Learn more about personaldevelopment with this collection
Practicing empathy in relationships and communication
Understanding the importance of balance in personal and professional life
Defining your path in life
Discover 64 similar ideas in
It takes just
10 mins to read
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.
1
3 reads
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.
1
0 reads
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.
1
0 reads
Risks - the likelihood of an adverse event that entails various kinds of losses, or unplanned profits.
External risks:
• 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
Internal risks:
• Investment portfolio risk (np correctly invested)
• Time risk (do not enter the position correctly)
• Liquidity risk
• Operational risk
• Selective risk
1
0 reads
- 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
- Fear
- Greed
- Laziness
- 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
1
0 reads
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)
• Calculations
• Investments
1
2 reads
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.
“
More like this
11 ideas
20 Rules of Personal Finance
awealthofcommonsense.com
6 ideas
14 ideas
What Is Decentralized Finance?
addingvalues.xyz
Read & Learn
20x Faster
without
deepstash
with
deepstash
with
deepstash
Access to 200,000+ ideas
—
Access to the mobile app
—
Unlimited idea saving & library
—
—
Unlimited history
—
—
Unlimited listening to ideas
—
—
Downloading & offline access
—
—
Personalized recommendations
—
—
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates