Typically, when you are a teenager or when you are in your 20’s, you start working and earning money. But Financial Freedom doesn’t come with mere working. There is a lot more to attaining Financial Freedom. Best Financial Adviser Kuber Mindz Moneymindz urges you to find out more about gaining financial freedom.
If you want to be financially independent, know that merely going to work and getting some money only to be penniless at the end of the month is not going to help. There are a lot more things to do in order to attain financial freedom and be financially independent.
Control your bank account independently and manage a budget
Start a bank account or take control over your existing bank accounts. Frame a budget in which you note down your regular income, expenses, savings, investments, and insurance, financial goals and time frame by which you need to achieve them. Once you are done with that, start tracking your money and act accordingly (reduce expenses, increased your income, start investing larger amounts, buy more insurance, etc)
Organize your finances
Once you know where your money is going, etc, you must start directing your money to better use. Watch where your finances go and direct them to your investments, debt clearance and insurance purchase. Monitor basic needs and filter out unwanted expenses. You’ve time on your side and can avail the benefit of the power of compounding.
Clear all your debt
If you happen to have debt such as credit debt, education loan, home loan, car loan, and so on, make it a priority to clear it off at the earliest without strangling your finances to death. In other words, make it your priority to clear all your debt and at the same time ensure money for your future and present needs.
Insurance is very imperative and is a necessity nowadays. It insures and offers coverage to insured individuals and items. Your life can be insured with Term Insurance, your health with Health Insurance and your house with Home Insurance. In case you are travelling, a Travel Insurance provides coverage for travel related expenses and losses, if any.
Invest for emergency and retirement without fail
At this age, it will seem unnecessary to save for retirement or have an Emergency Fund. Inflation is constantly reducing the value of money and retirement is decades away so you can invest for retirement and beat inflation. You don’t have to borrow money in case of any financial emergency if you have a Contingency Fund or a Rainy Day Fund that consists of an years’ worth of your monthly income.
For more information visit www.moneymindz.com or give a missed call to 022-62116588.