Religare Invesco Mutual Fund in a series of tweets gave gave the following pictures - a series of steps to Financial Independence. All of us should make a start to get our hard earned money working for us and these hints below are a useful primer.
1. Calculate your monthly savings. This would mean that you are at first aware of your earnings and your expenses! Therefore awareness is the first step!
1. Calculate your monthly savings. This would mean that you are at first aware of your earnings and your expenses! Therefore awareness is the first step!
2. Set aside cash for emergency expenses. This may be kept in a fixed deposit.
3. Identify your financial goals and give them a deadline for accomplishing
4. Invest your savings. Money lying in the savings bank account does not build wealth or grow and help you fulfill financial goals. Systematic and consistent investing builds up wealth and helps you fulfil goals
5. Control your expenses. In fact you must spend only after saving!!
6. Goal setting is always followed by review. Review at least once a year to find out where you are and how far you have to go!!
Start your journey to financial freedom
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