` India First Free Online Financial Advisory, India First Free On-call Financial Advisory, Best Free Financial Advisory

In all my financial interactions be it planning for clients, training, teaching or writing, people have come to me with some problem which they think is unique. In all the financial problems, I am able to find a pattern. Believe it or nor, people more often than not choose the problem by their behavior. It is easy for me to find a pattern and say, “Well you chose your problem, did you not?”

Your financial problems would have been caused by some (or all) the following financial behavior:

 ➡ Not planning:

The single biggest problem for most people is that they just do not plan their finances. Even if they are not happy about the results of what they have done so far, they do not change the way things are done.

➡ Overspending:

Many people with not very high incomes have very high ambitions. Most of this problem is because the salesmen in most shops do not tell you the price of a product, they only tell you the EMI — so anything from a plasma TV to a luxury home on the outskirts of the city are made to look cheap! After all at Rs 2,899 a month does a plasma TV not look cheap?

➡ Not talking finance at home:

Children are kept away from the finance topics at the dining table. Finance is perhaps the second most taboo topic at home! So many children grow up without knowing how much of sacrifice their parents have gone through to educate them.

➡ Parents spending on education and marriage:

There are just too many kids out there who believe that they need to worry about savings, investment and life insurance only at the age of 32 plus. This means your father, father-in-law or a bank loan has funded your education and marriage. Kids should take on financial responsibility at a much younger age than what is happening currently.

➡ Marriage between financially incompatible people:

Most marriages under stress are actually under financial stress. Either the husband or the wife is from a rich background and the other partner cannot understand or cope with the spending pattern. It is necessary to match people financially before marriage.

➡ Not prepared for medical emergencies:

Normally big emergencies — financially speaking — are medical emergencies. Being unprepared for them — by not having an emergency fund is quite common.

➡ Lack of asset allocation:

Risk is not a new concept. However, it is a difficult concept to understand. At 3k index people were afraid of the market. Now everybody and his aunt wants to be in the equity market — and there are enough advisors who keep saying, “Equity returns are superior to debt returns.” This is true with a rider — in the long run. So there could be a much larger allocation to equity at higher prices — to make for the time missed out earlier.?

➡ Falling prey to financial pitches:

The quality of pitches has improved! Aggressive young kids are recruited by brokerage houses, banks, mutual funds, life insurance companies, etc. and all these kids are selling mutual funds, life insurance, portfolio management schemes, structured products, et al.

➡ Buying financial products from ‘obligated persons’:

This is perhaps one of the worst things you can do in your financial life. A friend, relative, neighbor, colleague who has been doing something else suddenly becomes a financial guru because they have become an agent! You are saddled with a dud product for life!

➡ Financial illiteracy:

Most people do not wish to know or learn about financial products. They simply ask, “Where do I have to sign” — so buying a mutual fund is easier than buying life insurance!

➡ Ignoring small numbers for too long:

What difference will it make if I save Rs 1,000 a month? Well over a long period it could make you a millionaire! So start early and invest wisely. It will make you rich. That is the power of compounding.

➡ Urgent vs important:

Most expenses, which look urgent, are perhaps not so important — the shirt or shoe at a sale. That luxury item which was being offered at 30 per cent discount is such an example. These small leakages are all reducing the amount of money you will have for the bigger things like education or retirement.

➡ Focusing too much on money:

Money is no longer a commodity to buy things. It is a scorecard of one’s life. That will cause stress, and yoga might help. However if you will seek a branded yoga teacher — so that your friends think you have arrived, yoga it self could cause financial stress!

