All of us work for success, security and most importantly for money. We inevitably get into a rat-race and keep running after work and money for our entire life. Every professional be it a doctor, lawyer, consultant or an IT professional sell their time and skills in exchange of money. In other words, till you offer your time, you will earn money; once you stop trading your time you will not be able to earn.
YOU WILL BE OUT OF BUSINESS – the deadliest fear! However this fear in life can be eased, if your already earned money starts working for you. YES, YOUR MONEY CAN WORK FOR YOU.
Let’s see how money works for you:
More the Money: More the Spending
‘Money will solve our problems’– this proves to be a mere assumption. As Robert Kiyosaki says, “Often, the more money you make the more money you spend; that’s why more money doesn’t make you rich – assets make you rich.”
To give you an example: Your current income is like fulfilling your water requirements by you hauling water buckets every day from the river. But, can there be a pipeline which will automatically bring water to you without requiring carrying buckets for your entire life?
Yes, this pipeline can be created with the help of FINANCIAL EDUCATION.
As Robert Kiyosaki rightly says ‘assets make you rich” your efforts should be towards asset creation.
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Contingency Fund
Create an emergency fund which is easily accessible. This fund helps a family to sustain in any emergencies.
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Risk Mitigation Plan
Avail appropriate Life and Health insurance plans. Being ready for any type of risk proves to be a wise choice in today’s unpredictable world.
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Pay Yourself First
What did you save today? Usually, all of us save whatever is left after paying mandatory expenses like various EMI’s and bills. Give equal priority to your savings; make them a part of your expenses. Don’t ignore savings, pay yourself FIRST.
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Investment Portfolio
This is where you will make your money work for you. How you invest your money and make it work for you efficiently, will open gates for your financial freedom.
In the initial phase you need to curb your urge for Instant Gratification (Spending) and understand the importance of Investment. This will give you results in the long run by providing you steady investment income and FINANCIAL FREEDOM !!!
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Take Interest in Money Management
Though unfortunately our traditional education system doesn’t have any place for Financial Education, training yourself in money management is easy. However, doing investments by following advice of friends, relatives or any online platforms cannot be helpful all the time. Educate yourself in money management with professional help.
These 5 essentials would definitely help in making your money work for you and thus having a secured and relaxed future.
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