A Personal finance blog to get rich
Budgeting is a highly personal and exclusive feature for each individual and household. There is no one-size-fits-all approach to creating a budget that truly works for you. Understanding this uniqueness is essential to developing a financial plan that aligns with your circumstances.
In this blog post, we will delve into the valuable insights from experiences and cases where things have worked out, providing practical tips on how to tailor a budget to suit your needs.
This will be a different post in comparison to my other posts, the idea for today’s post is simplicity, so let this write-up be simple too. Your finance can be overwhelmingly complicated if you let it be, otherwise, it will be as simple as eating your daily lunch. Keep these simple fundamentals in mind starting from the day one of your working life. They are valid for every one, for people with debts and for people with billion dollars in bank.
As with your physical health, a better set of habits can strengthen your financial health. You need to master those skills and habits. you need to acquire that mindset. Only then you can effectively manage your finances on a day to day basis.
When I first started earning money it was 2000, I was in India. I straight away jumped for direct stocks purchases, and within a year I lost half of it. Poor stock-picking coupled with the burst of the dot-com bubble were to blame. But, it taught me what not to do with money when you are a beginner. Since then I have committed many more mistakes, at the same time, I also did things that worked very well.
A few of the mutual funds I bought between 2003 and 2005 got almost tripled their value before I sold them off. I had mentored people towards their first investing since then, A little disclaimer, I am not a financial expert and even I don’t take my advice for granted, always consult with someone you trust before taking any of the steps I mentioned below.
I always talk about penny-pinching in this blog. The name also suggest the same thing. Here’s a guest post extended to us for posting, which talks about penny-pinching as followed by some well known celebrities. The aim is the inspire you to follow the path of frugality, even when you have enough cash to spend. Enjoy the post.
Living a frugal life is nowadays a trendy attitude that is not only observed among regular people, but also promoted by many celebrities. Celebrities who choose to live frugal are shifting to a simpler lifestyle that allows them to live better, spend less money and increase their inner wellness.
Most Americans don’t have sufficient funds in retirement accounts. Naturally, they can’t just retire and continue working. Whereas there are people who take early retirement. Start managing money well today so that you won’t regret when you’re old.
After graduation from the university where occasional side jobs were my best friends, I’ve got a fright:
Quotes are easy things to overlook. But that has nothing to do with the fact that they contain priceless advice from some of the smartest people in the world.
I found some of them funny, some thought-provoking, and others interesting but I never took them seriously until I spent four years building my business and learned my lesson in a hard way.
Family members lend money to each other all the time, but this does not mean that doing so comes without risks. Unfortunately, many people lend close relatives such as their brother or sister money without ever receiving a dime of repayment.
This can be damaging to the relationship and makes it more likely that the lender will not help other family members within similar positions because the perception will be that lending informally comes with too many risks.
Unfortunately, unexpected life events rear their ugly heads without respect to age, gender or ethnic background. It’s the human condition! If we are breathing and actively participating on this earth, we can be guaranteed that we will experience an unexpected life event that will create a financial hardship. It doesn’t matter whether you’re single, married, divorced, male, female, old, young – and I can go on but you get the picture.
While it would seem logical and a “no brainer” that if you’re breathing you might experience an unexpected life emergency, why is it we don’t plan for the unexpected? I’m not aware of many who live in a bubble protected from what I call “life’s suddenlies.” Life is going great, and suddenly a major disruption renders us under financial pressure.
First of all, check out this quotation:
“It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” – Mark Twain
Now, let me ask you this…How do you identify the things you know for sure that just ain’t so?
There’s a lot of information out there about money, but there are also a lot of myths and misconceptions. You might have even heard something about finances from your parents and grandparents growing up and just believed it to be true.
This can be dangerous as you might be making bad decisions about your future. Further, you can also be missing out on great opportunities to increase your wealth.
