Build Your Finance

26/01/2023

Always search for Multiple Sources of Income

12/07/2022

IMPORTANT!!

05/07/2022

FINANCIAL PLANNING!!

01/07/2022

FINANCIAL MILESTONES YOU SHOULD ACHIEVE BEFORE 35

1. JUST SAY NO
You refuse to go into Credit Card Debt and instead put your Financial Freedom first.

2. THE MAGIC OF COMPOUND INTEREST
You learn about the power (both good and bad) of compound interest.

3. YOU GET “THE ITCH”
You learn the tremendous benefits of being good with money.

4. YOU PAY OFF A DEBT EARLY
You pay off your highest interest debt early.

5. PERSONAL FINANCE IS BE COMING FUN

Without having to make monthly payments, finance is becoming fun.

6. YOU BUILD AN EMERGENCY FUND
Wanting to protect yourself, you build - up a three month emergency fund.

7. YOU START INVESTING
Wanting to get the power of interest on your side, you start investing.

8. TRACK YOUR NET WORTH
You enjoy tracking your net worth, as your system is tracking to get results.

9. YOU MAKE A CAREER MOVE
After a lot of sleepless nights, you make your first big career move.

10.YOU ARE DEBT FREE
Your Financial System is working - - as your last bill is paid - off.

11. YOU SET SHORT TERM GOALS
When debts paid off, you being to think about the future.

12. YOU HAVE THE TALK
You and your spouse sit down for the first time to discuss finances.

13. YOU PAY CASH FOR A NEW CAR
You saved up enough money to pay cash for your new car.

14. YOU LEARN ABOUT FI
The idea of financial independence, is now your top financial priority.

25/06/2022

For Efficient and Professional Financial Planning approach me

04/07/2021

WHY SHOULD I INVEST???

I have experienced many times that many people don’t understand what’s the difference between SAVINGS AND INVESTMENT. For this our Parents are Responsible. Our Society is Responsible. They never taught why there is difference between Savings and Investments. But why, they were not able to teach us? Becoz, in there era, there exists no one thing, which is called INFLATION. This Inflation only caused difference between Saving and Investment.
Let us try to understand this - One who will understand this concept, it seems will cross First Ladder of Investment. Doing Savings is a Mental Instinct. Which means any Animal does or can do. You have read many stories in your childhood that before the Autumn season animals store and save their eatables. So, why do we do Savings. Because we fear that we don’t know what will happen in future. And Second Reason of Saving is it gives mental piece. I have done Savings. If any Problem comes, I can overcome that Problem.

What do we call Investment? Investment is the talk of Modern Era. There was no existence some time ago in the world. Investment means Financial Freedom, means I will not face any kind of problem in Life. And Investment does work for and helps Savings that you will not have to work for money. Frankly speaking, we want to work for money, we want to make money so that we will live. Will we earn whole of our life? There comes that moment in life when money works for us. This is called Investment. “Money works for us, you don’t work for money”. So, why a common man can’t understand such Difference.

Lets try to understand this, and to understand the difference between Saving and Investment, from where does it come? It comes from Money - Rupee, Dollar, Pound, etc. Any thing which includes 3 Qualities or Features - Medium of Exchange - in which you can deal, Unit of Value - which can define your kind and Easily Transfer and Store Value and Time from one Era to another Era. Any thing which comprises these three qualities is called Money. This Money has only made Investment. HOW?

When Money was firstly used in World, You have heard it was made up of Gold, Silver. This is because of Precious Priceless Metal. The Services would depend upon the Pricelessness of Metal. So, in the World, there was no Inflation. This was because of less presence and Supply of Gold and Silver. As per the rise in Economic Development, there was raise in growth of Income, and when Income was given in currencies, you were allowed to only give as per the Supply of Metals. Less Supply of Metals thus leads to Low Distribution of Income and vice versa. You have heard when Spain, Portugal, France and England ruled over other countries, they collected huge mass of Gold and heavy precious metals and stored in Europe. And after that First Time we understood Inflation. Which means when Heavy Mass of Precious Metals like Gold, Silver came in Europe, Inflation occured. Why Inflation rises as Per Economist - This is because of Rise in Supply of Currencies.

Let’s see Further ..

