Important of personal finances | personal and its benefits

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Personal finance is a term that covers managing your money as well as saving and investing. Personal finance is about meeting personal financial goals, whether it’s having enough for short-term financial needs, planning for retirement, or saving for your child’s college education.

The growth of a person is measured in various ways – the education one receives, the position one holds in his career, how well-respected one is in society, and most importantly, how much money one has. We cannot call ourselves fully successful until we are able to create wealth and manage our personal finances.

Being rich is having money; being wealthy is having time.

Margaret Bonanno

If you are able to control your finance, then you’re automatically in control of everything. You may not agree with this but it is true. Successful people invariably keep a track of their finances because they understand the value of money they have earned hard work.

It seems very difficult to manage personal finance but it is not. It is only in our mental block. We can manage personal finance in four easy steps.

Wealth identification:

The first step is to identify where money will come from. If we observe ourselves carefully, we shall find that each of us has a unique talent or God-given gift through which we can become rich. Unfortunately, most of us are not able to identify that uniqueness in ourselves.

In today’s day and age, it is all about specialization. So try to become a specialist in your area of interest. Instead of going after money, identify your inner wealth and money will automatically follow you. Develop your inner capabilities get educated and learn from other experts.

Wealth creation

If we are good at something does not mean we will become rich. One has to work hard to create wealth. Keep your eyes and ears open for different possibilities. If you truly put in your best, others will inevitably think of you as a person with quality output. You will get more and more offers if you are known as a person who delivers results on time.

Patience and diligence, like faith, remove mountains

William Penn

Wealth management

When you start making money, do not get excited. It is important to start saving right away. This is where wealth management comes into the picture. One can take advice from professional wealth managers. There are various schemes where you can save and invest.

Remember, the good days may not last forever. So it is important to start saving and investing for the bad days during good days itself. Wealth management skills will help you stay rich forever.

It’s better to look ahead and prepare than to look back and regret.

Jackie Joyner-Kersee

Wealth distribution

Saving and investing money does not mean you should not spend at all. Do not become a miser. That is not a point of personal finance at all. We all products of society. Our parents, family members, society, the government, all have spent a lot on us. Now it is time we give back to them.

There is personal Social Responsibility each one has – to make sure we do not die as someone who was rich, but someone who made others rich. The wealth we give others comes back to us in some way or the other. And it stays with us permanently.

No one has ever become poor by giving.

Anne Frank

Storywalla says that financial literacy is very important to everyone. Even we should teach about basic of finance to our children. It will help them to learn the importance of earning, saving, and spending. So watch your personal finance and grow exponentially.

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