You can be the “Future King.” Yes, you read it right here. Once, you have a proper mentorship that drives you towards a secure financial future; you are on the path to becoming a King of your dreams. It’s time to prove this point and get ready for the secured future by being unstoppable from now on. Do you have the organized plans and intentions that will lead to a sheltered and riskless future? Well, many of us plan, but only a few of us can turn away the doubt of the future. Here’s how you reach to a more secure and stable tomorrow:
- Specify financial goals: We all have a secret life where we make goals. So, we need to plan our financial goals. Take absolute control over them and get ready for the financial brightness of the future.
- Make sure your expense budget is not exceeding the saving budget: Start saving first from your annual income and make sure that you retain at least 10-12% of funds for the savings every year.
- Value money: Start valuing the money you earn. Once you start it, you will be able to multiply it soon. Just like the pyramid keeps climbing high, start investing your money in short-term and long-term investment plans. You can also make investments in commodities and real-estate.
- Plan your taxes wisely: Have you ever heard of ELSS? This is a systematic investment plan wherein your lock-in period is of 3 years, and the return comes from the equity markets. You can invest in ELSS if you don’t get any tax benefits from your employer.
- Understand types of loans: If you have a habit of taking loans for a personal vacation or buying something luxurious for yourself, stop doing it immediately. Don’t fill your heads with so many loans offers because ultimately personal loans tire you always with their higher rate of interests. On the contrary, home loans are a good option because you are making an investment and you would surely receive something back in the long-run. Abandon taking personal loans in every manner whether they stand for a short-term, mid-term or long-term period.
- Make an additional source of earning: Start embracing new work opportunities with open arms. If you are a graduate or a post-graduate, then you can go for some freelance working opportunities like teaching, writing, web development, doing research for others, opening up a small outlet where you can work during the weekends or in evenings. Don’t just settle for the average. Accept new work opportunities and start making fixed deposits or recurring deposits out of those funds.
- The right insurance for the right time: Insurance is a promise of protection if you pay the premium. Make sure that you cover life and health insurance early in your life. In times of urgency, it will pay off all your expenses with no questions asked.
Keeping all the above points in place, you can plan and live a stable future. It may happen that tomorrow, there will be no secure island. So, try not to happen that. No guard is calling or protecting us through a whistle, so, we should make a tailored future now.