Slowly and Gradually, People kept moving Forward, Businesses kept moving Further, Friendliness came to exist among Countries. But there occured First World War, Second World War. And after such 2 World Wars, it was found that on the basis of Gold and Silver Metals there is difficulty to run businesses. Then seeing this, all Countries of the World signed an Agreement to use US Dollars and on the other hand USA promised to pay 1 Ounce Gold against 35 Dollars. This lead to Final Conclusion that if you have Dollar in your Pocket, you have Gold. This is called Gold Standard or Representative Money. Whenever Representative Money remained in the world, Inflation raised every moment. Inflation used to exist when there were Wars, Famines. Some countries took advantage of such incidence. Due to anxiousness of such incidence, USA President Richard Nixon before 15 August 1971 scrapped such agreement and thus would not Transfer Gold into Dollar. But Demand for Dollar continued to rise. This is because this was a legal tender. This was called FIAT CURRENCY. FIAT CURRENCY is such currency which doesn’t own any value, but Gold and Silver has their own Value. When Partition occured in my House what I experienced is that 100 years or 70 years back, there was Partition of Gold and Silver Coins, that 1 Rupee of Gold and Silver Coin has value in itself and has value of more that 1000 Rs. in current scenario. This is because it has its own value. But this Paper Rupee we are using, it doesn’t have its own value and is thus FIAT CURRENCY. FIAT CURRENCY has its value when Government is behind it. When Government stopped backing it, Rs. 500, Rs. 1000 doesn’t work. We have seen in Demonitization .

What’s problem with Fiat Currency? Problem with Fiat Currency is that it is made of Paper, Government can print it as per their wish. So, as per the rise in Supply of Currencies, the Inflation rises. This Inflation has not seen earlier by our Parents, Grandparents and not understood so they did not made difference between Saving and Investment. For Successful Investor, he should understand that Inflation is a big Enemy. This Inflation started creating Difference and gap between Saving and Investment. My Grandparents stored and saved Gold and Silver metals, so their wealth thus kept on growing whereas my Parents saved and stored Money, but it didn’t grew. Both of them saved Rupees but how come the Difference existed. This is because FIAT CURRENCY caused Inflation. How Inflation occured by FIAT CURRENCY, Let us try to understand…

Lets take an Illusion. First option is I give Rs. 2000 to You. Second Option is I give Rs. 100 to You. Among these Two Options which one would you like to Choose or go ahead with. You will take Rs. 2000 note. Because Rs. 2000 note is 1000 higher than Rs. 1000. As any one would opt for Rs. 2000. Now, Let’s imagine. As you have seen in Movies, with the help of Time - Machine you can go in the Past or in the Future. So, I uses the Time - Machine and tells you that Rs. 100 I will give you in the year 2000 and Rs. 2000 note will give you in Year 2018. Friends, what would you take? Of course Rs. 100. This is because 18 years back value of Rs. 100 was more than Rs. 2000. We call Rupees as Wealth. My mother used to tell Study Well so that when you grow old you can Earn Huge Money. She was wrong. My mother doesn’t understood that Rupee is Weak. As the time moves ahead, it decreases its value. My mother used to tell Wealth for Gold also. He used to store and save Rupees also. She used to like both. Let’s understand Gold which is second form of Wealth.

I am giving Two Options in the same way as earlier said. One is 50 gm Gold coin and other is 100 gm Gold coin. You can choose any one from these. What would you like to choose? Of course, you would take 100 gm Gold Coin because Rs. 100 gm Gold Coin value is 50 gm higher than Rs. 50 gm Gold Coin. Lets imagine. I take same Time - Machine and take you in the Past. I give Rs. 50 gm Gold Coin in Year 2000 and Rs. 100 gm Gold coin in Year 2018. Of course, Rs. 100 gm Gold Coin. This time you did not change your mind. Remember, last time you have choosen Rs. 100 instead of Rs. 2000 because the value of Rs. 100 was more than Rs. 2000 of today. But what happened in terms of Gold. Even today Rs. 100 gm Gold Coin is higher than Rs. 50 gm Gold Coin. It was higher in value long 1000 years back and will even remain in future. What is the reason? This is because it is Asset. It is Finance. Gold has power. It goes on rising as it moves ahead. But Rupee is not Finance. Rupee is not Asset. You make an Investment in Rupees, in F.D.’s is not Wealth. Because as the time will pass, the value, the Power of Rupee will fall. Those People who do Currency based Investment don’t rise, they are not called Wealthy but those who Invest in Assets - 3 types of Assets are Popular - Gold, Land and Equities are Wealthy. You have seen whenever people talk about rich people, Millionaires, they have invested in Equities, Gold, Land. If you see First 500 people in Forbes Magazine, What Rich People have? They have Equities, Ownership of Business.

