Keep reading for FREE
It's worth asking yourself these questions:
What are my short, medium and long term goals?
- Can they be implemented? Are we doable?
To understand whether they are doable or not:
- What is my income? (1/6/12 months)
- What is my expense? (1/6/12 months)
- What property do I own?
- Guess what might happen in the coming months/years?
- What atypical/one-time expenses might occur?
- Are there situations in which your income will increase or decrease?
Develop a plan to achieve the goal.
To save effectively, you need to have a goal. For example, open your own coffee shop for $8,000 in 4 years. So you need to save $5 a day, $150 a month to achieve it.
To start saving:
• Define a goal
• Determine the amount
• Start saving small amounts
• Don't spend everything
• Open a separate bank account for savings
Savings must be reasonable. For example, a gym membership for 8 visits costs $50 per month. A single visit is $10. It can be seen that it is better to buy a subscription, as you save $30 per month.
To instill yourself in savings, start small. Habit = Profit.
Investments - cash, securities, other property, including property or other rights having a monetary value, invested in objects of business or other activities in order to make a profit or achieve another beneficial effect.
Compound Interest Curve:
FV = PV × (1+r)^n,
FV - future amount.
PV - invested amount.
r - compound interest rate, annual.
n - the term of the financial transaction.
Risks - the likelihood of an adverse event that entails various kinds of losses, or unplanned profits.
• Socio-political risks
• External and internal economic risk
• Inflation risk
• The risk of increased competition, changes in consumer requirements, banking crises, etc.
• Risk of default by partners
• Investment portfolio risk (np correctly invested)
• Time risk (do not enter the position correctly)
• Liquidity risk
• Operational risk
• Selective risk
- Chasing big money on a short-term basis
- Invest all your money in one asset
- Panic and herd reaction
- Investment of credit funds
- unpreparedness for loss
- Invest and forget
It is worth remembering:
- You can't get rich quick
- There is always a risk
- Investment needs to be diversified
- Don't invest in unfamiliar instruments
A financial plan is a plan to achieve financial goals. Allows you to distribute steps and find the optimal balance. It is important to clearly and in detail formulate goals and desired achievements. If you know where you are going, you will definitely get there.
The main sections of the financial plan:
• Income and expenses
• Assets and liabilities
• Insurance coverage
• Pension provision
• Financial goal(s)
Simply, a self-taught introvert who wants to become succesful in life and live free from everything.
I took this course in January of this year and I think that the knowledge that is given is necessary for all people who want to start raising capital.
Ready for the next level?
Read Like a Pro
Explore the World’s
Save ideas for later reading, for personalized stashes, or for remembering it later.
# Personal Growth
Take Your Ideas
Just press play and we take care of the words.
No Internet access? No problem. Within the mobile app, all your ideas are available, even when offline.
Ideas for your next work project? Quotes that inspire you? Put them in the right place so you never lose them.
2 Million Stashers
Don’t look further if you love learning new things. A refreshing concept that provides quick ideas for busy thought leaders.
Best app ever! You heard it right. This app has helped me get back on my quest to get things done while equipping myself with knowledge everyday.
Great interesting short snippets of informative articles. Highly recommended to anyone who loves information and lacks patience.
This app is LOADED with RELEVANT, HELPFUL, AND EDUCATIONAL material. It is creatively intellectual, yet minimal enough to not overstimulate and create a learning block. I am exceptionally impressed with this app!
Great for quick bits of information and interesting ideas around whatever topics you are interested in. Visually, it looks great as well.
I have only been using it for a few days now, but I have found answers to questions I had never consciously formulated, or to problems I face everyday at work or at home. I wish I had found this earlier, highly recommended!
Brilliant. It feels fresh and encouraging. So many interesting pieces of information that are just enough to absorb and apply. So happy I found this.
Even five minutes a day will improve your thinking. I've come across new ideas and learnt to improve existing ways to become more motivated, confident and happier.
Read & Learn
Access to 200,000+ ideas
Access to the mobile app
Unlimited idea saving & library
Unlimited listening to ideas
Downloading & offline access
Claim Your Limited Offer
Get Deepstash Pro