Ok…Academically, we all are qualified and independent….But are we financially qualified and independent too…??
We all know how to earn money but the question is, can money also earn for us..??
Well, the Answer is yes…..with our financial intelligence we can direct our money to earn for us but for that financial literacy is very important. Financial Literacy means to know in depth how to make and manage money with the money you have.
This does not only improve lifestyle but also affects the quality of life significantly. Being financially literate and aware always works in your favor as it empowers you to make choices on investments that can help you to multiply your balance.
But remember…. to become financially literate, saving is very important. Whatever you earn is not your income but what you save from income is your actual income. “Your saving will become your investment and that investment will become your wealth one day.”
“Paise se paise kamaya jata hai”- you all have heard this from your Parents or Grand Parents. They are absolutely right. If you earn a fixed income and busy with your professional or personal life, investing money at right time and in the right places can help you become more profitable.
To get the Financial Literacy you are not required to go to any such schools or college. By using the following tips in your daily life can also make you financially educated a bit:
Evaluate your income and expenditure: The first and the basic step is to find out how much money is actually coming in from all the sources and what are the monthly expenses.
Make a monthly Budget: Once you know how much money coming in and going out you will now have to make a monthly budget that sets the boundaries for you. Going beyond boundaries may put you in trouble, therefore it is very important to make a budget according to financial needs.
Invest now: It is never too late when it comes to investment. There is no point of keeping money in bank account. Invest now. Increase your knowledge in the areas of investment. Be it Recurring Deposit, Term Deposit, Mutual Fund, or stock market etc. get yourself comfortable with these terms, gain more and more knowledge and invest accordingly.
Make a Contingency Fund: You must have observed that mothers always save funds for an emergency. This is exactly you have to do systematically. Future is uncertain anything can happen within a fraction of seconds. Aside from some part of your earning for contingency fund so that you don’t have to worry about funds in a difficult time.
I know many people who are academically independent but financially they are still depended on Parents. Don’t do this mistake with yourself. Get financial knowledge & decrease the dependency on parents and become a more independent and wealthy person.
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