Let’s remember Wealth is - which value rises with time, and that thing which falls when time passes, never invest in. This is not the route of Investment. There is a big difference in Saving and Investment which books can’t teach, life teaches us. Society and our parents cannot teach us because they have not seen such Inflation.

24/03/2021

1. Understand Your Spending Triggers

In many cases, knowing how to stop spending money has to do with identifying the emotional and psychological triggers that cause us to spend. If you remove those triggers, you’ll remove the temptation and opportunity to overspend. So the next time you head out the door, keep these in mind:

Time of Day
Do you find that you have more energy during certain periods of the day? If so, shop during times when you have more energy and feel less stressed. You’ll make wiser spending choices and think more rationally when you’re relaxed and less pressured.

Environment
Are there certain environments that make you want to spend ? Craft fairs, shopping malls, home shows, and even when you’re on holidays are all prime examples when you’re more likely to spend impulsively. So, take away the temptation by either steering clear of such environments, or only taking a few money with you.

On the other hand, if you have a favorite store and you find yourself wandering through the aisles looking for great deals, do all you can to limit your opportunities to go there. If going to your favorite store is unavoidable, keep your money and credit cards safe from yourself.

Mood

Different moods and emotional states can alter our energy resources, making us more prone to impulse shopping. For example, if we’re upset, stressed or anxious we may seek some retail therapy to feel better. But instead of hitting the mall or your favorite internet shopping site, hit the gym or the park. Go for a walk or do some exercise which will make up your mood.

What’s important is that you identify the moods that affect your spending behaviour, and to find ways to avoid shopping during moods that will cause you to impulse buy.

Peer Pressure

Do you tend to spend more money than you normally would when you’re hanging out with your friends? Even the most well-intentioned friends can be a bad influence on us, especially if they have bad spending habits themselves. If you can’t afford to eat, shop, and vacation the way your friends do, it’s okay to decline their invites.

Instead, suggest plans that won’t require you to spend out a lot of money. Meeting for coffee instead of brunch, exploring new hiking trails instead of checking out the latest concert, or having a dinner at home instead of going out to a restaurant are a few money saving tips worth considering. You won’t be able to splurge on expensive vacations or fancy dinners, but you can still enjoy a fun social life without spending out a lot of money.

Don’t feel shy to let your friends know that you’re trying to spend less; perhaps they’ll help you on your journey, and some may even follow suite! What’s important is that you surround yourself with friends who will support you as you work toward your financial goals.

Lifestyle

If you’re accustomed to a certain lifestyle, it could be difficult to give up when you suddenly encounter a financial hardship. But, if your lifestyle ends up becoming bigger than your budget and you don’t know how to stop overspending your budget, you could end up in worse shape.

Your upbringing also has an effect on your lifestyle choices. If you grew up in a household where money was always tight, you may feel the urge to overspend to compensate for all the things you were deprived of growing up. Similarly, if you grew up in a household where money wasn’t an issue, you may feel compelled to spend money you don’t have in order to maintain the lifestyle you grew up with.

The easiest way to start living within your means is to create a budget, and to stick to it. You may have to sacrifice some creature comforts, but it will be worth it when you see your bank balance coming out of the red.

2. Track Your Spending

Tracking your expenses is the key to successful budgeting, because it keeps you accountable for every Money you’re spending. Once you’re aware of where your money is going, you’ll be in a better position to make smarter spending choices and to identify areas you can cut back in.

Many consumers start by tracking the bigger expenses, but it’s just as important to pay attention to those small, daily purchases. A morning latte, those lunches out, picking up a lottery ticket, or grabbing a magazine from the grocery checkout line can add up more than you think they would, and they can affect our budget in big ways.

3. Stick to Cash and Stop Relying on Credit Cards

It’s more convenient to whip out a credit card to pay for a purchase than it is to count out a wad of bills, but this convenience is one of the reasons behind many people’s overspending. The downside of credit cards is the ease with which you can overspend; when we’re nonchalantly handing over our card to make a purchase, we’re often not aware of how much everything will add up at the end of the month.

