Tuesday, August 7, 2018

8 Habits To Avoid To Become Rich Millionaire – Financial Advisement

Become a Millionaire with Financial Advisement

Financial money markets are always under constant changes those can make your millionaire hero or zero within the minutes. The money markets are like a treasure hunt grounds for many financial adventurists to follow behind the investment market to yield profits and income.

A wide range of financial instruments and investment opportunities are making the market traders and investors full of confusion and puzzling in the choosing and selecting the best shares and stocks also savings schemes etc. what can make you rich millionaire with a systematic financial investment plans and money management strategy. Know the difference between trading and investing. Want to become a Millionaire? Decide yourself…! Are you a Trader or Investor?

Financial Advisement

Lacking of financial education in regular classroom classes, online education degrees, high-end specialised financial training courses etc. are leading to poor awareness of best saving investment opportunities in the share market, stock trading, savings plans, and investment opportunities.

Many experienced investors knows the investing sources such as stocks, shares, bonds, mutual funds, and exchange-traded funds, options, futures plans etc. But in the money marketing, there are more
than thousands of financial investing instruments are still available to all kinds of investors. Follow a systematic financial money management discipline to become a rich in your young age.

How Become a Millionaire Rich Person – Financial Advisement

Here are few suggestions of the financial advisement that help you in becoming millionaire rich person with a money management strategy.

Decide your Risk Tolerance before investing money
A true Investment Plan and assess your plan periodically
Basic Research and knowledge about money market instruments
Don’t depend on others, be a self-directed money market investor
Get advised with registered financial planner to understand your financial objectives
Stick to your financial strategy to avoid the impact of Next Market Crash on you and your job, family etc.
Diversify your financial instruments and investment opportunities and internet trade options
Focus on long-term money saving, don’t rely on one income source such as job’s salary weekly or monthly etc.

What are best financial planning to become rich person

The simple answer is Avoiding unnecessary expenditures and sticking to a financial discipline that requires a money management strategy

8 habits to avoid if you want to be rich millionaire

Your present spending habits will decide the course of your future finances. Whether you end up in debts or you become rich or you eight habits to avoid if you want to be richYour present spending habits will decide the course of your future finances. Whether you end up in debts or you become rich or you stay at the same place without any growth in your financial condition is decided by these eight critical and crucial spending habits.

Avoiding spendthrift habits and investing your money wisely will help in the growth of your finances and your financial condition in the long run. In this aspect, we bring to you the eight spending habits and the ways to avoid them.

1. Spending more than you earn

This is the one of the most crucial factors which can lead to a cash crunch situation; gravely affecting your financial condition. If your expenditure is more than your income at the end of the month, it is an indication that you will soon end up in debts. One way to avoid the cash crunch is to maintain a budget and divide your expenditure into “needs” and “wants”.

If you spend only for your needs on a priority and give less priority to your wants, your spending will be in control. Even if you are spending only for your needs and still the spending is more than earnings, then its time you look to increase your earnings.

2. Start saving today

start saving todayThere is “no tomorrow” to start your savings. Your savings should always start today. The sooner you start your savings, the more the amount of saving. If your income is more than your expenditure, then invest the rest of the amount. In case of an emergency, the saved amount will always help.

3. Say ‘No’ to unnecessary expenditure

say no to unnecessary expenditureToday’s competitive world demands a lifestyle which is in tandem with our peer group. Refrain from imitating your peer group in living a luxury life. For example, you buy a home theatre on EMIs, it simply means that your pocket cannot bear the burden of a home theatre.

EMIs are inevitable to the middle class, but the reason for paying the EMI has to be justified. If the EMIs are paid for buying a house, land, for children’s education, the expenditure is justified but not for a luxury item.

4. Invest money, don’t gamble

invest money dont gambleStock market is one of the most luring options for people to invest money and get returns in less time. However luring, stock market is a very risky affair. Gain enough knowledge about share market; make an analysis of the equity to invest. Investing on a long term basis (2-3 years) is always a good option. Indulging in daily trading is not an advisable thing to do.

5. Disciplined Saving

Many of us think of saving, most of us even give it a try but do not save in a disciplined manner. This is a very common trait with most of us. However, it is always advisable to make your savings in a disciplined manner. Analyze your expenditure, your income and fix an amount which you can save every month. In the beginning of the month, keep the savings amount aside and try to maintain all your expenditure with the remaining amount.

6. Don’t invest in areas where risk is high

Investing in areas which are high in risk is not an advisable idea. In areas like betting where you win once, there is always a higher chance to lose. We have ample examples of people who looked for short term gains and lost the invested amount. Stock market is another area where risk is very high. If you want to invest in stock market be patient and invest on a long term basis either in Mutual Funds or in Equity.

7. Always pay your bills in time

Bills are an integral part of our expenditure. Every month we pay our credit card bill, water bill, electricity bill and etc. Ensure that all your bills are paid within the time period; else fine will be levied on the bill. Let’s say a fine of Rs. 50 is being levied on your mobile bill in that month, for a year this will be Rs. 600 and for five years this amount will be Rs. 3000. It simply means that we are unnecessarily paying a substantial chunk of our pocket which if invested or saved can be useful to us in the long run.

8. Say no to “Bad Habits”

Some habits are useless both to our health and to our pocket’s health. It is always better to stay away from such habits. Smoking, drinking, eating at restaurants, chewing tobacco are some of the habits which can be harmful both to our health and our pocket’s health. Refrain from such habits. Let us say, that the price of the cigarettes you smoke in a day is Rs. 100; in a month this will be Rs. 3000 and in a year this will be Rs. 36000. The expenditure spent on the doctor is an extra.

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