For More Information:


*Are you Looking For Free Financial Advice*

*Fill The Form Our CERTIFIED FINANCIAL PLANNER Will Call You Freely*





Give Us a Missed Call On 022 – 62116588

(Or) Download Our MoneyMindz -Expert Seller APP

(Or) Visit: https://www.moneymindz.com/

(Or) Download Our MoneyMindz-Financial Freedom APP

Read more

There are many reasons why you need to plan. Let us enumerate some of them:

  1. To protect you and your family against financial risks: Financial risks include early death, critical illness, accidents reducing your ability to earn, living too long, etc.
  2. To reduce or eliminate personal debt: Too many people spend with money that they are yet to earn! This will ensure an unnaturally high pressure on their future cash flows. So learn to pare the debt that you have. One major worry about debt is the high cost at which it is made available to you. In case you take a loan from a bank on your credit card, you will end up paying more than 40% as interest. You get the hang of what I am saying…!
  3. You will live too long: Much longer than you think you will! The associated costs of living will have to be taken care of. If you are a gymnast you would have retired at 15 years, a tennis player at 32, a cricketer at 35, or just an ordinary employee in a 9 to 5 job then at 58 years. Now if you live up till the age of 90 – or your spouse (who is 5 years younger to you) lives up till the age of 90 (i.e. your age of 95 years), have you estimated how much money you will need.
  4. What about multiple careers and multiple marriages: Somebody has to pay for re-tooling and the waiting to “earn” periods! If we want American salaries, let us get ready for American uncertainties too!
  5. Cost of raising kids:  Well that should be a separate chapter at least, if not a separate book! A good schooling, good college and perhaps a foreign education will totally cost you in 8 digits for sure. How ready are you for this?
  6. You may not understand all the risks that you run in your life and in your journey towards your goals. Buying risk cover is a mine field! So you need a decent choice and this can come only from knowledge. In fact this should have been the first step. The most important benefit of financial planning is that your ability to understand finance, finance products, etc. should go up substantially!
  7. For all the assets that you will buy in life: Well we will continue to call a house, a car, a trip to Europe, a nice golf kit, etc. assets, so what if Robert Kiyosaki thinks otherwise!
  8. To be able to retire: When and in a style that you want to. You do not want to be at the mercy of your kids, do you? So creating enough money to help you in your “old age” (that means you, even if you do not like the expression) is an important goal of financial planning.
  9. To pay for long term care: From a home maid to a nurse or aided living all of this will cost a lot of money. Your medical insurance has its limitation! Your financial plan should keep all this in mind.
  10. In case you wish to leave some money for your kids after your death: Then this should be a part of your financial plan too. Though not obligatory most parents would want this to happen if they can help it. So if you wish to leave some money for your kids (or grand kids) you need to do some good financial planning.

For More Information:


*Are you Looking For Free Financial Advice*

*Fill The Form Our CERTIFIED FINANCIAL PLANNER Will Call You Freely*





Give Us a Missed Call On 022 – 62116588

(Or) Download Our MoneyMindz -Expert Seller APP

(Or) Visit: https://www.moneymindz.com/

(Or) Download Our MoneyMindz-Financial Freedom APP

Read more

Shiva Garru of Hyderabad told me a story really difficult to believe, amusing for the readers and sad for the participant.

His father in law had invested in fixed deposits and lost money, where as his father had a lot of money in equity shares of Satyam and lost money. So Shiva concluded that investing is risky. In fact he was a little excited and said investing with ‘Raju’ is risky! I explained to him that not investing is equally risky – risk of inflation too! Let us cut to the story.

Shiva’s father-in-law had kept almost all his money in Nagarjuna group’s fixed deposit and had by now lost all hopes of getting it back from the company.

I reminded him the story of the 3 pigs and a wolf. There were 3 pigs that needed to build a house for themselves.

A house is supposed to protect you from the vagaries of nature and make you feel safe, right? The first pig built a house of straw. The wolf came – huffed, puffed and the ‘house’ came down. The wolf got the pig for dinner.

The second pig built a house of wood. The wolf came, huffed, puffed and the house came down. The wolf got the pig for dinner, again!

The third pig realized that the problem was not in the quality of material used in the construction, but in the enemy – the wolf! So he constructed a house of stone and cement and invited the wolf through the chimney.

