Financial Fitness:
Often we have heard about physical fitness but what about thinking and practicing on your own “Financial Fitness”.
Wise money management can take more time but can make your life easier by taking lots of worry out of your daily life.
Some of them are as follows,
- Set financially realistic goal,
- Make realistic budget,
- Build your cash cushion to save money each and every month,
- Save for emergency fund separately.
- Plan to have second income,
- Limit the use of credit-based spending,
- Never exceed your spending more than your income,
- Learning to live happily on less than you make,
- Invest in your own self-education,
- Diversify your investments,
- Frequently review and revise your plans and goals,
- Rebalance your investment portfolio at least once in a year.
- Don’t forget to plan for your good health,
- Plan for good retirement income,
- Make your investment is long term inflation proof,
- Make financial planning for your kid’s higher education,
- Make sure you have longer life insurance period,
- Plan your wife’s retirement finances,
- Keep excellent credit score,
- Reduce your debt,
- Avoid unnecessary risks of any kind,
- Control your greed for money,
- Learn time management,
- Buy generic medicine,
- Teach your child the real value of money,
- Involve your family in important financial decisions,
- Check for money savings rebate before you buy,
- Be spiritual
- Be Kind in your decisions.
- If possible donate for good cause of human/humane welfare.
Beware of those too often little/tiny expenses, little hole or leak can slowly sink the entire ship.
- You’re the root of your financial success
- if you take care of your roots,
- you will enjoy the fruits.
How you live tomorrow is all depend on how you invest today!!!
- Those who often fails to plan,
- is nothing but a plan to fail.
Increase your learning to increase your earning.
Remember one thing don’t overdo and over plan anything.
Don’t forget to live your life.