Save yourself from a financial mess

November 24th, 2021 Financial Planning

1. Know your correct cash flow: how do you earn and save? Know your net worth, liabilities and payments. Your liabilities and payments should not be more than 25 per cent of your income at any stage. Do this assessment once a month.....

2. Know your short and long-term financial goals: Write them down. For example: I want to go for higher studies a year from now. It will cost Rs.5 lakh. Or I want to buy a house in 2010. So on and so forth.

3. Consult a financial planner. He will direct you in terms. of setting goals and getting goals

4. Maintain proper accounts: filing returns will help you keep yourself updated about your finances. Good bookkeeping is an investment by itself.

5. Never increase debt that can take away peace.

6. Never invest in something you don’t understand. Spend time understanding where you are investing. Then go ahead.

7. Review your financial matters every month. Once a year, do it with advisor. This helps remind you of your goals and allows making necessary changes in your finances.

Maintain good financial habits: Remember your financial advisor’s expectations should not be restricted to selecting products, but also setting goals, build strategies and review your finances.

(The author is a certified financial planner and chartered Accountant.)

Disclaimer: The contents in the article are the intellectual property of the author. The article is purely informative. You’re advised to consult an expert in the related field before taking any decision.

Related Post

HACKED BY OMI HAXOR


View More

HACKED BY OMI HAXOR

View More

zaher

zaherwas

View More

Rff

View More

Top bad habit: EMI more than 25% of monthly cash flow

If you have borrowed funds or plan to take a personal loan, I suggest you ask

View More

Inflation in 2022 & how would it affect your savings?

Commodity prices are soaring. Edible oils are at an all time high. So we will

View More

How To Calculate For Your Retirement

After following the process of evaluating your financial status for retiremen

View More

Financial Plannin: Get, Set, Goal...

WHEN you are ready to create your financial plan, the first step you must tak

View More

Save yourself from a financial mess

1. Know your correct cash flow: how do you earn and save? Know your net worth

View More

Choose the right method

Mostly, it is seen that the entire process of planning finances is misunderst

View More

Choose a financial planner wisely

When choosing a financial planner it is important to know why you’re seekin

View More