Saturday, 23 June 2012

How to manage finance and financial future our-self

All of us have our own dreams and ambitions. Some of them require financial involvement. We can call such dreams as our financial goals. A successful person must know how to manage his financial goals. The following things are helpful to manage our financial goals ourselves.

First of all we must know our present financial status. This is necessary to manage our finance and financial matters our self. We must know how much we got, our income or source of money, how much we spend, our all expenses and what financial crisis we are facing at present and our financial ambitions.

The second thing is that we must know how much expenses we could afford. Note down all your expense and also note that there are any frequent unexpected expenses such as medical expenses, repairs etc.

The third one is that we should be aware that our life style. Our financial plans and desires should change as per our life style. This we have to consider. You have to identify your desires as possible and impossible, necessary and luxuries and take a decision accordingly.

When you find out all the above matters, be honest yourself. Do not try to overshadow anything. Believe that this is your life and your plans. You should not satisfy anybody else other than you. So be honest to all our problems, sources and desires, and if not you may land to utter financial failure and insolvency.

Keep financial discipline and stick around our financial plans. The victory is ours. If we keep discipline in all our financial plans and act accordingly, we can fulfill all our financial plans and can lead a successful life.

Get enough knowledge about all investment plans and at least the investment schemes you have chosen. If we are in doubt, we must keep in touch with others who know the field well. It may be our friends, a favourable investment forum, a financial consultant or an investors club.

We should fix our investment strategy. We must know that how much risk we can bear. Fix risk- bearing strategy as per our sources of Income, financial plan, age etc. and do not take over-risk which we could not afford. Stick around the investment strategy.

As a summary, act wisely in all our financial activities including earning, spending and saving and express this in all your financial decisions, planning and even in dreams and desires.

Related Posts

Be Careful when you make Long Term Financial Planning

Ten Money Tips You Must Teach Your Children