Your health is your asset. Have you ever thought of covering it. You never know what will happen in very next moment. Life is full of uncertainties. Getting hurt or sick isn’t something a person wants to happen, but unexpected medical events do occur. Having a health insurance plan helps pay for some of those unexpected costs, and provides financial protection against ongoing large medical bills.
Here is some advantages of health insurance 1. Increase in the incidence of lifestyle-related illnesses Life expectancy has increased. Thanks to advancement in medicines, the average man is likely to live for around 84 years by 2040. And so has stress due to sedentary lifestyle. This has also given rise to the early onset of chronic diseases like cancer, lung conditions and stroke, claiming younger lives. Health insurance mitigates the financial risk that may befall a person irrespective of age. Are finding difficulty in Health insurance? Seek advice of a financial planner who will make ease for you .Just leave a missed call @022 62116588 and have a personalised financial planner for FREE. MoneyMindz provides Free Financial Advisory, Financial Investment Services, Financial Planning, Certified Financial Planner Assistance, Retirement Planning Advisory, Free Financial Advisors, Online Personal Finance, On-call Investment Management, Best Financial Planner, CFP India, Personal Financial Planning. 2. Health insurance coverage is more than just hospitalisation Most/Many health insurance plans give coverage for day care procedures and OPD, other than the treatments that involve serious hospitalization. There are also health plans that cover vector borne diseases like dengue. 3. Increase in out-of-pocket expenses With the healthcare industry in India witnessing double-digit inflation, it is getting extremely expensive to treat common ailments in India. As a result, this has put a dent in an individual’s pocket. Buying health insurance can double up as your emergency financial fund while preparing you for the troubled times. 4. Your group health cover may not be sufficient A group health plan may or may not cover all your family members. The sum insured limit in a group plan is also less, which may not be enough to meet all the medical expenses incurred. And then as you’ll grow older, you might need frequent medical attention. Before that you may not want to put yourself at the risk of being under-insured. 5. Benefits buying health insurance at young Buying a personal health insurance policy is cost-efficient while one is young and free from medical complications. The premium is lower and the policy offers comprehensive coverage in comparison to a policy purchased at an older age. As an individual grows older, the cost of the cover increases and if one develops health issues, the health insurance company tends to exclude pre-existing conditions which defeat the whole purpose of buying a health insurance. Most health insurance companies have an upper age limit for the policies, which means one would have limited options after retirement. One can enjoy the benefits of cumulative bonus in the form of no claim benefit if they renew the policy without any claims. 6. Tax benefit The icing on the cake by opting for a personal health insurance policy is the tax benefit. Payments made towards health insurance premiums are eligible for tax deductions under section 80D of the Indian Income Tax Act. Individuals less than 65 years of age can claim a deduction of up to Rs. 15,000 for the health insurance premium paid for themselves, or for their spouse, children or parents. Ms Dhoni who have captained Indian Team for nine years Mahendra Singh Dhoni, who captained India in limited overs cricket for nine long years, has stepped down. "Captain Cool" as he was popularly known gives way to a new generation of players to be led by a brash, young Virat Kohli, who's waited in the wings for a while.