He had kept a pot of boiling water at the fire place and made sure that the wolf was killed. GETTING RID OF RISK / MANAGING THE RISK is what the 3rd pig did. Similar is the investment story. The risk for Shiva’s father and father in law did not come from the Rajus! It came from their own understanding of risk. That is exactly what Warren Buffet says. Risk comes from ‘not knowing’ what you are doing.

If all investors know their own financial goals, risk profile, understand their severe limitations in stock picking, accept that portfolio construction cannot be learnt by watching television or ‘googling’ they will become better investors. If you cannot beat the index while investing on your own (like how most of our fund managers cannot), just put your equity portion in an equity index fund, a portion of your short term debt allocation in an income fund, a gold etf, and in government schemes for longer term debt.

You will do far better than many fund mangers. While investing it is all right if the world thinks you are a pig – remember the third pig lived to tell the tale!

For More Information:


*Are you Looking For Free Financial Advice*

*Fill The Form Our CERTIFIED FINANCIAL PLANNER Will Call You Freely*





Give Us a Missed Call On 022 – 62116588

(Or) Download Our MoneyMindz -Expert Seller APP

(Or) Visit: https://www.moneymindz.com/

(Or) Download Our MoneyMindz-Financial Freedom APP

Read more

I do many of these things and keep wondering how to charge for it…However if you do have a FA he should do the following for you:

1. Do not choose that instrument: He should have the guts and knowledge to say what kind of financial instruments YOU as the client should not touch. This is really difficult because a fellow adviser may be pushing real hard.

2. The real big ones should soon be able to tweak the fund houses to do more tailor made portfolios with much LOWER asset management charges. Of course the bigger and more arrogant funds will NOT do this, but the smaller fund houses may offer it to the Financial Advisor (FA). Any drop from the legal 2.5% is surely welcome. Not a cent has dropped so far!

3. Keeping track of goals vs asset allocation: Shifting you from more volatile asset classes to less volatile asset classes as you get closer to your goals, IMMATERIAL of what you think or say. Clients will want to stay on in WELL PERFORMING asset classes TILL the day they need money!

4. Making you stay the whole course as DECIDED on the day of making the investment: People say ‘I am investing for 10 years’ but start worrying from the 10th day of making the investment.  To explain to you why you made that investment, encouraging you to write it down, holding your hand and explaining that over a longer period, STANDARD DEVIATION does not matter….are all the jobs of a Financial Advisor (FA).

5. Making sure that your spouse understands the whole process so that if your smart client and the more smart Financial Advisor (FA) die she will at least know what to do – without asking! 

For More Information:


*Are you Looking For Free Financial Advice*

*Fill The Form Our CERTIFIED FINANCIAL PLANNER Will Call You Freely*





Give Us a Missed Call On 022 – 62116588

(Or) Download Our MoneyMindz -Expert Seller APP

(Or) Visit: https://www.moneymindz.com/

(Or) Download Our MoneyMindz-Financial Freedom APP

Read more

what does a financial plan do for You?

Many people get put off by words like ‘financial plan’ or ‘financial planning’, so here is a summary of what a financial plan should do for you (read as financial plan, not as financial planner – Mr. Susmitha feels I promote planners too much on my website and he was wondering why, so here is a disclaimer!).

A financial plan should do the following for you:

1. Force you to write down YOUR financial goals: unless a goal is written down along with the steps for achieving them, it is a dream. Dreams do not get fulfilled unless it is worked on with sincerity and honest efforts.

2. Once you write the goals down, put the timelines on them, and put the present and future values – it will force you to see whether it is realistic, whether you can afford many of those things, see how to prioritise them…when you do not write it down, none of these things get done!

3. It will force you to spend within your limits to fund your goals or re-set the goals themselves.

4. It will tell you whether your goals, investments and time lines are in congruence to each other.

5. It will force you to LOOK at the impediments in achieving the goals – critical illness, surgery, stoppage of income for other reasons, etc.

