Who Manage Money Better?

Author: EQSIS
Published Date: August 16, 2016

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Who manages money better?

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Every one of us, right from childhood to a business man spends our valuable time over financial planning. But the who manages money better?

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At Childhood Days

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  • We prioritize our wants

 

  • We did save Money

 

  • We have invested money

 

  • We had borrowing

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What we did?

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Planning is something carried out from the childhood times where we tend to decide upon Buying Game CD or An ice cream. We use to have limited money to decide, hence we prioritize our interest. Here is where we have started prioritizing wants.

Sometimes we tend to save for future with an intention to enjoy vacation with our friends. This is typically called as savings

Some of us would have purchased rare Postal STAMPS & Old Coins, later we tend to sell the collection at a higher price. This is what we call as Effective Investments.

Some time we need things so badly, but the price was so high to buy. In such cases we were left with three options.

  1. To buy by breaking saving Kit
  2. To buy by borrowing money from friends
  3. Not to Buy

Answering the above scenario is an art of financial planning, it involves the requirement of product, amount of saving, existing loan taken from friends and the utility of the product.

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What we need today?

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All we need today is to be aware of our responsibilities. Most of us today are financially responsible to ourselves and our family. Hence we need to do once again the basic things which we did in our childhood days.

Prioritizing wants

  1. Start classifying expenses over investment.
  2. Understand the difference between Needs and Wants
  3. List down you future financial commitments.

Savings

  1. Let have a habit of budgeting your expenses.
  2. Cut down unnecessary expenses
  3. Ensure your saving bank has liquid cash to meet any emergencies.

Investments

  1. Understand the characteristic of asset before you invest.
  2. Investments are generally proposed by understanding the financial goals.
  3. Short term goals need investments in liquid and low risk asset classes, whereas long term goals are planned using high return assets
  4. Diversify your investment over various assets.
  5. Consider insurance as a future security like health, life, vehicle insurance etc .

Loans

  1. Loans are not always bad, but it is worst option when we have not planned for such commitment.
  2. Loans are good as long as you have repaying ability.
  3. Loans are good only if it is use for productive purpose instead of household expense.
  4. Buying Car using loan can be avoided, but education loan / housing loans are not bad, provided if you can afford.
  5. Credit Cards are generally increases your expenses budget. Beware of that.

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The sources of knowledge in doing the above mentioned activities are evolved only from practically solving a problem in real life when there is need for financial improvement. Hence, it’s all about

  1. Planning, Executing,

  2. Correcting Mistakes and

  3. Reinforcing.

[/fusion_text][/fusion_builder_column][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][fusion_alert type=”success” accent_color=”” background_color=”” border_size=”1px” icon=”fa-check” box_shadow=”yes” animation_type=”shake” animation_direction=”static” animation_speed=”0.6″ animation_offset=”bottom-in-view” class=”” id=””]Kinldy use the below comment section to share your experience where you managed to handle your financial problems better.[/fusion_alert][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

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