Financial planning for Beginners - Top 10 Golden rules
This is a professional note extracted from an online article.
Read more efficiently
Save what inspires you
IDEA EXTRACTED FROM:
...is the process which provides you a framework for achieving your life goals in a systematic and planned way by avoiding shocks and surprises.
It’s a statement wherein you can jot down your assets and liabilities.
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.
The credit card has been regarded as the most expensive form of debt. As soon as your salary gets credited each month, pay off your credit card balances in full. Don’t fall for the lure of paying off the minimum balance.
SIMILAR ARTICLES & IDEAS:
Investing is about laying out cash or assets now, in the hope of more cash or assets returning to you tomorrow, or next year, or next decade.
Most of the time, this is best achieved th...
7 more ideas
Cycle or walk to work to save money and get fitter. If you’re on the lazy side, invest in an electric bike to help you up those hills in the morning.
Also, if you normally drive to wor...
Turn your lights off when leaving the room. If you live with forgetful people, place little stickers by the switch to give people helpful reminders.
You can also replace bulbs with energy-saving ones.
Simplify your beauty regime and ditch expensive creams. All your skin needs is a good diet, plenty of water and hydration.
Also, brush your teeth twice a day and don’t forget to floss. Having teeth issues leads to expensive dental bills.
12 more ideas
Banks don’t like to give away their money. That mindset is reflected in the interest rates of checking and savings accounts of 0,5% and 0.9% avg. annual interest respectively.
When you deposit your money in the bank, the bank turns around and invests that money at 7% a year or more. After they collect their profit, they give a tiny shaving of it to you.
4 more ideas