6. It will show you your current mistakes – and that alone may be enough to justify the fees that you may have to pay for the plan!

7. It will show you the milestones on your Journey path and take corrective action if necessary.

8. It might force you to look at new and better instruments in which to invest

9. It will force you to find all the risks in your life and take a suitable cover.

10. You will realise the importance of Retirement Planning!

11. It will make you more confident of your money and be able to explain to your spouse and kids the logic of all your spending and investing: Normally in a family lack of clear financial communication causes stress.

12. It will help you build wealth, meet your goals and reduce financial stress. Let me repeat, there is no reason why you cannot make your financial plan. HOWEVER, if you are too lazy or reluctant to do it, see the help of a financial planner and take his help. 

For More Information:


*Are you Looking For Free Financial Advice*

*Fill The Form Our CERTIFIED FINANCIAL PLANNER Will Call You Freely*





Give Us a Missed Call On 022 – 62116588

(Or) Download Our MoneyMindz -Expert Seller APP

(Or) Visit: https://www.moneymindz.com/

(Or) Download Our MoneyMindz-Financial Freedom APP

Read more

Was talking to a cousin of mine about his investing. He said he had some ‘Mutual Fund Investments’. When I saw it, it was appalling. He is very close but was not too forthcoming about why he had chosen such an array of funds. However he earns very well and spends almost nothing (comparatively) which means he can pretty much do whatever he wants with his money and still not worry about retirement funds.

Another cousin started a SIP which actually got stopped for some technical reason. However by the time the second debit should have come he had already made a fixed deposit with the balance money. Again a case of earning in crores (I did debate with the word millions, then corrected myself) but spending in ‘000s allows all investments to be in bank fixed deposits without too many worries.

Lessons:

1. Most people are employed far beyond the economic need for a job.

2. An office to go to every morning is a social, family and a self created need.

3. Most people will continue to be employed beyond the need for money, because they do not KNOW what to do.

4. Most people will continue to be ’employed’ even if the salary is cut in half post retirement.

5. One person was willing to come to office if apart from ‘coming to office costs’ he earned Rs. 5000 a month. His last drawn salary? Rs. 54,000 p.m.

6. When it comes to managing money, MEN do not ask for directions. WOMEN think their husbands (unless they have learnt it the hard way) are managing their money well.

7. Most people do not set FINANCIAL goals. This leads to a lot of money being friterred away on things which they may not need.

More Random Thoughts:

Recently saw some very poorly written personal finance articles in Hindu Business Line. Respect for that group is still very, very high. Hopefully they will correct it soon. Surely personal finance does not have such a shortage of writers, Mr. Kumar.

Is Securities and Exchange Board of India (SEBI) pushing through mutual funds dematerialisation to create revenue for National Securities Depository (NSDL) or for the DPs? Clients have no benefit in holding the units in a Demat mode (you cannot sell, transfer, pledge, gift….- it can only be redeemed), and the statement has no commercial value (if you lose it, get another one, NORMALLY FREE). Not sure…

For More Information:


*Are you Looking For Free Financial Advice*

*Fill The Form Our CERTIFIED FINANCIAL PLANNER Will Call You Freely*





Give Us a Missed Call On 022 – 62116588

(Or) Download Our MoneyMindz -Expert Seller APP

(Or) Visit: https://www.moneymindz.com/

(Or) Download Our MoneyMindz-Financial Freedom APP

Read more

 India First Free Online Financial Advisory Portal,  India First Free On-call Financial Advisory Portal, Best Free Financial Advisory Portal


India First Free Online Financial Advisory Portal, India First Free On-call Financial Advisory Portal, Best Free Financial Advisory Portal                                                                      Make that first investment; waiting is costing you a bomb!

After every lecture on financial planning, I get many requests for information from, young people just starting out in life. Regardless of their age, people do realize that a little upfront planning and action can put them ahead of the game. Therefore, here is what I would call a lesson 101 for you to do something. For those parents who have approached me with “how do I teach my children financial responsibility” kind of questions please pass it on to them!

