Modern people’s guide to managing finances

Businesses need to evaluate their money matters on a regular basis in order to be successful. And so do we! Inflation has resulted in us bearing witness to a steep rise in the price of anything and everything, including necessities. This is a trend which shows no signs of slowing down anytime soon.

Hena Mehta, CEO and Co-founder of Basis, says, “Businesses are allowed the opportunity to find the best brains to manage their revenue and growth; we as individuals – for the most part, aren’t afforded the same luck. That’s where harnessing one’s own power and taking charge of one’s finances comes in.”

With the help of the right resources and right investment avenues, you’ll be a pro at managing your money in no time.

Making mistakes along the way isn’t necessarily a bad thing. However, minute mistakes are okay, but major ones when it comes to your wealth could lead to you taking two steps back for every step forward. 

Here are a few tips to navigate today’s modern money landscape;

1. Do more than just ‘save’: Monetary stability is a fundamental need. Experts point out we all have bills to pay and deadlines to meet, but putting in a few hours a day honing your financial skills, could reap high returns. 

Mehta points out, “The best thing to start with is ‘budgeting smartly’. The 50-30-20 rule helps, but a well-thought-out investment strategy – even more. Money lying idle in one’s bank account – isn’t making one any money at all. All hail the power of compounding!”

2. Set long-term goals: Everyone is at a different point in their financial journey. So when experts say ‘long-term’ – it’s all relative. For instance, a retirement fund may seem like a far cry, but you can never start planning too early. 

Mehta says, “If your long-term goals are more along the lines of buying a house, putting down an EMI for a car, or taking a much-awaited trip — that’s okay too! Long-term financial goals help spend, save, and invest right! And they keep one going, on those extra-rainy days!”

3. An alternate source of income: Ever considered having a little passion project on the side. Well, that project’s income could turn into a pretty large amount with time. 

Mehta explains, “No matter one’s income bracket, it never hurts to have a backup stash in one’s pocket. Provided his/her emergency fund is in place for those tough times, of course. And who doesn’t love a little extra spending money.”

So there you have it! It’s better to start small, than not at all!

Source link

About the author

Divyansh Singh

Talks about #technology #innovation #investing and #business.

View all posts

Leave a Reply

Your email address will not be published. Required fields are marked *