A dozen good financial habits, or resolutions! – The New Indian Express
Express news service
I have no idea if the resolutions work, but I guess people do them anyway. So here are a few things you can do.
Keep improving your financial literacy – reading books about investing is much better than trying to “learn” on social media.
Take care of your physical health – unfortunately there is not enough government support to improve your health. Improving your health is a good way to stay away from Covid and other contagious diseases. Fitter people also recovered faster if they were injured.
People who talk about personal finance from simple personal experience are superficial. It takes a lot of learning, education, and personal experience to be able to teach personal finance.
Personal finance is easy, but boring. See if you are ready to do it. If not, talk to a financial planner – a registered investment advisor, I mean.
Improve your credit score, especially if your score is below 700 points.
Look for a better job! There’s no point in staying in a bad job and complaining about the rest of your life. It’s wasted time, and a lot of wasted energy to sift through.
If you are a businessman, start planning your exit from the company! Someday you’ll have to quit the business anyway – being prepared for this is much better than leaving your family in a mess and they’ll be running from pillar to post trying to fix things that weren’t broken anyway. !
Personal finance is a family business – get the kids involved too. When your kids are around 14, they understand what you are doing. It’s good to get them involved and tell them why the money is being invested, where it is being invested and how to access it if you are not there. When you make the assumption that they will eventually find out, keep in mind that it could be a very expensive (and unnecessary) assumption.
Make a budget and stick to it – remember, this is easy advice to give, but hard to do. It is also a family activity and you should sit down and do it as a family. Separate your spending credit card and your “loan” credit card. Make sure that even if you borrow, all payment is made in FULL by the due date at the latest
Automate the payment of your expenses and investments – this eliminates the need for monthly thinking. It also means you won’t miss any monthly utility payments. Missing a payment like electricity payment can cause a lot of inconvenience and embarrassment.
Make your will. Today. Preferably now. Many people do not understand the need for a will. Appointment alone is not sufficient in the case of assets such as land and apartments – real estate in particular. The candidate only holds the asset to give it to the “real” owners.
This means that your children can challenge your wife (candidate) in the worst case scenario. In addition, in order to sell the property, she will have to prove that she has a good title – the appointment is not enough.
The list is endless, but I limit myself to a dozen good things to do. No, you don’t have to wait 12 months to start implementing something. Go ahead and make these things possible!
written on www.subramoney.com and is the author of the bestseller “Retire Rich – Invest C 40 a day”