Golden Rules for Financial Bliss

Thou Shalt Plan and then Act

  • Start with setting financial goals and creating a financial roadmap with timelines to reach those goals.
  • Learn the value of compounding
  • Follow the Budget
  • Review it periodically

Though Shall Save and Invest Wisely

  • “Pay yourself first”
  • Make sure money is set aside for emergencies
  • Understand “how”, “where”, “when” to invest

Thou Shalt Not Overspend

  • Don’t spend more than you earn
  • It is not simple to practice and demands great deal of restraint
  • Don’t be driven by temptations or what your neighbours are doing
  • Learn when to Buy OR Lease OR Rent a home to live / car

Thou Shalt Plan to Neutralise Inflation

  • Inflation is a reality of every economy
  • It eats away a part of your earnings
  • Prudent Investments can negate inflation impact

Thou Shalt Limit Debt

  •  Limit your debt
  •  Best way is not to have any debt with exception for buying a house
  • Take out loans, pay off bill and credit card balances on time
  • Delayed payments would impact credit score and make future debt costly

 Thou Shalt Teach Thy Children about Money

  •  Good parenting would always include teaching your children about the value of money and how to save, invest and spend wisely
  • Parenting goes beyond providing support, food, home and school education to your children

Thou Shalt Buy Insurance

Thou Shalt Plan For Retirement

  • You may not be earning regularly for your whole life
  • Determine how much money is needed for expected years in retirement
  • Investing is only one part of planning for retirement

Thou Shalt Have  a Will

  • Provide comfort and happiness to your loved ones
  • Protect the assets you have created and ensure your wishes are followed when you die
  • Making a Will or Trust is important
  • It can save your heirs considerable time and expense when you are not around

Thou Shalt Donate

  • Think beyond income-tax deductions
  • It creates goodwill and satisfaction of contributing to your community
  • You can also donate your Time, Energy and Skills
  • Achieve a sense of accomplishment and satisfaction which are priceless

Develop and follow your own value system for financial discipline

 for more, please visit our website – http://www.m4money.in
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