5 Signs That You Are Good With Money
Are you interested in checking whether you are good with money or not? Having a lot of money is not important, but you should also know how to use them wisely. A person is wealthy not because he knows how to earn well but he knows how to invest them properly in the market.
If you are interested in checking about your money status then this article is for you. This article will help you to understand whether you are in a good position or not in terms of money. So, let’s get started.
You Have One Source Of Steady Income
Whatever activities do you right now is to generate your income and to have a few peaceful meals in a day. If you have one source of a steady flow of income then this is the first sign that you are on the right track. My advice will be to work hard and get more promotions and increase your monthly income.
You Can Make Monthly Budget And Spend Accordingly
Do you know what is your total monthly expenditure? Have you ever thought in this direction? Do you know your family expenditure? Once you will make and understand this process, you will be in a good position to manage your family.
In a big city where both husband and wife work, this method will help them. You don’t need to write the exact amount but you just need to have a fair idea about your monthly expenditure. This allows you to stop spending on non-essential items. Thereby you will have more money in hand.
You Can Pay Your Bills Every Month
Whatever expenses we have, some of them we need to pay every month. For example, expenses like rent, travelling, credit cards, food, child care, tuition, utility bills like gas, water, electricity, mobile etc. So, the question is do you have enough money to spend on these items? If you can prepare well budget and have enough to pay all your bills on time then yes you are on the right track.
You Are Good At Saving
In past, I knew many friends who were earning Rs. 40000/- per month but couldn’t able to save anything by month-end. I use to get a shock by hearing their excuses.
When I was working in New Delhi eight years back I remember I was good at saving. I use to save Rs. 26000/- per month and I use to think about what should I do with so much money? I wish someone would have told me about investing in the stock market.
You Have Created Multiple Sources Of Income
At the beginning of the article, we have talked about having one steady flow of income. Now, we are going to talk about having multiple sources of income. You might say, hey what is the need of having multiple sources of income? Then I have one question for you i.e if you can have multiple sources of expenses then why you cannot have multiple sources of income?
Yes, you should have at least two sources of income and one of them should be a passive one. But if you can create multiple sources of income that will be good for you and you should start to build as soon as possible.
Don’t depend upon the government or your company to bring changes in your life. This is the mindset of mentality rich people and the good news is you can learn and develop this attitude. That’s why learn to invest some part of saving every month. Get trained under a mentor but learn investing as soon as possible.
You Are Free From Any Debt
Whether you believe or not people take some kind of loans in their life. People take a loan either from a bank or family or friends but they do take a loan. There are many cases of bad loans in India. There are many cases when rich people failed to return the loan amount.
So, the question is are you one of them? If your answer is yes, then you are not good at managing money. Yes, try to pay off loans as soon as possible. There are categories of good loan and bad loan. As the name suggests, a bad loan is bad for us, whereas good loans are good for us.
I hope after reading this article you have managed to get good insights about whether you are good at managing wealth or not. In simple words, earn, save, spend, invest and have multiple sources of income. Use technology to earn from money by sitting at home. Invest and create digital properties, invest in the stock, mutual funds, gold and other assets.
This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.
© 2020 Vikram Brahma