The first step on the road to financial success is to know where you stand.
A recent statistics has found out that 75% of people don’t have a clear and accurate view on their whole
financial picture and most importantly 50% of people are not confident about will they achieve their
- Do you save at least 10% of your income?
Pay Yourself First – Most Famous phrase from the book – Richest Man in Babylon.
Before you pay off your bills or spending – Save and invest at least 10% of your income for Yourself.
Set aside this money for your Retirement & for your Financial Goals.
- Do you have an Emergency Fund?
Have your set aside 6 Months of your House Hold Expenses as an Emergency Fund?
Having an emergency fund will soften any financial Crisis to deal with. Remember Murphy’s Law – If something has to go wrong – it will go wrong. Having enough money for 6 Months can pull you from
anything that life can throw at you.
- Do you accelerate your debt payments?
First, do you know the exact amount of debt you own (Principal Outstanding for Credit Cards, Home Loan,
Business Loan, Etc….. as on today) and the actual Interest Rates?
Sometimes it is absolutely necessary to borrow money such as Education, Car or Home. But always
accelerate their payments.
Power of compounding can work against you, by accelerating the payments of all your debts, you can
minimize the interest.
- Do you have record-keeping system for your spending?
I know, this is always a pain to record all our spending. This is an important part of your Financial
Growth. Remember it is always not the size of the income that will determine where you will be in 20
Years, It’s how you spend it.
- Do you know your Net Worth?
This is a simple process of taking your assets and subtracting your liabilities. In simple terms, it is what you own and what you owe. Reviewing your net worth statements over time can help you determine where you are, and how to get where you want to be.
- Do you live within your budget?
Is this the word budget makes you shy away? Do follow these steps and keep your budget within the control
Determine your Monthly Income
Calculate your Total Expenses
Categorize your expenses into categories
Evaluate your expenses
Stay within your budget
Habits and Choices are very important to achieve personal excellence and Financial Success.
Personal Finances thumb rules are important to achieve Financial Success.
To create a personalized plan and investments – Reach out to me @ 9841058689.
Click the link & Change your Financial Life – Right Here, Right Now
Take Your First Step Towards Smarter Investment Decision.
Helping people to Increase their Networth and Wealth.
Equity Fund Manager | Wealth Consultant | Author
Whatsapp / Call – +919841058689