Just like any goal, getting your finances stable and becoming financially successful requires the development of good financial habits. Here is the few tips from Team Knowlab.
START A BUDGET
Making a monthly budget and sticking to it is the best way to keep track on your savings. Budgeting regularly reinforces your goals and also resolve against the temptation to splurge.
PAY OFF YOUR DEBT
Pay off your credit card bill full every month. Interest of credit card and other consumer loans are very high and it is toxic to wealth building. If you have a loan to repay then it will affect your financial freedom. Hence, you have to stay away from all kinds of loans, and if you already have any, then you have to close it soon. You have to be as self-sufficient as possible so that you are not required to avail any kind of loan.
NEVER LOAN ANYONE MONEY
Never loan anyone money because most likely you will always lose it. If you insist on loaning someone money, be prepared to lose it.
Tip. Help your friends out here & there but avoid large loans without collateral.
INVEST FOR RETIREMENT
Have a retirement plan, start investing now onwards on your post retirement requirements.
CREATE EMERGENCY FUND
Life is totally unpredictable, it is wise to invest certain amount on emergency fund that helps you in sudden financial crisis that happens in your life.
EARN INCOME BY DOING SOMETHING YOU ENJOY
START A SIDE BUSINESS TODAY. Drop Shipping, Blogs, Youtube Channels, Affiliate Marketing and Freelancing are the ways you can make money on the side if you insist on having a Job.
P.S. All you need is a computer and Internet. Also Read more about Entrepreneurship.
QUIT YOUR JOB RIGHT NOW*Â
Your job is only going to give you “Enough” to survive. Surviving is not LIVING. Save some money to last you for 6 months & quit your job then do what you love for next 1 year to see if you can make a living doing what you like.
Self-Employment is the way to go.
*I never ask you to quit your job. But there are three times in your life when you should consider quitting. First one is if you don’t love what you’re doing, please do yourself a favor and quit. You don’t want to go through this suffering by doing what you don’t love.Â
Second one is, if the job that you are doing is affecting your health and you can’t do anything about it. Keep your health your first priority.
Third one is, don’t do a job for the wrong reasons like working just for the money, or doing it for your parents or doing it for your friends. You should do what makes you happy and for yourself. Keep in mind.
INVEST IN YOURSELF
Skipping a Latte is not going to make you rich. So just have your favorite Coffee EVERYDAY.
You heard this from me, SPEND MONEY ON YOURSELF to Keep yourself healthy and fit. keep yourself happy. To go to conferences. To Get a mentor. You are Worth IT.
MAKE INVESTING A HABIT
Invest in Stocks, invest in Mutual funds and Buy bonds. Gold will NOT give you income, gold is dead investment.
It’s best to hire a professional to help you with your financial investing. They know better than you.
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