He has the most wins by an Indian captain in both tests and one day internationals. Among other laurels, he led India to victory in the 2007 ICC World Twenty20, the 2011 ICC Cricket World Cup and the 2013 ICC Champions Trophy. In 2009 the Indian team rose to be number one in tests for the first time. Dhoni’s journey to greatness requires the usual facets we associate with greatness: having belief in one’s ideas and control over one’s mind, having discipline, being able to work astronomically hard, and above all, having the stamina and patience to overcome challenges and go the distance. Are finding difficulty in Investment or Financial_Planning ? Seek advice of a financial planner who will make ease for you .Just leave a missed call @022 62116588 and have a personalised financial planner for FREE. MoneyMindz provides Free Financial Advisory, Financial Investment Services, Financial Planning, #Certified_Financial_Planner Assistance, Retirement Planning Advisory, Free Financial Advisors, Online Personal Finance, On-call Investment Management, Best Financial Planner, CFP India, Personal Financial Planning We can learn from MS Dhoni to be Cool – Dhoni is famously known as captain cool. A calm temperament is a great asset in the field of investment as well. When the markets tank, most investors lose sleep as they see the value of their portfolios shrink. Warren Buffett has said that you should be greedy when others are fearful and fearful when others are greedy. In a bear market, investors should be able to coolly evaluate which high-quality stocks have become available at a bargain and snap them up. Instead, most of them are either unable to invest more in equities, or worse still, sell their equity holdings altogether. He is the coach and the advisory to the youngster – There are many people in our life who have help us to walk and cross all the hurdles in our life. We always remember them in our life and cherish those lovely memories. In Dhoni’s Life His family, Friends especially his father supported him to shape his career as a cricketer. How can one forget his coach who passionately trained him and whose joy knew no bounds when he left his wife standing in the middle of the bazaar to convey the news of selection to M S Dhoni. In personal finance too, your financial adviser acts in a fiduciary manner to make sure you are on track to reach your financial goals. Financial adviser acts independently without any bias to make sure the client’s best are interests are served always. Independently without any bias to make sure the client’s best are interests are served always. Calculated bets Dhoni does take risks but they are well-calculated ones. He does not have a reckless, all-or-nothing approach. This is reflected in the composition of the teams that he fields. Depending on the sort of pitch that the team will play on, he may take an extra spinner or an extra pace bowler. But he rarely goes with an all-pace or all-spin attack. An investor too should make calculated bets. Warren Buffett and his partner Charlie Munger often give the analogy that they have mastered the art of vaulting over small obstacles rather than very high ones. For instance, a typical investor may have an 8 – 12 per cent or 5 – 10 per cent strategic allocation to gold in a long-term portfolio. He may tactically shift his weightage depending on the performance of the asset class, moving to the upper end of that range when the asset class is performing badly [buy low] and to the lower end when it is performing well. ` The Finisher More specifically, his skills as a finisher. In his heyday, Dhoni was one of the best finishers in the limited-overs game, even sending yorker-length deliveries for six with his signature ‘helicopter shot’. But even Dhoni’s tried and tested ‘safety first and attack later’ approach was getting outdated, given how the limited-overs game has evolved in such a short time. Batsmen nowadays are not always allowed the luxury of consuming too many deliveries to get set, before attacking. In recent instance MS Dhoni, the finisher with a Midas touch, was back in his elements for Rising Pune Supergiant (RPS) against Sunrisers Hyderabad (SRH) in an Indian Premier League (IPL) 2017 match. MS Dhoni hit a 34-ball 61 not out to help his team cross the finish line in the last over. Chasing 177 to win, RPS lost a couple of quick wickets to get reduced to 98 for three. But Dhoni ensured that his team finish with a win, despite needing 47 off the last three overs. MS Dhoni clinched the last-ball thriller with an imperious cover drive and the entire Pune dug-out, including skipper Steve Smith, gave him a standing ovation. As you get closer to your goal—say when you are five years away from retirement—you need to reduce the risk in your investment and move a larger portion to fixed-income assets, so that a downturn in the equity market does not affect your retirement plans. 4/27/2017 0 Comments Are you new to investing?Learn the bare minimum to understand the different possibilities you have to invest. This means Educating yourself by reading a book or reading various financial blogs. Fundamental of personal finance... ! Yes, it is very important to set the base and then built on it! But have you think what could be the first steps. Your first baby steps towards personal finance.