With cash, you physically see how much you have, and how much of your funds are diminishing with each purchase. By paying only in cash, you’re forcing yourself to only spend what you have. So, give your credit cards a break and try to stick to a cash-based system to see if it will curb your spending habits. Based on your budget, take out some cash at the start of the week and put it in an envelope, which will act as your ATM for the week. Draw out a few bills here and there to cover your purchases, and if you find yourself running low on cash, you’ll have to figure out a way to make your money stretch.

By paying with cash, you’ll learn how to stop relying on credit and you’ll know how to stop spending money you don’t have. The cash envelope system will also encourage you to become more creative and resourceful. If you overspend and you don’t have enough to go out to dinner with your friends, you’ll have to figure out different ways of saving money, or think of budget-friendly ways to spend time with your friends.

4. Forget Your Credit Cards – Literally and Figuratively

When you head out to the mall or the grocery store, take only the amount of cash you anticipate you’ll need and leave the credit cards at home. Unless you know for certain you are going to buy something using the card and you have a plan to pay it off, there is no need to take your credit cards with you. By doing this, you avoid the temptation of using the card for a spur of the moment purchase, which is often the fastest way to find yourself in debt.

If you’re an online shopper, having your credit card information saved onto your shopping profile certainly is convenient, but it’s also easier to fall prey to impulse purchases. All it takes is a click, and you’ll be a few pairs of shoes richer but a hundred dollars poorer. Deleting your credit card numbers makes it slightly less convenient to make purchases, and in the few minutes you’re reaching for your wallet and taking out your credit card, you may decide that you really don’t need that item.

If you already know your credit card numbers off by heart, cancel your current cards and request new ones. Then, go through your favorite shopping accounts and remove your saved information so you can avoid the temptation of purchasing with a single click.

5. Set Short Term Financial Goals

Setting some short - term financial goals is a great way to stay motivated as you alter your spending habits. Having these goals will constantly remind you of the reasons you’re cutting back on expenses and making a few sacrifices.

And, it’s important that your goals are specific. A generic goal like “decrease spending on eating out” isn’t going to cut it. Quantifiable goals, such as “I will decrease my spending on eating out from Rs. 3000 a month to Rs. 1500 a month” gives you a target to aim for.

Some short term goals that can shift how you view and use money include: saving 10% of each paycheque into a separate account; sticking to a cash budget for three weeks; bringing lunch to work every day for a month instead of eating out. Regardless of what your goals are, it’s important that you keep them simple, make them attainable, and post them somewhere visible to remind you of what to aim for.

6. Learn How to Budget Money

Not having a spending plan can be a big reason a lot of people can’t seem to stop spending money. If we don’t know how much we take home each month and how much our expenses add up to, we’ll continue to buy what we think we can afford, only to realize at the end of the month that our bank account isn’t as plush as we thought. To solve this, it’s important that you learn how to budget money.

So, take a look at what you bring in compared to what you spend. Start by adding up all your sources of income, then tally up all your fixed expenses, such as car payments, rent, debt repayments, etc. Since these values are fixed, it’s easier to budget around them. Then list your variable spending, such as groceries, gas and entertainment, allocating funds to each category based on how much you’ve normally spent in the past.

Seeing how much you spend on entertainment, eating out, clothing, and other non-essentials can be a major wake up call. If you’re spending more than you earn, you’ll have to reign in things a bit.

Try testing out your budget. For the next month, track how much you spend and compare the value with what you’ve allocated in your budget, adjusting your numbers for the next month accordingly. This will make it easier for you to stick to your budget.

This budgeting can help you get started, and it will make the budgeting process a lot easier.

Learning How to Stop Spending Money is Hard, But It Is Possible

It takes time and dedication to stop overspending and to reform your spending habits, and every now and then the urge to swipe your card will rear its ugly head. This happens to all of us, so don’t be hard on yourself; no one can completely reform their bad habits overnight. Once you know how to budget and you set some goals and safeguards in place, in time you’ll become a savvy consumer who knows how to stop spending money and use it wisely instead.

19/03/2021

Dis TWO Way U think Bout "MoNeY"
Do U knw how our mind thinks about how to achieve money...
and
Which way to choose from the two to live a happy life..
Your answer is below :-)
Plz tap the below link attached...

One ----------------> PROBABLY is the CORRECT way & Other is the POPULAR way. Popular way is what all our education systems focus ...