Financial planning can be very complicated because you have to balance all the information and changes in your life.
If you want to be financially free this year, there some financial factors you must consider. Trust me, if you put these factors into consideration, they will not only help you financially but spiritually, because they might eventually become a habit.
Here are the 3 factors that have the biggest impact on your probability of success.
We save, basically, because we can't predict the future. Saving can keep you out of financial trouble in emergencies.
If you have cash set aside for emergencies, you have a fallback should something unexpected happen. And, if you have savings set aside for discretionary expenses, you may be able to take risks or try new things.
You should save money for three basic reasons: emergency fund, purchases and wealth building.
Saving money and investing money are not the same thing. Each has an important part to play in your financial life and you should respect it.
Investing is critical to grow your wealth. In fact, savings in a bank won't make you money and we all need to invest in equities or assets.
Investing refers to long-term commitment, as opposed to trading or speculating, which are short-term and, therefore, amount to higher risk. Intelligent investing is the key to build wealth.
Investments may include a range of choices, including stocks, bonds, mutual funds, exchange-traded funds, and real estate.
Most of us wish we'd spent less on things like cars, clothes and dining out in order to save. So why don't we?
Overspending limits your spending power in the future as more and more of your income has to be applied to debt payments.
No matter what triggers you to overspend, there's no need to do so. Don't try to copy friends to live a big life.
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