When we come to the planning stage, like setting up the goals. It is easy to say but it is tough. When you pick up your pen or your laptop and start writing. It’s really difficult. The biggest concern you may find that you don’t know what will happen 5 years down the line or 10 years from now. Most of us plan our holiday almost 2 or 3 months before .Your biggest holiday perhaps is your retirement. How many of you started planning for your biggest holiday? Maybe few of us have only planned. Are finding you difficulty in Investment or Financial_Planning ? Seek advice of a financial planner who will make ease for you .Just leave a missed call @022 62116588 and have a personalised financial planner for FREE. MoneyMindz provides Free Financial Advisory, Financial Investment Services, Financial Planning, Certified Financial Planner Assistance, Retirement Planning Advisory, Free Financial Advisors, Online Personal Finance, On-call Investment Management, Best Financial Planner, CFP India, Personal Financial Planning We trend to plan the things which we are aware of. Anything that we don’t know, not completely aware of or doesn’t have the knowledge we trend to procrastinate. But in today’s time investment is no longer is a choice but a necessary. Given that our lifestyle is changing for that financial_planning is very important. First thing we have to do is to educate yourself and the second thing if you are not married then your marriage should be your primary goal but if you are married your child education , your retirement plan, Buying a house, your early vacation , paying your dues or buying a vehicle must be your primary goals If you have those milestone setup for your own self then you planned your goals and investment accordingly It is important to set goals but do you know how to set correctly. Step 1: Setting up for biggest holiday dream The first step in setting personal goals is to consider what you want to achieve in your lifetime (or at least, by a significant and distant age in the future). Setting lifetime goals gives you the overall perspective that shapes all other aspects of your decision making. Step 2: Setting Smaller Goals Once you have set your lifetime goals, set a five-year plan of smaller goals that you need to complete if you are to reach your lifetime plan. Then create a one-year plan, six-month plan, and a one-month plan of progressively smaller goals that you should reach to achieve your lifetime goals. Each of these should be based on the previous plan. Step 3 : Staying on track Once you've decided on your first set of goals, keep the process going by reviewing and updating your To-Do List on a daily basis. Periodically review the longer term plans, and modify them to reflect your changing priorities and experience. (A good way of doing this is to schedule regular, repeating reviews using a computer-based diary.) SMART Goals A useful way of making goals more powerful is to use the SMART mnemonic. While there are plenty of variants (some of which we've included in parenthesis), SMART usually stands for: • S – Specific (or Significant). • M – Measurable (or Meaningful). • A – Attainable (or Action-Oriented). • R – Relevant (or Rewarding). • T – Time-bound (or Trackable). For example, instead of having "to sail around the world" as a goal, it's more powerful to use the SMART goal "To have completed my trip around the world by December 31, 2017." Obviously, this will only be attainable if a lot of preparation has been completed beforehand! If you don't already set goals, do so, starting now. As you make this technique part of your life, you'll find your career accelerating, and you'll wonder how you did without it! Whether you have just come into a large lump sum of money or have some money set aside to begin investing, there are a variety of ways to go about investing your money. It is important to do your research prior to investing. There are some mainstream ways to invest that can work for even a novice, but you should always weigh the risks with the probable gains.
