Hey All,
There is this famous saying which goes like this - "Wealth is built slowly with patience and consistency." Its been a while where I have been posting on the - Traditional Finance Community on HIVE all and everything about money. And this post of today about - “Simple Money Rules for the Better Life” is no different. To be honest, I like to keep things simple so that they are easy to understand for my audience. At the same time, they should pass on a strong and clear message about how to handle money and build wealth. Instead of talking about complex investments or advanced financial instruments, this post focuses on the basics that truly matter. So without a further ado lets get back to the basics of money rules for a better LIFE...
SIMPLE Rules For The Better LIFE...
First, tell me - how did you like the image above? Isn’t it amazing? Frankly speaking it got my attention and hence the idea of creating a post around it. The image passes a strong message by using a HOME + FAMILY as the central metaphor, showcasing that how good financial habits create stability and security. Do you know how simple habits like budgeting, saving early and regularly, avoiding bad debt, and investing for the future are often ignored by masses, yet they form the foundation of long term financial stability. The rules that I am going to highlight today are easy to understand, practical to follow, and relevant for everyone. Incase you are just starting your financial journey or trying to fix past mistakes it applies to all. So just ensure that you take note of it and try to apply these rules in your daily financial life. At times it is not about doing more, but about doing the right things consistently. So are you guys ready to explore the - SIMPLE Rules For The Better LIFE? Well here we go these are the simple money rules...
| No. | Simple Money Rule | Description |
|---|---|---|
| 1 | Pay yourself first | Working for your business then first pay yourself. Save and invest a portion of income before spending on anything. |
| 2 | Create a budget | Plan monthly expenses and track where most of your money is going and take actions accordingly. |
| 3 | Live below your means | I have said this many times and will echo - spend less than you earn to build long term financial stability. |
| 4 | Invest for the future | Start investing early to benefit from compounding effects to take over. |
| 5 | Build an emergency fund | Atleast keep 6 to 8 months of expenses for unexpected situations. Most people avoid it but then remember this is must. |
| 6 | Avoid bad debt | Stay away from high interest loans and unnecessary credit usage. Basically less use of credit cards and if you leverage it then pay the bill in time frame. |
| 7 | Educate yourself | More tied to building skills. Learn basic finance concepts and much more to make informed decisions. |
| 8 | Automate savings | Set automatic transfers so saving becomes effortless. As an example start SIP [Systametic Investment Plan] |
| 9 | Increase income gradually | Improve skills and look for ways to grow your earning potential. How about starting a side hustle to generate regular income. |
| 10 | Review finances regularly | Periodically review budgets, savings, and investments. And cut down expenses where posible. |
I am sure that most of you will know about these simple money rules, but what is more important is that you actually follow them consistently in your daily life. I remember how automating my savings [starting multiples SIPs] helped me in generating wealth. It reached a point where I was able to fund my recent flat purchase here in Ahmedabad. Isn’t this a great example to be happy about, when you see these simple money habits coming to your rescue? Well this should be it for todays post on - "Money - SIMPLE Rules For The Better LIFE...." Let me know in the comment section below on - What Money RULEs Do you Follow? Happy Wealth Building & Investing... Cheers
Image Source: Facebook - Accounting Knowledge Concepts
Best Regards
Paras
PS:- None of the above is a FINANCIAL Advice. Please DYOR; Do your own research. I have a personal interest in blockchain, stocks, and cryptocurrencies and actively invest in emerging projects.