After working for just 5 months I have realized the value of time, money and energy. Energy is needed to think and grow mentally on a daily basis and to canalize our thought process in a productive and effective manner. The question to be asked here is what is the purpose of education? Is it getting a good job and manage one’s expenses or something beyond it? The basic truth is that we go out of our homes every morning and spend the day working for some one else, in order to be compensated, if I may say so, at the end of the month. The purpose thus becomes, perform well to earn well. But what after that? What do we do with the income earned?
Mostly people are clueless or worse, ignorant about their financial position. Irrespective of the income bracket one lies in, there are numerous methods to make money work for you. Money is an important aspect in everyone’s life, it buys you goods and services, luxury and entertainment, and last but not the least, security for your future. An expenditure group is vital for an individual, what matters is how much importance is laid on a particular aspect. Do I prefer investing or spending? Similar preferences need to be recognized.
Categorization of a performance set could be done by simply jotting down expenditure items on one side and the amount spent on it on a monthly basis on the other side. For example education, food, rent, clothes, entertainment, investment, house-hold expenditure etc...After the allotment process is over, a detailed analysis is required for investing your money in the right channel. For this you need to realize whether you are a high risk taking person or would like to play it safe.
Thus, the initial step is to:
Categorize- your preference set
Choose- between High risk or Low risk investments
Ps: Money lying idle in the bank is a source for the banks to earn from it and not you
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Hey,
ReplyDeleteNice post my FINAL Financial Adviser!
Just one thought... what do we earn for?? Happiness or making more money?
I keep looking for th answer & come back to a simple fact that a penny multiplied is not always th best return one can have! Sometimes, simple things like gifting something to a loved one is a better return earned.
I'm absolutely pro financial investments, but personally feel that somethings in Life are priceless & better accrued before a fat interest from th bank.
P.S. I want to invest my money on bringing home a loving pet... please advise me.