Let us start at the very beginning…a very good place to start

The first steps have to be A, B, C or Do Re Mi…..if that sounds better!

Set your goals. So what are the steps?

1. Think where you want to be in five years:

How much will you have invested? Will you own a home? Where? What size? Will you have kids who will go to college someday? What kind of car do you see yourself driving? Will you take time off from work to study? To have a baby? To pursue a different career? What else is important to you financially?

2. Think about the roadblocks and the potholes along the way: 

you do not want to fall, do you? Write down your financial worries. Being late on credit card payments, delaying the student loan repayment, borrowing from your parents (anybody), increasing housing EMIs, ..could be endless, so please be truthful. Make a list of your financial worries

Set Your Goals, NOW!

Let us put some numbers and dates in place to see if it helps to explain what I have said. Use this timeline to sketch out what you hope to accomplish year by year:

Saving Goals by Time Horizon

Goals for 2018:
1.
2.

Goals for 2019:
1.
2.

Goals for 2020:
1.
2.

Goals for 2021:
1.
2.

Goals for 2022:
1.
2.

It is your life and you need to make the choices – in this case Jointly.

You can see from the example that in order to meet your financial objectives, you have to have some discretionary cash to put aside. The only way to do that is to take a close look at the money coming in and the money going out. You should also make sure to budget money to invest. Ideally, that will be about 10% of take-home pay. Otherwise, you may need to work up to that goal over a couple years.

Set Aside an Emergency Fund

Your first investment goal should be to set up an emergency fund–money you can tap in case you lose your job or are hit with an emergency bill, such as medical expenses. I cannot emphasize enough how important it is to set aside some emergency cash: It gives you peace of mind, and it gives you a cushion so you do not fall into a vicious cycle with credit card debt. Typically, you will need enough in your emergency fund to cover three to six months’ worth of living expenses. This money should be invested in a money market or savings account.

Start Building Your Core Portfolio

Once you have taken care of the emergency fund, it is time to choose the building blocks for your portfolio. This does not have to be difficult. Index funds–either conventional funds or exchange-traded funds–fit the bill nicely. An index fund buys enough stocks or bonds to mimic the benchmark it covers. An exchange-traded fund is an index fund that trades like a stock. With regular mutual funds, (that is what an index fund is), all movement in and out of the fund happens at the end of a day.

If you are going to be adding to your investments monthly, use a conventional mutual fund Systematic Investment Plan. If you are in your 20s or 30s and are investing money for the long term (you do not plan to touch it for at a long time), you can use an allocation something like this:

• 10% Money market mutual fund (emergency reserves being built up)

• 25% Unit linked life insurance plan – for 40 years and willing to pay premia for longish period of say 30 years plus. This should be in funds with very low asset management charges – sub 1% if possible. It does not matter if the upfront load is high.

· 65% – SIP in a multi-cap mutual fund as an SIP route. This should be in a flexi- cap fund (also called Dynamic asset allocation)

Regardless of which fund or Unit linked plan you use, make sure the expense ratio is low.

For example: try not to pay more than 0.9% for a unit-linked plan and 2% in a managed mutual fund. Expenses hurt! Check the costs of a fund!

Summing Up

To start your life with a good financial base, you need to understand your assets and liabilities (net worth), set priorities for your goals, create a realistic spending plan, set up an emergency fund, and put the core pieces of your investment plan in place.

If you have been academically successful, socially successful, you surely can be financially successful. To start, you need not be successful, but to be successful you need to start!

For More Information:


*Are you Looking For Free Financial Advice*

*Fill The Form Our CERTIFIED FINANCIAL PLANNER Will Call You Freely*





Give Us a Missed Call On 022 – 62116588

(Or) Download Our MoneyMindz -Expert Seller APP

(Or) Visit: https://www.moneymindz.com/

(Or) Download Our MoneyMindz-Financial Freedom APP

Read more

This is for all the kids I know. Some of them are smart, some very smart. However money management is not a part of their curriculum (really sad)…so here are some tips. You can use it or discard it….just my views:

1. Decide only on the big things together: The Rs. 800 T shirt which he bought without asking you should not matter – if the joint CTC is Rs. 15Lakhs! Do not sweat the small things…just let go.

