Hello people, Today I am going to share the five basic rules that help to make your financial plan which is very essential to understand. Always we forget or we neglect basic rules of any work. If you follow these rules to prepare for investment plan or something like that then you never get a face of failure.
5 Basic Rules of Financial Planning
Rule no:- 1 Manage Your Income.
For businessman and service class person everyone has some fixed amount that amount we need to manage. Our grandparents always told us to manage your money means some amount you should keep for medical, some money you keep in banks or invest somewhere who is secure. Manage your income means 60% or 70% income you should save but from whole income at least you should save 40% and other income used to run your life. Saving is a good thing but stays hungry and save money that is ridiculous. Manage your cash flow keep your cash flow rationally or take a guide from grandparents or person who really trustworthy.
Rule no:- 2 To Meet Your Goals.
Everyone has one dream in the future he would purchase one big house in which has riverfront with a beautiful garden and all. How it will fulfil..?? It fulfils by setting a goal. Asked your self what is your goal why you are making money. How much time you're why is strong that much amount of money you can easily earn and reach towards your goal. Make your investment or financial plan according to your goal and the main aspect is in how much time you are going to achieve your goal.
Rule no:-3 Control on Spending.
To achieve something you need to sacrifice something. If you want to meet your goal as soon as possible you need to control your spending. Control on spending which means regulate your uncertain expenses ex. If you are going office by taxi rather then use a bus or other mode of public transport. In this rule every week, end of the month you monitor your spending and how much you save in a particular month and compare with the previous month so you get the fair idea how much you require to meet your goal.
Rule no:- 4 Building Wealth.
Nowadays we can't accomplish your goals with our monthly income or profit earned in our business. The reason is simple our fixed expenditure because of that we save less and a great amount of time required to meet our goals henceforth build your wealth. but how...??. Our grandparents gave sermons that "sea filled with accumulating the drops of water" mean that save every single paisa save it---- invest it-- from investment earn interest--- again add interest with main capital again you do investment by this way you build your wealth simultaneously you manage your cash flow.
Rule no:- 5 Less Stress.
Stress is a major problem while doing financial planning. Yes, it is true that we don't want to invest our hard earn money in a fraudulent scheme but taking care, be aware, read the privacy policy, public reviews etc such major steps we can take to protect our money. Tension, Stress won't meet up with your goals but you have to take a risk with less possibility of chances of failure.
This is some rules which I want to share with you guys. Please share this article with your colleagues, draw choirs in the comment section I will try to resolve.
Thank You
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