Articles
My financial promise this financial year
A new financial year is upon us and it gives me an opportunity to re-evaluate how I can save create, grow and protect my wealth. Even more so with the current resurgence of the covid pandemic inflicting a lot of stress.
Boost my savings
2020 hasn’t been easy for anyone. Many broke their savings owingto a lack of funds, reminding everyone on the importance of saving,especially during a rainy day or a pandemic. In fact in 2020, anestimated 131 million people were pushed into poverty andlow-income groups with nearly 60% coming from India, accordingto a new research by Pew Research Center.
Cut out on expenses
2020 hasn’t been an easy year. Salaries were cut, people lost their jobs and many didn’t even receive a paycheck when they completed a project. So it wasn’t easy, but it did allow me to understand my relationship with my income. The best way to cut on expense is by tracking them. See what you spend on, review your bills (phone, electric and gas) and cut out on what you don't require
Plan and take advice
Financial jargon is not everyone’s forte, but thereis always someone who can break it down for you.I will be wise and consult a financial planner. Dad’sfinancial advice was good, but another financial adviserwill guide me in making the right investment decisionsfor the long and the short run.
How will a Financial Planner help you?
Buy Myself Insurance
If 2020 has reminded me about something, it's that life can always throw a surprise and it is important to always be prepared. Thus, insurance seems to be my best solution. It’s not just about creating and growing wealth, it is also about protecting wealth. So I am buying myself life, health and auto insurance to protect my wealth.
Become entrepreneurial
If 2020 has taught me anything, it's that if you are passionate about something you can do it. I am going to go for it. Take up a side job, work a little longer, work on weekends and have a few more late nights, but go for my dreams. Rather than just putting a smile on my face, it will certainly bring in some extra cash at home.