Start Personal Finance Planning RIGHT AWAY

Dear Readers,

If you are Male or Female, Student or working, Just started your career, or in the middle of your career, You have net worth positive or negative, you are single or married, START TAKING YOUR FINANCES SERIOUSLY, start Personal finance management If you want to retire gracefully without financial crunch, or you have to work for money until the time you die.

If you are a student with education loan, Just started your career…you may be having 8-10 lakhs negative net worth…but need not worry, it was unavoidable liability which you have taken for education purpose. You can just finish it up early, wisely…Most of the banks gives Moratorium period up to 1 year after getting Degrees. You can use this period to pay maximum amount, which will cut down on loan's interest so that, you can lower your EMis once your “paying tenure” actual starts.

If you have taken a Job as a fresher on comparatively less salary, First Upscale yourself with better paying skills in the current Market.

This way You can have better negotiation with your current or new employer with up to 50% salary hikes.

Using this difference amount, you can volunteer pay every month extra amount apart from EMI to make yourself loan free at early stage of your career. Then you can plan for wealth creation by investing.

If you are single, then start investing from early stage of your life, you will get maximum benefit for being in the market from early. The basic formula for investing is, you should invest at least 20% of your income every month. If you start early, you will surprise to see your returns by compounding.

It is Famous to say," some one in the shade because someone had planted a Tree long ago.

So, we should think about it and start investing at the earliest.

IF YOU ARE MARRIED, then first thing, you should discuss with your spouse about your assets, liabilities and your financial goal (short and long term), and you should come on a common page first, then you Jointly can make a Personal Finance Plan, which will be more effective in terms of execution and result.

Both of Husband and Wife, If both are earning, calculate the joint household income, Cut down on unnecessary expenses by simply making list expenses as AVOIDABLE and UNAVOIDABLE. So, it will result in cutting down monthly expense. You can take help of many good expense tracker, personal finance Apps available. In this way, you can save entire salary of one of the spouses, which you can use for Investment in diversify blue-chip stocks, Index Funds, Mutual Funds or other good paying assets jointly. It will create wonders, make them financial free even way before their retirement.

Folks, I am giving reference of Amitabh Bachchan starer Bollywood movie" Baghbaan”, for understanding importance of proper financial planning in a better way, In movie, Amitabh Bachchan was shown retired person from bank, but due to some reason or lack of financial Planning, He and his wife were entirely dependent on their children and had to live separately which is not good situation.

So Readers, Start financial planning right away, no matter in which net worth you are. 

Please, Like and share this article, and comment any unique idea you have for better Financial planning. Bye…Take care…!!