As a new graduate, the first thing you should do is to lock down as much money as possible in savings. What you should instead do, live like a student a little longer. The first 2 years after graduation is when you should try to secure your financial future. Unless you manage your savings, it is hard to manage your investments. If you are a single person just out of graduation, your goal should be to save half of your 12 lakhs in the bank. You should have enough bank savings to last 6 months of your monthly expenditure. Keep this in a fixed deposit. Once you are tight enough to manage this, proceed to the next step. ‘ Are finding you difficulty in Investment or Financial Planning ? Seek advice of a financial planner who will make ease for you .Just leave a missed call @022 62116588 and have a personalised financial planner for FREE. MoneyMindz provides Free Financial Advisory, Financial Investment Services, Financial Planning, Certified Financial Planner Assistance, Retirement Planning Advisory, Free Financial Advisors, Online Personal Finance, On-call Investment Management, Best Financial Planner, CFP India, Personal Financial Planning, Start with balanced mutual funds that are fairly less risky. Get your toes in the water through these Life Insurance When an investor pays a life insurance company to payback money to them over a period of time in small increments, this is called an annuity. Depending on the specific company, the investor can choose to receive payments until he is deceased or can set up a stop date. Since the insurance company may go bankrupt, there is moderate risk involved, although many states cover up to $100,000 in the event of a company defaulting. Banking Bank accounts offer extremely low returns and are better used as a form of storing cash. Some of the types of accounts at banks include personal savings accounts, business savings accounts, personal checking accounts, business checking accounts and Certificates of Deposits (CDs). Business Building your own business is an extremely risky investment. Although you could become financially free and your own boss, there is the huge risk of losing everything. When starting your own business, do your research, put together a business plan and seek advice from others with experience. Properties Investing in real estate is another popular type of investment. Depending on your method of investing, real estate investing can become extremely lucrative if done in the proper locations and the correct way. You can purchase homes to fix them up and sell them for a higher price, or you can purchase homes to turn around and rent them to tenants for a slightly higher cost In summary, the first rule of investing is to save. Unless you have sizable money to invest, your above-market returns would not matter. Once you have built your safety net, go after mutual funds and then to equity funds/stocks. 4/20/2017 Can money buy you happiness?We all need money in our daily in today´s world. In times of depression we hear heartbreaking stories of people losing their jobs and homes. Saying to them money doesn´t bring happiness would be completely thoughtless and cruel. To the less fortunate ones money equals the continuing of their normal every day life - and that normal life is where we find our true happiness in lifeIn reality money is what brings the happiness. Lots of people are saying that money can't bring happiness because you will have fake friends and fake lives or whatever, if you have friends before you get rich or hit the lotto would they then be considered as fake friends? I don't think so, and why would anyone be naive enough to fall for a fake friend and not notice. Some say the love and happiness will be fake but so what? That person is still happy right? I'm sure no one will be happy living in a dump or the streets. Take a homeless person for example, do you guys think they are happy where they are at? No food and no shelter and no where to go. Lots of people say rich people have a bad rep, there are millions of rich people and I'm very certain at least one of them don't. Wouldn't you want to get all you're loved ones the things they desire and see them happy? Wouldn't you want to get you're son or daughter a nice car or get you're daughter or girlfriend a beautiful dress? Yes those are all just luxuries that fulfills ones desire. To obtain happiness is to obtain ones desire. There are many wealthy people that have died happy, everyone just looks at the ones that didn't. . So yes - money can be a great factor in bringing happiness in life. Are finding you difficulty in money management ? Seek advice of a financial planner who will make ease for you .Just leave a missed call @022 62116588 and have a personalised financial planner for FREE. MoneyMindz provides Free Financial Advisory, Financial Investment Services, Financial Planning, Certified Financial_ Planner Assistance, Retirement Planning Advisory, Free Financial Advisors, Online Personal Finance, On-call Investment Management, Best Financial Planner, CFP India, Personal Financial Planning, Still - often we hear stories of how these long working hours have caused problems in peoples personal lives because they don't have time for their friends and family. Their life values are heavily tipped on one side and one day they may find money is the only friend they have left. Can money buy happiness in such a situation? Money and