A youngster who has just started earning will be on cloud nine! Freedom finally! Now you can squander away all your money with your friends, right? You could not be more wrong. India’s First Free Online Financial Advisory, Moneymindz
The fact that you have started earning makes you a responsible adult, which means you have to be financially aware. You have to plan and execute your financial life as you’re “independent”.
Merely staying in a job or getting income from somewhere doesn’t make one financially independent. Here are some rules to follow if you really want to be financially independent. Visit Moneymindz, Financial Advisory India
1. Open a bank account/take charge of your existing bank account
Ensure that you own a bank account for which you and only you are responsible for managing it. This account receives your salary income and establishes your financial status. Maintaining it is in your hands. No more dependence on parents or other guardians for such activities.
2. Have a budget
A budget tracks your income, expenses, savings and investments including your financial goals, time frame and so on. Keep updating it, reduce your expenses each month as you increase your investments. Friendly Financial Advisor Kuber Mindz
3. Organize your finances
Keep an eye on all your finances. Your basic costs such as money spent on food, shelter, clothing, medicine, rent, utilities, etc. have to be monitored and unnecessary expenses like unwanted sales items should be cut off.
4. Delay gratification
You might want to purchase a hundred or even a thousand other things apart from basic needs and little comforts, but remember that most of the luxuries you buy are useless. They are not assets but liabilities and reduce in value as soon as you buy them. So always ask yourself before buying something if you will really need it. Give yourself time, for instance, a day or a week to figure out if you still need it. Get Personalized Advice On Financial from Kuber Mindz or Give A Miss Call On 022-62116588
5. Clear all your debt before you being investing
In fact you should start clearing all your debt as soon as you are able to pay money to repay it. Only then you can concentrate on savings and investments.
6. Get Insured
A simple Term Insurance is also fine. But get insured. You can opt for a Health Insurance too. You might think you’re too young for this, but trust us you will thank yourself for buying Insurance later in life.
7. Invest for emergency and retirement without fail
A Contingency Fund or a Rainy Day Fund consists of ideally an years’ worth of our monthly income and can protect you during emergency. Retirement planning means preparing for income during retirement. You might think you’re too young for these, but have faith in our words. Get Personalized Advice On Retirement from Kuber Mindz or Give A Miss Call On 022-62116588
For more information visit www.moneymindz.com or give a missed call to 022-62116588