Hello guys how are you i hope you are doing something good Are you a farmer and searching for Personal Financial Planning Tips on the internet, then you have come to the right place, today we will give you a complet information about Personal Financial Planning Tips which will be very useful for you, so let’s start reading this article.
Personal Financial Planning is a topic of our life which everyone should understand in today’s time. How will our future be in terms of money? It depends on how we are doing our personal financial planning today.
Who has learned to manage money, there is a lot of guarantee that he will be successful and happy in his life.
I have been thinking for a long time that apart from Success and Motivation, you should be given some Personal Financial Planning Tips.
Personal Financial Planning Tips
Today I will give you three such Financial Planning Tips which are also Personal Finance Basics i.e. if you are going to start doing Personal Financial Planning then these tips will work as a strong foundation for you.
Please read these “Personal Finance Tips” carefully which will give perfect start to your “Personal Financial Planning” and you will be able to do a good “Financial Planning Tips–
1- Pay Yourself First
Pay Yourself First is a rule that can speed up your financial planning. According to Pay Yourself First Rule, whatever is your earning, first of all, save for yourself and spend what you have left.
Whatever money you earn, divide it into two parts. You spend one part and you save the other part. Pay Yourself First Concept tells you that out of what you earn, a certain amount of money which you have already decided, first put it in Saving and spend what is left.
For example, if your Earning is 20,000 rupees a month and you want me to save 20% of that, then the rule of Pay Yourself First tells you that you put 20% of your Earning i.e. 4000 rupees in your saving first. Give, which you can also invest later. And take the money left (16000 rupees) at your expense.
While people make mistakes, they spend the first month and save what is left, this method is wrong. Pay Yourself First Concept tells you to “Save first, then spend” and not “Spend first, then save.” In this way you will be able to save a certain money every month very easily.
The concept of Pay Yourself First was first seen in a book called The Richest Man in Babylon, which is later explained by Robert Kiyosaki in his book Rich Dad Poor Dad.
Friends, the rule of Pay Yourself First has made very positive changes in my life. You should also adopt it for better financial planning.
2- Invest in different places
This method will help you a lot in personal finance. First of all, you do money saving according to the rule of Pay Yourself First.
But for a better financial planning, you do not let your Saving Money remain the same. You invest this Saving Money at the right place.
Here comes the question, are you investing all your Savings in one place or investing in many different places? Personal Financial Planning Tips advises you not to invest all your money in one place, doing so increases the risk a lot. If loss happens then you will not be able to recover and all your dreams will be shattered.
Therefore you are advised to invest your money in different places. By doing this, there is diversification of investment and your risk is greatly reduced. If you have loss in one place then your money remains safe in other places.
For example, if you save 4000 rupees every month and invest all the money in one Mutual Fund, then doing so greatly increases your risk. You have to do Diversification of your investment here.
If you invest your 1000 rupees in one good Mutual Fund and invest 1000 rupees in another good Mutual Fund and open RD of 1000 of the remaining 2000 rupees and 1000 rupees you invest elsewhere. If you give, then you reduce your risk greatly by investing in different places.
The magician Warren Buffett also adopts the same method. You must also adopt this method.
3- Keep more than one source of income
One of the very important tips of Personal Financial Planning teaches you that if you keep only one source of your earning, you will never be able to do a successful financial planning.
This will be because you are only earning money from one place. Therefore, if you are not able to earn more money, then you will not be able to make more money savings. And when you are not able to save more money, then you will not be able to make much money investment.
Therefore, you should take the path of multiple source of income, that is, you should make ways to earn money from many places, rather than earning money from only one place. For this, you should do so that you earn an Earnings from your active income and you can adopt the path of Passive Income for the remaining source of income.
What is Active and Passive Income? For this you can read our article – “Do you want to be a millionaire?”
For example, if you do a job somewhere then it is a source of your income. Now you can do blogging along with the job or you can become a You Tuber. You can also do a Small Business if you want. All these will be your other source of income.
With these multiple sources of income, you can earn very good money. Nowadays many people are getting rich by adopting this method. You too can adopt this method of financial planning and move towards a better future.
Personal Financial Planning Tips : Video
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