happiness sure don't seem to go hand in hand in these cases... Where then lies the balance between personal life and a life spent pursuing money and possessions? How to balance the stress You are as poor as much as you worry about money - If you are a rich man but are constantly worrying about money, than you are poor. This is because even though you have access to an abundance of money, you are still worrying about money all the time. This works the other way as well, you can have access to little money but if you never worrying about money you are “rich” because your mind isn’t fixated on what you lack. Money can buy the freedom not to think about money - The more access you have to money the easier it is not to think about money. You don’t have to constantly question whether you can afford something at the grocery store or worry how you’re going to pay your bills. Not worrying about money can free up your mind to think about other things that can make you happy. Consider Spending Money on Others- Most people think that spending money on themselves will make them happier than spending it on other people. Yet, when researchers assess happiness before and after people spend an annual bonus, people report greater happiness when they spend the bonus money on others or donate it to charity than when they spend it on themselves. This occurs regardless of how big the bonus was. One reason for this phenomenon is that giving to others makes us feel good about ourselve But in end Money is not everything,why? Because if it brings in our life so why people are going to die if money is everything or it can buy every thing so it can also buy LIFE ,but it cann't .Althoug it is necessary for fulfill our needs but if is considered as every thing, so it is simply wrong... Wish you could retire right now? Give up the rat race, embrace a life of independence, reduce your stress, and have more time for what you value most — your family, education, travel? That might seem like a fantasy but early retirement is within reach of most western people, if they would only take the steps to make it happen. Indians have a different mindset from the which is completely different from people in the Western countries In India, we generally start off earning pretty late, especially the salaried class. Due to huge unemployment, We need to go on raising the eligibility bar and today a post graduate degree has become bare minimum for good jobs. When we start late, we necessarily reach our goals late. There are some other socio economic reasons. First, since we do not have Social security cover of any sort, we have to make sure that we save enough for our old age. Normally your Provident fund etc. grows with your number of years in service and terminal benefits are also maximum if you serve a full term. So everyone wants to work till superannuation. This is an economic reason. The socio factor is, by tradition our family bondages are thicker than those in West. Hence we not only wish to save for ourselves but also want to leave a good slice for our children, which is not very heard of in the West. All these accumulations need time and hence early retirement is ruled out. Early retirement planning is identical to conventional retirement planning with one big exception – time. You have less time to achieve your financial goals, and more time that your money must last after retiring. Early RetirementTip #1: Have a Plan : The first mistake most people make is they lack a written plan to build financial security.You can’t put the formula for financial success to work for you without a plan to accomplish it.It may be a simple process, but it won’t happen randomly. You make it happen by taking action. A written plan with goals provides the road map and is a necessary first step. Are you planning for early retirement ? Seek advice of a financial planner who will make ease for you .Just leave a missed call @022 62116588 and have a personalised financial plannner for FREE. MoneyMindz provides Free Financial Advisory, Financial Investment Services, Financial Planning, Certified Financial Planner Assistance, Retirement Planning Advisory, Free Financial Advisors, Online Personal Finance, On-call Investment Management, Best Financial Planner, CFP India, Personal Financial Planning, Early Retirement Tips #2 : Saving For Future The first step to financial independence is figuring out where your money is going now. Monitoring and, if possible, reducing, your current spending has two important benefits: it frees up more money to be put aside in savings, and it reduces the amount you need each year to live on, thus lowering the total amount you need to save. Rule of thumb is that, before you retire, you should save 25 to 30 times’ your annual spending. While the 4% rule has come under attack in recent years — many financial experts argue that it’s too optimistic a number given the outlook for lower financial-market returns in the future — early retirees say it worked for them even in years when the markets performed poorly, such as the market downturn in 2009. The key is flexibility; that is, being able to trim costs so that you can withdraw less in years when the market is down. Early Retirement Tips #3: How to invest? The most important aspect of investments is “Financial discipline” as most often than not, we may falter and do not adhere to the objective of investment in the long run, it is