- Personal Finance
6 rules to grow your personal wealth
Hi readers, I just started my online earnings through Hubpages. Sorry, I said a lie. I didn’t set up my google adsense settings. So I have to wait more. But I strongly believe I will get my earnings. Here I would like to tell some useful tips to save your personal wealth for the future. After a long term study I’m pretty happy to publish this. These tips I didn’t implement in my life. But now onwards I will try to implement this and also I’m trying implementing this on your life.
We all are not so rich, we know the fact. That’s why we are here. So, little more money in our life will enrich more happiness in our life. But when we have reached our life goals and basic comforts little more money will not make you happy. If I got a small increment in my salary I will make a decent sleep in all night. Because I can buy a new fan, by replacing my old fan with full of sound and producing less air. But what a rich neighbor of mine will think? How, to replace a fully working air conditioner with a new branded air conditioner with additive features. I know my new fan will last more.
From this what I’m trying to tell is that. More money will wander a human being behind it. It will spoil your happy married life. Live life peacefully, of course that will be the grand success in life.
We need some money for our future benefits. When my child got a new admission in primary school, I need to deposit a big amount particularly away from my salary. So these tips will be useful.
Be well organized
We don’t need an organizer for doing this. We need to focus on four things. They are Income, spending, debt and savings. If you have small room to share your three men army (means father, mother and child), just make it clean and organized. You can place a dustbin on the corner of your wall by filling junk mails and fraud announcements and unwanted notices. But keep a decent place for your insurance policies, investment credit cards and upcoming bills. When we had paid a bill and had got the acknowledgement you can use your dust bin for putting a waste bill.
In a chess board you don’t need to worry about 64 squares. Just think your current movement. Likewise in life give priorities to problems especially, financial problems. You are the king and your wife is queen. Play a decent game. You will win it. When you touch a bill with your hand, just find out the solution for it. Stock piling of your bills will cause a defect. Because you need to pay more back to back bills.
Making a list of wanted items and unwanted items will help you to organize in beginning stage. Later you don’t need a chart. And keep 15 minutes in a day to revise your wanted things. And prioritize it.
When your living place is well organized, when it is clutter free, you will feel as you rich.
We need to purchase, without purchasing how we can live? And also need to spend money while purchasing. But do you think twice, does this commodity will useful for me? Does it satisfy my needs? Does it worthy for my valuable spending money?
While spending money we need to think about its initial and running charges. We can buy a new condoner but we need to take care of our electric charges. After dumping this bills may cause selling the air-conditioner to a very lower value than the purchase. Picnics are often happens in our life. But just you manage to be cost effective about your travelling places, boarding motels and purchasing goods.
Loans, mortgages, bills etc are unavoidable, but reducing this is a classical advantage in life. It will make us safe living environment. You need to borrow money for your home renovation, because you are not able to handle its expense with your salary. On your monthly chart if you had purchased more, please forget about new shopping’s and new expenditures. Just wait for a new salary. And keep your money safe for the current month to face unavoidable expenses.
Try online shopping’s, the reason why most products have low rates in internet rather than approaching a market seller. Also in hub pages you got pretty good market. Try the new bids from this and analyze it. Most probably you will have a good balance in your pocket at the end of a month.
Keep 5% with you
Please save you 5% of income with you. This 5 % will increment and might become 1000 % percent when life runs. And it will give you comfort hen you running out of fuel. Hospitalized situations can overcome with this. For this savings you don’t want to adjust more. When you are saving money, your control over financial matters gets stronger and stronger. The easiest way to save is to get that 5 % out of your hands before you have chance to spend it. You can join one of the mutual fund saving plans. And it will automatically deduct this 5 % from salary.
But you can only save if you are living with you are living inside your income. Many people don’t do it. But when you study to manage it, you will get better saving. Financial habits make you substantial change in life.
After achieving a substantial change like this change yours saving plan to 6 %, 7% and more. And make saturation with more even balance.
Be focused about your goals
First of all decide what you want. Set up goals in life. And make a burning desire to achieve them. Think big, but be specific as possible.
Just write down your financial goals. Break them in to small work chunks. Try to implement these work breakdown structures to in a beautiful and specific manner. Need to buy a scooter is not a good goal. Need to buy 115cc, giving 55 mileage, black colored Honda Activa inside my 28th birthday is more specific (Don’t worry about the detailing, I’m owning a vehicle like this).
Enjoy your comforts
Your basic necessities have fulfilled. You have got your own comforts. Don’t go after luxuries. Enjoy your life you have been able to achieve. Stay tuned your life as your income. Tune your family for this too. Arrange necessities for them. And identify this kind of necessities usually and periodically. Desire to achieve a BMW is a bad habit. But you can purchase a new lottery giving this prize is not a bad habit. But you have to keep the number of lotteries as one. Wanting more is spending more.
Hi Guy's here I'm with my plans
Dear fellow hubbers, I’m on the way to implementing these strategies in life. Hopefully, I will do it. Because I’m an optimist, I love to take long term goals. it's my pleasure welcome you to this path. Because I know you have proved your eligibility in long term commitments.Thank you very much to reading this.