2. Both of you have had very, very different upbringing: so do not thrust your views on the other. As a family we would eat out in expensive restaurants, and take vacations even when I was in school. My wife thinks eating out is a criminal waste of money. Hey view point, that is all, do not crib or scream.

3. When you said yes to her commit morally, physically, ethically and financially. Decide that upto Rs. 1000, (with a cap of Rs. 3000 a month?) you will not fight, and anything above that you will take a joint decision. Saves blushes later on.

4. Start reading Moneymindz: It is the only site which says ‘you jerk do not blame the regulator, the manufacturer, the distributor TAKE RESPONSIBILITY for your actions – and thus for your financial life…and life in general. TAKE RESPONSIBILITY…

5. Do a SIP in a big fund now: Even if you do not believe in whether SIP will work for you..do it for 5 years, and then tell me ‘IT DID NOT WORK FOR ME’. I hope to be around to answer your question.

6. Balance the financial power: one person keeps accounts, other person handles money. This way both know everything..

7. If you do not know, and you know that your spouse does not know, ASK AN EXPERT – you husband will NEVER ASK..his ego prevents him from letting you know that HE DOES NOT KNOW.

8. Learn, learn, learn: Power of compounding, start small, start early, …simple concepts you will find it on this very site!!

9. Accept your imperfectness, and start with a prayer.

For More Information:


*Are you Looking For Free Financial Advice*

*Fill The Form Our CERTIFIED FINANCIAL PLANNER Will Call You Freely*





Give Us a Missed Call On 022 – 62116588

(Or) Download Our MoneyMindz -Expert Seller APP

(Or) Visit: https://www.moneymindz.com/

(Or) Download Our MoneyMindz-Financial Freedom APP

Read more

If you are a kid earning money  say you are about 25 years of age, do you ask yourself ‘why should I save money?’

Well if you are from an Indian family, chances are you have seen the people around you save money. Your parents, uncles, aunts, neighbors, bosses, colleagues  all of them save money, right?

Still many kids these days wonder ‘why should we save money so soon in life?’. Fair enough. One girl told me ‘My parents save a lot of money and my father-in-law invests a lot of money’  So we should enjoy, should we not? Fair enough, but all of us may not be in such a happy position.

You should save money to:

1. Have Your Own Money:  Of course your parents money will come to you, but it is nice to have your own money, right? So start as soon as possible and the money will nicely grow.

2. Create An Emergency Fund: what if your bike breaks down, or if there is some kind of a financial emergency, or just a friend who needs a helping hand. Nice to have your own cash to help your friend, right?

3. To Start Investing: I will surely do a post on why you should invest – and do it soon. However to start investing you need to create a saving corpus first. Then a portion of this can become capital of your investing corpus!.

4. Save For Buying An Asset: all asset purchases need a down payment, if not a full payment! Simple – if you buy a 2-wheeler or a 4-wheeler please make a full payment. However for a house target a 40-50% down payment.

5. Save For Your Own Education: in case you decide to do a PGPX or a PGP course you will need about Rs. 3 million. Of course you can borrow this amount, but you are much better off saving A BIG PORTION of this yourself. Reduces your re-payment burden at a later date.

6. Save For Luxuries: A Canon 5-d with a nice lens costs Rs. 3 Lakhs. Or a vacation in Australia. Whatever luxuries you have in mind costs a lot of money. If you need to fund it yourself, YOU need to save money for that. Start now.

7. A Sinking Fund: To buy assets in the future – as a fresh one or as a new asset, create a corpus. It is always useful to do that.

        I can go on and on…but these are enough for you to make a start, I hope.