easier said than done, as many a time we may discontinue, withdraw or utilize the funds earmarked for a specific goal (retirement) for other reasons due to many reasons be it medical emergencies, or changing aspirations or opportunistic investments etc. There are numerous investment vehicles but to choose the one best suited and customized is once again a difficult task. When you do this, you have to determine the inflation adjusted corpus required at vesting age and the monthly amount of Investment needed to achieve the same. Early Retirement Tips #4 manage your taxes Just as when we’re working, taxes are a consideration in retirement, whether you retire early or not. It’s crucial to include an estimate of your annual tax bill in your “total savings needed” amount. Your tax bill may come in a variety of flavors. If you’re pulling your income out of a taxable brokerage account, you’ll most likely owe capital gains on those distributions. Being financially successful means you are in control of your money instead of it controlling you. Your income doesn’t necessarily determine how financially successful you are – your choices and priorities do Finding financial success often seems to be little more than a bit of hard work combined with a large amount of good luck. While determination, talent, education, and good ideas will certainly work in your financial favour, some roadblocks may still exist that will always derail your plans unless they’re removed. If you’re unsatisfied about the state of your current #financial situation, and you still have hopes of rectifying it, Here are 5 common roadblocks you need to remove before achieving your goals can become a reality. Disorganized Lifestyle: Disorganized lifestyle is the common culprit that stops you from turning financial success Figure out the bumps in your lifestyle and fix them at the earliest, if you are aiming at becoming Financial success. Try not to be an emotional spender. Spending on stuff that gives you short-term happinessr is not worth your money. Do not live your life on credit cards. Else, it would get tough to get out of your payments towards interests. You make like : 4 things to Know Before Planning a Summer Vacation Accidents or Injuries One of the most common roadblocks to an individual’s financial success comes in the form of accidents or injuries — especially those that disrupt work or leave you with some kind of disability. If you’ve suffered an accident that was someone else’s fault and you’ve lost out on wages due to the injuries, consider whether or not you may be able to get reimbursed for your lost time and money through the help of a lawsuit. While it won’t be a pleasant endeavour, it may help you get back on the right money track So it is preferable to have #health_insurance. Hospital bills for very small to considerably large ailments are a pain. It’s difficult to meet such costs on our own without burning a hole in our savings. Also, with medical costs escalating, some even compromise on quality healthcare, because of affordability. It is then that the importance of health insurance comes into the picture. Health Insurance provides us with the ability to afford better healthcare facilities for ourselves and our loved ones. What’s more, you can also enjoy tax benefits Are you finding difficulty in getting health insurance? Do you want Health insurance ? Is it important ?... Yes Seek advice of a #financial_planner who will make ease for you.Just leave a missed call @022 62116588 and have a personalised financial plannner for FREE. MoneyMindz provides Free Financial Advisory, Financial Investment Services, Financial Planning, Certified Financial Planner Assistance, Retirement Planning Advisory, Free Financial Advisors, Online Personal Finance, On-call Investment Management, Best Financial Planner, CFP India, Personal Financial Planning, Lack of Confidence: If you always believed that you are poor and will remain the same all through your life, you can never work towards getting rich. You cannot gain inspiration with such a temperament. Create your own success story by moving ahead with confidence. Work towards changing your destiny. Debt. Not all debt is bad, of course. A reasonable mortgage on a sensible home is fine. But consumer debt — or a bad mortgage on a big house — is an enemy to financial success. In fact, bad debt may be the biggest enemy to financial success. Not Investing What does your investment portfolio look like? How much are you saving for your golden yearswhen you will no longer be drawing a paycheck? If you aren’t yet investing some of your monthly profits to prepare for the future, it’s time to sit down with a trusted financial advisor, and develop a plan that suits your tastes, needs, and temperament. From socially responsible investing to more traditional stocks and bonds, there are plenty of options available, and most of them will earn you a solid return over the years. During our childhood, we learned a story about Cinderella and her adventures. Just have a small recap of the story Once upon a time, there was a beautiful girl named Cinderella. She lived with her wicked stepmother and two stepsisters. They treated Cinderella very badly. One day, they were invited for a grand ball in the king’s palace. But Cinderella’s stepmother would not let her go. Cinderella was made to sew new party gowns for her stepmother and stepsisters, and curl their