one allows you to deposit a fixed amount every month for the chosen tenure. When the term ends, you can buy gold (from the same jeweller) at a value that is equivalent to the total money deposited, including a bonus amount.

GOLD ETF
A Gold ETF is an exchange-traded fund (ETF) that aims to track the domestic physical gold price. They are passive investment instruments that are based on gold prices and invest in gold bullion. In short, Gold ETFs are units representing physical gold which may be in paper or dematerialised form.

DIGITAL GOLD
Digital Gold is a simple, convenient and secure way to invest in 24K physical gold online. In this, investors can buy, sell and accumulate pure gold in fractions anytime and anywhere. Each gram bought by an investor is backed by an actual physical gold, which can be easily sold back online at market-linked gold rate.
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IMPROVE YOUR FINANCIAL STATUS

IMPROVE YOUR FINANCIAL STATUS

Track your expenses

Tracking your expenses helps you to see spending mistakes before they become disastrous personal finance problems. Tracking your expenses helps make you more mindful of spending in the moment. Tracking your expenses can kill financial stress.
Read books about finance 
It makes the reader understand how very simple finance tips can help in managing your everyday finances while the “pay yourself first” money can help in wealth accumulation for the future.
Have a side hustle
A side hustle is any type of employment undertaken in addition to one’s full-time job. A side hustle is generally freelance or piecework in nature, providing a supplemental income. Side hustles are often things a person is passionate about, rather day a typical day job worked in order to make ends meet. 
Always use coupons

People use coupons to save money. … However, coupons allow stores to also get business from people who have relatively more time on their hands (to find and cut coupons) than they have money, and would only make the purchase at the lower price offered by the coupon.


Find a mentor
 A financial mentor is essentially someone who can help you plan smart strategies for how to spend, save, and invest your money. Money can get complicated and having a trusted financial mentor can bring clarity and context to your financial decisions and make things like investing and saving a little easier to manage.



Start Investing

Investing when you’re young is one of the best ways to see solid returns on your money. That’s thanks to compound interest, which means your investment returns start earning their own return. Compound interest allows your account balance to snowball over time.