If you want to be
financially capable and strong forever, then you have to learn how to manage
earning in certain ways.
Money is needed to
start any work and move it forward. Without funds, you can not start working on
your idea. Today's youth have many options to raise funds for their start up.
Through these options, they start their business and earn money, but many times
they do not know what to do that they always have money and there is no
shortage of money. As the business grows, its expenses also grow. When expenses
increase, making money and saving both make it very difficult. In such a
situation it is not easy to make money for yourself and many times the money
earned and saved is also spent.
However, to make
money, it is necessary to learn to control their spending habits so that they
always play business in positive positions and not get into debt. If you want
to earn real wealth for yourself, then you have to take these steps to
establish positive financial habits -
Do not work in damage
Most of the
entrepreneurs who make mistakes during the making of money are those who spend
more than earning. Often people spend more than they earn. It may seem
ridiculous to hear but this is the truth. One of the easiest ways to make money
is to spend less than you are earning. However, most people sit down and spend
the trust of credit cards. They think that they will earn more money in the
future and all of them will be equal, but in reality, when this happens and
such people start earning more money then they spend too much because of their
bad habit of spending and they Keep working at losses too.
Tax on yourself
Think that the
government will increase the tax suddenly and if you have to pay a tax of more
than Rs.1000 per month, then how
do you do it tax? In any way, you will arrange for these 1000 rupees every month, but when it
comes to saving money, you will be seen making excuses every month for the
purpose of getting out for Sav.ng every month, or you will be seen stopping
next month.
In such a situation,
set up an automatic bank transfer, so that whenever your payment comes, you
should move some of your savings to your Savings Account. You should assume
that it is not the money and forget it for some time. After some years you will
thank yourself.
Keep responsible people together
If you really want to
make and save money for yourself, then you should live with people who are
financially responsible. These are such people and you can learn from them. You
can choose one of your family friends for yourself, who has achieved financial
success and could guide you by making a mentor during this process.
Do not play from the stock market
Unless your job is a
trader, you do not have to put your stock in the market. Do not think that you
are smarter than the stock market. If you think that in the work that some
people make their entire career, you will do it easily, then you think wrong.
It may be like gaming for you Instead you can invest your money. You can also
take the help of a financial adviser to invest money.
Bill Credit Cards
It does not matter how
big you are, if you increase credit card without any reliable means of earning
money to pay the credit card bill, then you are careless. You should always
take your financial decision based on your current earnings and not on future
earnings. If you do not do that, then you will surely find themselves in debt
and interest in the future.
Set financial goals
When you have a goal,
you are responsible for the money, but when you do not have any goals, you
spend your money easily without considering it.
Therefore, at the
beginning of each year, set a big goal for yourself and then divide it into
quarters for 3 months so that you
can check your increments in every quarter. Only after small goals will you
achieve big goals.
Follow rules 50-30-20
Many financial experts
advise young entrepreneurs to follow the rules of 50-30-20. According to this rule, you should
spend 50 percent of your
earnings on your needs like home, car payments, food etc. 30 percent of your desires like
clothes, walking Good dinner should be spent on etc. And the remaining 20 percent should be
avoided. Especially when you are young, you are close to adopting the rules of 70-20-10, which makes a lot of
money out of your bank.
Your goal should be to
achieve the rule of 50-30-20,
then you will surely be able to become a successful entrepreneur.
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