hair. They then went to the ball, leaving Cinderella alone at home. Cinderella felt very sad and began to cry. Suddenly, a fairy godmother appeared and said, “Don’t cry, Cinderella! I will send you to the ball!” But Cinderella was sad. She said, “I don’t have a gown to wear for the ball!” The fairy godmother waved her magic wand and changed Cinderella’s old clothes into a beautiful new gown and send her to the palace. When she entered the palace The prince had fallen in love with Cinderella and wanted to find out who the beautiful girl was, but he did not even know her name. He found the glass slipper that had come off Cinderella’s foot as she ran home. The prince said, “I will find her. The lady whose foot fits this slipper will be the one I marry!” The next day, the prince and his servants took the glass slipper and went to all the houses in the kingdom. They wanted to find the lady whose feet would fit in the slipper. All the women in the kingdom tried the slipper but it would not fit any of them. Cinderella’s stepsisters also tried on the little glass slipper. They tried to squeeze their feet and push hard into the slipper, but the servant was afraid the slipper would break. Cinderella’s stepmother would not let her try the slipper on, but the prince saw her and said, “Let her also try on the slipper!” The slipper fit her perfectly. The prince recognized her from the ball. He married Cinderella and together they lived happily ever after. Lets translate this story into our personal_financial_journey. Like thee prince we have to set a specific goal which we need to achieve, the shoe is the avenue we choose to invest and all those women who tried to fit the shoe are the wrong investments. Bad investments can be an enemy to your cash flows if not discarded and replaced with a more effective, growth oriented and appropriate investment option. Are you facing challenges in investment ? Is investment important in financial journey.. ? Yes Seek advice of a financial planner who will make ease for you.Just leave a missed call @022 62116588 and have a personalised financial plannner for FREE. MoneyMindz provides Free Financial Advisory, Financial Investment Services, Financial Planning, Certified Financial Planner Assistance, #Retirement_Planning_Advisory, Free_Financial_Advisors, Online Personal Finance, On-call #Investment_Management, Best Financial Planner, CFP India, Personal_Financial_Planning, You make like this : 7 Money Mistakes to Avoid to Grow Rich Our investments have always been hampered with over cautiousness, fear of volatility and resistance to accept a change in the investment ideology. This is largely due to lack of awareness of the various options available for investing. We still end up doing traditional, non productive and obsolete investments which sometimes don’t even beat inflation effectively. So let’s find out what does an appropriate investment tool means and how it can help an investor in achieving the goals effectively. Use these tips and key steps to help find an investment that’s right for you. 1. Review your needs and goals. 2. Consider how long you can invest. 3. Make an investment plan. 4. Diversify! 5. Decide how hands-on to be. 6. Check the charges. 7. Investments to avoid. 8. Review periodically – but don’t ‘stock-watch. 4/18/2017 Tips to manage your money as a teenagersParents play an important role in shaping their kids’ financial behaviour and attitude towards money. Many teenagers rely on their mum and dad to set the right example when it comes to managing finances. Of course it’s not always easy to talk to teenagers about money, particularly as they approach adulthood. Bearing that in mind, we’ve pinpointed some areas where you can help prepare your teenagers to navigate the tricky waters of personal finance The number one piece of financial advice I can give you is to not spend money you don’t have. This is how people go into debt. Seems easy enough, right? Well, if you keep track of your credit card bill, and make sure you have enough money to make it through each month, you should be fine. It’s recommended that you take out as few loans as possible, as they’re ridiculously hard to pay back because of interest. Sharing responsibilities with your parents It is important as a teenager to recognise the value of money and understand that it is not an unlimited resource. Give yourself a chance a freedom to manage your own budget will teach you valuable lessons about: · Only spending what you can afford, and · Avoiding the pitfalls of unplanned expenses. Always pay yourself first. With any income you make, set aside in savings first. If you feel tempted to touch it, maybe ask your bank if they have any options for locked savings accounts. Invest. People don’t make money by having good jobs; they do it by having good investments. Here are some good ones:
Also, the minimum deposit requirement is $2500–$5000, which might be a problem. Just remember to save.
Wants vs Needs. Before purchasing anything, think about it. Is it something you really need? Or is it something that you just want? Do you really need those new Jordans/Nikes/Adidas/Yeezys? Or the new CoD that came out? I’ve saved exponentially more than before simply by cutting costs on things that I don’t actually need. Some lessons need to be learned firsthand, even if it’s painful. seek advice of a financial planner who will make your money work for you. |