Financial freedom is that we all want to achieve in our life. After completing education, we all have certain Goals in our lives. To cop up with the pace of today’s lifestyle, we need to make some changes in our habits of Saving and Spending.
We meet hundreds of person during our daily course of business. But how many of them are really satisfied with what they have achieved? I think hardly anyone. Because it’s a human tendency WANTS ARE UNLIMITED & RESOURCES ARE SCARCE. We fulfil one and another, a large one knocks at the door of our minds.
I am not telling to limit your Imagination but be practical and have a vision towards what you really want to achieve. Today we are here to discuss some habits that would help in paving the path towards Financial Freedom.
Make Realistic Goals – One should have a realist approach towards his goals in life. It does totally depend on one’s belief, what goals he set are realistic or not. Remember the famous saying “Whether you think you can or you can’t – you’re right”.
Be Creative & Good Learner – Being Imaginative, one should also be creative enough to give his imagination into a Masterpiece. One must have a clear mindset towards the achievement of his goals. Life is always a blend of experience and experiments. One must learn from experiences and move on, in the journey called life. Learning doesn’t end here; one must invest some of his time and resources to learn something that would enhance his skills and knowledge.
Start as Early as Possible – It’s better to start your financial planning as early as possible. At the young age one has more enthusiasm, courage and less responsibility, so he can mould his Plan of action easily towards the Goals he wants to achieve in life. Also, it increases the scope for Power compounding the returns on an investment made.
Don’t put all Apples in a Basket – I come across many instances where people over smartly tell that as this time Equity is performing well, they have put all their money in Equity, out from other class of investments. I try to explain them that every instrument has its own significance and cycle of performance. One should have a vast picture for investments rather than to shrink their scope. NEVER INVEST in the modal which you don’t understand or have lesser knowledge.
Plan your Finances – Of courses, planning of finances is one of the important pillars of financial freedom. In today’s world, what you need to lead a luxurious lifestyle is available on finance. But WHERE ARE WE HEADING TOWARDS! It becomes a vicious circle where every time the salary gets credited in the bank account and you have a long list of EMIs/Credit Card Bills. And the things go on and never ends.
Make a Monthly Budget and Analyze it – This is the practice always prevailing in middle-class homes. They always have little resources to fulfil their needs out of them. Mostly the Housewives are expert in budgeting their homes. But mere budgeting does not make sense, one should also analyze his budget with actual implementation to seek, where the scope of optimization is left.
Avoid being Extravagant – It happens a lot of time that you go for some outings or markets (whether local shops/Malls/Online) and there you liked some stuff and had bought it for a price. THINK BEFORE you buy whether you really need it or it is just another stuff that would find its place in your cupboards for years. I am sure some of us often may have a feeling that he would have not bought then as he really doesn’t require them. HAVE PATIENCE ENOUGH to analyze your needs.
At last, I would conclude my words and hope that these little changes in our habits would help us to lead our lives with more happiness and stability.
Be Wise & Keep Investing