First thing’s first – start saving! Your first step to managing your finances, to your surprise, perhaps, is not making more money. It’s saving money.
Because making more money may take some time. But you can start saving money right NOW. It is a no-brainer, really. If you have 1000 rupees, just save 100 to 200 and you can spend the rest. It is that simple. There are many formulas and ratios available to calculate your target savings. Find them on the Internet or contact us and we will help you with that.
All in all, saving is very basic. But we know that giving this advice to anyone is almost as effective as saying “smoking is harmful for your health”. Right? Because people listen to this advice from one ear and let it out from the other. Most people spend all their income and later face horrible financial disasters.
It is a small wonder why making more money does not necessarily equate to managing one’s finance better, but in fact, makes financial management more out of control because more money means more spending and more spending means more debt.
But saving a portion of your income is not really enough, either. As mentioned earlier, you should practice a good saving habit, regardless of how much or how little money you are making. And to have that accomplished, you need to budget your income. The true definition of budgeting can be is “the art of spending money wisely”.
This is why we strongly urge you to make it a ritual to record and keep track of your income/expense on a daily basis. That way, you will understand and will be able to control how much money comes in and goes out. Quite simply, you now can decide how to spend your money and invest wisely.
A big percentage of people often wonder where their money goes – but you won’t be one of them, if you keep the track.
We have already discussed that how most people neglect their financial education and conventional schools hardly teach about money. So you have to invest in your financial education. The question here is: How? We will start with the good news first: investing in your financial education is nowhere near as costly as entering college. In fact, a small finance educational consultation can range from only a few hundreds rupees to a thousand. Not to mention, they are often nowhere even near half as boring as lectures!
You can read articles and blog posts on our website too for educating yourself. But Financial Consultations are truly life changing. They are on another level because they are very personal.
All you have to do is start choosing the right person for the job. Remember that choosing the right consultant is a skill in itself that you must have (very important!). Because people can either be assets or liabilities to managing your finances.
So it’s very important that you surround yourself with people who know what they are talking about when it comes to money, a subject so important because you make and spend it every day.
It has never been easier to become wealthy or financially independent today. With so many tycoons and millionaires being made every day as well, you will do well to go under the wings of a trusted mentor who is already doing what you want to do.
We have such a trusted and knowledgeable mentor for you with us. Contact us right now and start your journey towards richness with him.