For More Information:


*Are you Looking For Free Financial Advice*

*Fill The Form Our CERTIFIED FINANCIAL PLANNER Will Call You Freely*





Give Us a Missed Call On 022 – 62116588

(Or) Download Our MoneyMindz -Expert Seller APP

(Or) Visit: https://www.moneymindz.com/

(Or) Download Our MoneyMindz-Financial Freedom APP

Read more

It easy to understand why retirement isn’t a priority in your early stage of your career. You’reMore concerned in kick starting your career rather than ending in distant future.

However, being young gives you an edge if you want to build wealth for retirement. You have time to take advantage of compounding interest, so you can save a little now and reap big rewards later.

Don’t pass on the opportunity to get a jump-start on saving for retirement.

Here are some tips for Jump start your retirement planning early.

Tip 1: Have a Plan

The first mistake most people make is they lack a written plan to build financial security.

You can’t put the formula for financial success to work for you without a plan to accomplish it.

It may be a simple process, but it won’t happen randomly. You make it happen by taking action. A written plan with goals provides the road map and is a necessary first step.

Financial success is a choice. It results from the many small decisions you make each and every day. Without a plan and goals to achieve wealth, your life is like a sailboat without a rudder: it just spins in circles without definite direction

Tip 2: Pay yourself first.

This priceless wisdom was first introduced in the classic book Richest Man in Babylon by George S. Clason and simply says that whenever you have any income coming in, you should set aside a certain percentage for yourself first. This needs to be applied toward retirement as well, and either begins with taking advantage of your employer sponsored 401(k) or opening an IRA (Individual Retirement Account) and setting up automatic contributions. This way, saving for retirement becomes a habit and automatic.

You may Like : Why You should buy health Insurance ?

Tip 3: Control you’re spending

I know this isn’t rocket science, and in no way am I trying to insult your intelligence, but the less you spend, the more you’ll have for savings. Controlling spending isn’t just about savings; it is also about investing money wisely. When you work hard for your money, it is instantly gratifying to spend it.

Controlling spending now will enable you to create your future nest egg. Also, to be clear, controlling spending doesn’t mean that you can’t enjoy your hard earned money now; it just means that you do so intentionally.

Tip 4: Invest in your Financial Education

Before you start earning you must learn about the financial product.

Similar to the earlier concept of controlling spending, getting out of debt will also provide more money to save for retirement. The money you are paying your bank in interest on your debt or loans is money that could be going into your 401(k) or retirement

This is critically important because financial intelligence cannot be developed overnight any more than wealth can be accumulated overnight. It takes time and disciplined effort.

The earlier you learn your lessons, the less they will cost you. You’ll gain experience on smaller investment decisions, where mistakes can be offset by new savings.

The longer you wait to learn these lessons the more they will cost you. That cost comes in the form of years of missed opportunities and mistakes made with big investment decisions later in life that can’t be offset by savings.

There is nothing more financially dangerous than an investor making a million dollars’ worth of decisions with a thousand dollars’ worth of financial intelligence.

Tip 5: Get out of debt.

Similar to the earlier concept of controlling spending, getting out of debt will also provide more money to save for retirement. The money you are paying your bank in interest on your debt or loans is money that could be going into your 401(k) or retirement account. So you are losing the amount you’re paying in interest, but also the amount of money that you could have been making if that money was invested.

Granted, not all debt is created equal. If you have student loans or a mortgage, those items are considered “good debt.” However, if you have high-interest credit card debt, you need to rid yourself of it as soon as possible.

For More Information:


*Are you Looking For Free Financial Advice*

*Fill The Form Our CERTIFIED FINANCIAL PLANNER Will Call You Freely*





Give Us a Missed Call On 022 – 62116588

(Or) Download Our MoneyMindz -Expert Seller APP

(Or) Visit: https://www.moneymindz.com/

(Or) Download Our MoneyMindz-Financial Freedom APP

Read more