10 Best Financial Tips

by Emma

FINANCIAL TIPS

This special article of financial tips is specially for all those, whose age is between 25 years to 35 years,

The age of 25 to 35 years is a very special age, at this age you neither have children, nor are you very old,

At this age, some people have been married, and some people have had children and some people are planning the child and some people are about to get married.

This is the age when you have to show in front of your parents that –

You are financially dependent, and after marriage you are ready to take responsibility for your own family,

And at this age, there are some such financial mistsakes, which affect the entire life of human being, at this age the man gets set, does not want to leave him after the age of 35,

there is a saying –

When there is time there is no intelligence and when there is wisdom, time is very short.

And the same happens with our financial prudence,

Most of us often lack financial understanding at the beginning of our career, and because of which we take many wrong financial decisions, which we regret after the age of –

So today I am going to tell you in this post ten things that can greatly increase your financial understanding, and can save you from financial missteps and by understanding the MESSAGE of this video properly, you can spend a lot of time and money. Can be saved, and you can be quite successful financially,

So let’s know – those ten financial tips, which you must know,

The first financial tips are –

1. CONTROL OVER PERSONAL FINANCE AND THE RIGHT WAY TO SAVE MONEY,

Personal finance means managing your money properly so that you do not get into any kind of financial problem, as well as if it is talked about the best way to save money.

The best way to save money is –

INCOME (SALARY) – SAVING (AT LEAST 10%) = EXPENSES

That is, you must first set aside 10% of the income you want to save, and you should use the remaining money,

And after this, the other financial tips of prudence are –

2. SAFE INVESTMENT OF YOUR SAVINGS MONEY,

It is your first responsibility to protect the money that you start saving, so that that money is not reduced and at the same time use these money in a safe investment.

As Warren Buffet has said –

There are two rules for safe investment –

  1. NERVER LOOSE YOUR MONEY

  2. ALWAYS REMEMBER RULE NO. 1

And so investing your savings money safely is your second biggest financial prudence,

And now the third financial tip is –

3K POWER OF COMPOUNDING UNDERSTANDING

Power of COMPOUNDING is called the eighth wonder of the world, only after understanding this rule in the world of finance, you can become a good investor –

Time is most important in power of compounding, and so at the beginning of your career when you know the importance of this power of compounding, you can use it in the long run to make a lot of money,

Like – Suppose today you are 25 years old and you want to retire at the age of 60 years and for this, you start investing 2000 rupees every month from your income, which gives a compounding benefit of 15%, then 35 years. After that, when you are 60 years old, you will get 2000 rupees every month with 15% CAGR profit – 2 crore 28 lakh 29 thousand,

To take advantage of compounding, you have to invest for a long time, as in this example, we have seen how the amount deposited 2000 rupees every month in 35 years becomes more than 15% rupees two crores with 15% annual profit ,

And now the fourth financial tips is –

4. UNDERSTANDING DIFFERENT INCOME TYPE

We are taught the same thing in school and from childhood, we have to work to earn money, we have to work hard,

While there are three types of income in the world – active income, for which you have to work actively like job, and single handling business,

And the second one is INCOEME – PASSIVE income, for this income you do not have to work, but the system you have created, the system works and gives you money sitting.

For example, rental income, royalty from book writing, affiliate marketing income and income from internet website blog, and income from business where you do not have to be called passive income,

And the third is – portfolio income, which you get from different types of investments like – income from stock bonds and mutual funds or bank fixed D deposits,

You should always keep working with Active Income as well as other and third income,

And now the fifth financial tips is –

5. CREATING BUDGET

Budget means that – you spend money on your needs properly, avoid wasteful expenditure, so that you can avoid the troubles of money coming at the end of every month,

I have already written a detail article in detail about what the budget is and how to make it, you can read it by clicking here – Budget

After this and now the sixth financial tips   is –

6. CREATING EMERGENCY FUND

Emergency funds are arranged so that we can handle any kind of emergency well and avoid asking for loans or loans,

I have already written a detail article in detail about what an emergency fund is and how to make it, you can read it by clicking here –  EMERGENCY FUND

After this and now the seventh financial tips is –

7. INSURANCE POLICY

You must have known about INSURANCE before, but you will often forget its importance, its importance is known only when a sudden accident happens, and the family member dies,

In such a situation, if there is no insurance at the time, then the thought of what will be passed on that family is also lost,

Insurance is not an investment,

And that’s why you should do insurance to avoid any kind of loss of life and property, the best form of insurance is – TERM PLAN

And so whenever someone takes life, make sure that you have taken a term plan

Apart from this, it is very important for the whole family to take a health insurance policy, because nowadays hospital expenses are very high, and in such a situation any health problem can spoil your entire budget, hence term plan insurance Health insurance must also be taken along with

Another special thing about Bima that you should keep in mind is that – the younger the Bima is taken, the lower its fee, or premium,

And so taking insurance of insurance at the beginning of your career can prove very beneficial for you,

Remember – Insurance cannot be taken when needed.

 

After this and now the eighth financial tips is –

8. UNDERSTANDING OF GOOD DEBT AND BAD DEBT –

Taking a loan is not a good thing, but debt is not always bad, there are two types of debt – a good loan and a bad debt

The biggest difference between good and bad debt is that –

Good income increases your income, increases your cash flow,

But due to bad debt, your income decreases, and you do not have cash flow,

And so you should increase your assets and increase your income by taking a good loan,

And after this there is the Nauva Financial Tips –

9. TO DO FINANCIAL PLANNING,

Financial planning means that – for the biggest expenses in our lives – for them, the money will come from where they are planning and working on it like – wedding expenses, house expenses, car expenses , Making a fund using savings and investment for children’s education expenses, holidays and retirement, financial freedom, etc.

And the tenth but financial tips is –

10. LEARNING ABOUT INVESTMENT,

Investment means – to create assets that you can earn, from which CASH flows come to you, investment is a big subject, in which you learn to make money from money,

If you start learning and explaining about investment from a young age, your knowledge and experience of investment increases with age, and then you can make money with ease very easily,

So friends, these were the ten financial prudence things, which are very important for every human being, but especially these things are the young generation who started their career at the age of 25 and their 30 and 35 years old. Very important for all the friends who are struggling in their career so that they can avoid some big mistsake and achieve financial freedom,

so friends,

Hope you have liked this post financial tips,

You can write your suggestions, questions and thoughts in the comments below,

Thank you very much for reading the post.

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