This article is about taking some core financial decisions to secure your wealth, family and health. This is a list of financial actions that is mandatory for today's world to be a wise person with right financial safety.
There are resolutions for the year 2024 but this article is not at all on a new resolutions, but it listing some points that anyone can check against his life and if required, only, can do the necessary to avoid possible traps and future problems..
Have Sufficient Insurance
Right insurance mean, any insurance that meet the requirement of insure in full and in time. One should consider taking these insurances..- Team insurance - Reason is to protect your family
- Health Insurance - Protect self and family from medical insurance
- Home Insurance - Protect your home against calamities and clashes
- Loan insurance - Protect your loan and thus your family from future burdens
- Insurance for valuables to secure from lose and burglary
- Auto Insurance - To get protection from accident steered money lose
- Any other insurance that you feel you required
Plan a bit savings each week or month. Plan to have auto saving facilities that would be a good options to save money and grow the same automatically
- Recurring deposits - Help to save automatically
- Sweeping accounts - Balance to regular savings account
- Employer initiated programs such as 401, Provident fund etc
Each person should learn from ant or squirrels. They never fail to collect their foods in the summer for rainy day. Each person should invest a small amount in each month to protect them from the future money requirement issues. One can prefer:
- Stock investment
- Mutual funds
- Bank FDs
- Real Estate
- Precious Metals such as Gold, silver etc
- Art Investment
- Commodities
To save cash that flow freely without any limit, one can decide to create budget for each month. Budget should not miss any of the following:
- Specify all the incomes
- Necessary expenditures such as groceries
- Utility expenses
- Auto expenses and transport expenses
- Investments
- Loans and interests
5. Extra income
One can make additional income through finding extra income. Depends on interests and passion people can select sustainable side business such as:
- Blogging and Online marketing
- Home based small business such as gardening, tailoring etc..
- Partnership businesses
- Agencies and franchisees
- Self financed activities such as hair saloons, beauty parlors etc..
