One of the most challenging aspects to change your finances is getting started.
However, don't procrastinate - get going today and learn as you go. Sit down and create a spreadsheet of all your bills, income, and any extra spending. Once you've listed everything, open your investment account and start saving.
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From the day you start saving, put a reminder on your calendar once a week to work for one hour on your finances in some way. It could include reading, balancing the accounts, optimizing cash flow, researching funds, etc.
There is no right number of times to check on your account. If you feel the urge to make decisions based on the news or market changes, limit how many times you look at your accounts. With experience, you will gain more control.
Once you understand where your money is going and what is left for savings, you may feel demoralised. Even though the amount is small in the first few months, you may be surprised by how much your balance grows in six months or a year.
The power of compound interest is what helps accounts grow exponentially and reach your savings goals quicker.
Don't get worried when the market starts turning red.There have been a few corrections in the market, but they typically recover in a few days or weeks.
There are times you may want to get rid of a fund or stock, but small changes in the market are not a time to panic.
It takes time to learn and improve your financial IQ, but it is certainly not that hard.
Making the time to read will get you the right kind of results.
While planning for retirement, you need to clarify a few points like deciding an age at which you want to retire. Along with that estimate how much money you will need every month to meet your post-retirement expenses.
Hold the idea of wealth and success in your mind long enough and hard enough, until you draw into your life the resources you need to accomplish it.
Your main focus is to keep your mind fixed on improving your personal finances and achieving financial independence.