Have an alternate source of income
If you are dependent only on the income you get from your salary, you do not have the freedom to choose to work or not. What does this mean? You have to work. You have no choice. But what if you have an alternate source of income? You can choose when you want to work or not. If you have two houses, you can give one of them on rent. You can work freelance and earn a lot of money.
Set your financial goals
Have a financial goal and strive to achieve it. Your financial goal may be short term, medium term or long term. You may have a short term goal of going on a trip one year later. You save and invest money for this short term goal. You may have a medium term goal of buying a car, around three years from now. You save and invest money to buy the car. Then you have long term goals. You save and invest for retirement.
Avail health insurance
You need to avail a health insurance plan to protect your savings. What savings are these? These are your life time savings. Imagine if you suffer from a disease or a critical illness? Hospitalization can wipe out your lifetime savings. This is where a health insurance plan is very useful.
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