Financial freedom is a goal that many people strive for, and for good reason. Achieving financial freedom means having the ability to live the life you want without worrying about money. It means having enough money to cover your basic needs, as well as your wants and desires, without having to rely on a job or someone else for financial support.
Here are some tips to help you achieve financial freedom:
Achieving financial freedom is not easy, but it is possible with hard work, discipline, and dedication. By following these tips, you can take control of your finances and work towards a more secure and prosperous future.
When it comes to tax saving investments in India, two popular options are Public Provident Fund (PPF) and Equity-Linked Saving Scheme (ELSS) mutual funds. Both PPF and ELSS investments offer tax benefits under Section 80C of the Income Tax Act, 1961. However, there are some significant differences between the two that investors should consider before making a decision.
PPF is a government-backed investment scheme that offers a fixed rate of interest and has a lock-in period of 15 years. The minimum annual investment in PPF is Rs. 500, and the maximum is Rs. 1.5 lakh. The interest earned on PPF is tax-free, and the investment qualifies for tax deduction under Section 80C. Currently PPF pays an annual interest rate of 7.1%.
On the other hand, ELSS mutual funds are equity-oriented mutual funds that invest primarily in stocks. ELSS has a lock-in period of three years, and the minimum investment is Rs. 500. There is no maximum limit for investment in ELSS, and investors can invest as much as they want. The returns on ELSS are market-linked and not fixed. Typically ELSS schemes deliver double digit returns over a investment period of 7 years or more.
To compare the investment and returns data for the last 20 years, let's take a look at the historical performance of PPF and ELSS mutual funds.
From 2003 to 2022, the interest rate on PPF varied from 8.0% to 7.1%. Over the same period, the average annual return of ELSS mutual funds was around 12%. It is important to note that past performance does not guarantee future returns, and investors should always consult with a financial advisor before making investment decisions.
As an investment firm with over 23 years of experience, FINDAS can help clients invest in ELSS mutual funds. We have a team of experienced professionals who have been through good and bad times in the market, and we have a proven track record of delivering consistent returns to our clients. Our expertise in market analysis, portfolio management, and risk management can help our clients make informed investment decisions and achieve their financial goals.
In conclusion, while PPF is a safe and secure investment option, ELSS mutual funds offer higher returns over the long term. Investors should consider their risk tolerance, investment goals, and financial situation before choosing between the two options. As an experienced investment firm, FINDAS can help clients invest in ELSS mutual funds and achieve their financial objectives.
Investing in mutual funds is an easy and effective way to grow your wealth. Mutual funds have been gaining popularity in India over the past decade due to their simplicity, flexibility, and low investment requirements. In this blog post, we will discuss the importance and ease of investing in mutual funds in India, the types of mutual funds available, and the history and returns generated by mutual funds in India
Importance of Investing in Mutual FundsMutual funds are a great way to invest your money and diversify your portfolio. They offer several benefits, including professional management, diversification, liquidity, affordability, and tax benefits. Professional fund managers manage mutual funds, making them ideal for investors who lack the time, knowledge, or expertise to manage their own investments. Additionally, mutual funds are diversified, which means they invest in a range of securities, reducing the risk of losing your entire investment in one stock.
Ease of Investing in Mutual FundsInvesting in mutual funds is a straightforward process. You can buy mutual funds online or through a broker. Mutual funds are also affordable, with investment minimums as low as INR 100. Mutual funds are also flexible, allowing you to buy or sell units whenever you need to without any exit load or penalty.
Types of Mutual Funds AvailableThere are several types of mutual funds available in India, including equity funds, debt funds, hybrid funds, and international funds. Equity funds invest primarily in stocks, offering higher returns but also higher risk. Debt funds invest in fixed-income securities like bonds and offer more stable returns. Hybrid funds combine equity and debt instruments, offering a balance between returns and risk. International funds invest in foreign markets and offer diversification beyond Indian markets.
History and Returns Generated by Mutual Funds in IndiaMutual funds have a long history in India, with the first mutual fund launched in 1964. Since then, mutual funds have grown significantly, with assets under management (AUM) increasing from INR 1.97 lakh crore in 1998 to INR 40 lakh crore in 2022. Mutual funds have generated impressive returns, with some equity funds providing returns of up to 12-20% over the past decade.
In conclusion, investing in mutual funds is an important and easy way to grow your wealth. With several types of mutual funds available and impressive returns generated by mutual funds in India, investors can choose the right mutual funds to meet their investment objectives and financial goals. However, before investing in mutual funds, it is important to understand your risk tolerance and investment horizon and consult a financial advisor to make informed investment decisions.
FINDAS has an experience of over 2 decades and currently we manage more than Rs. 100 crores of investor money. We can help anyone create long term wealth through mutual fund investing.
Investing early in life is just as important in India as it is anywhere else in the world. The benefits of investing early can be significant and can help you achieve your financial goals.
Compounding Interest - Compounding interest is just as powerful in India as it is anywhere else. The longer you let your investments grow, the more substantial your returns will be. This is particularly important in India, where the economy is growing rapidly, and the stock market has been performing well in recent years.
Achieving Long-term Goals - Investing early can help you achieve long-term financial goals such as retirement, purchasing a home, or starting a business. By starting early, you can take advantage of compound interest and have a longer time horizon to ride out market volatility.
Building Financial Discipline - Investing early requires discipline and a long-term outlook. This forces you to create a budget and stick to it, which helps build financial discipline. This discipline carries over into other areas of your life, such as saving money and making wise spending decisions.
Diversification - Investing early allows you to diversify your portfolio and spread your risk. By investing in a variety of assets, such as mutual funds, stocks, bonds, and real estate, you reduce your exposure to any one asset class. In India, there are a wide variety of investment options available, including mutual funds, stocks, and real estate, which allows you to build a diversified portfolio.
Tax Benefits - Investing in India comes with tax benefits, which can help reduce your tax liability. For example, investing in a Public Provident Fund (PPF) account allows you to claim a deduction of up to Rs. 1.5 lakh under Section 80C of the Income Tax Act. Investing in an Equity Linked Savings Scheme (ELSS) mutual fund can also help you save on taxes.
In conclusion, investing early in India is just as important as it is anywhere else in the world. The benefits of starting early include compounding interest, achieving long-term goals, building financial discipline, diversification, and tax benefits. So, if you haven't started investing yet, it's time to get started. Don't wait, as every day you delay means you are missing out on potential gains. Start investing now and give your investments the time they need to grow and compound over time.
It is not important how much money you earn. What is more important is that how much of it do you save and even more critical is how much of that money works really hard for you!
Your ability to do this in your life is a function of what money software you run in your brain. Over the years I have been working on my own money software or my money blueprint, because of which I have been able to life the live that I love. Today I will share some of the important components of my money thinking with you. Read on.
Spending on my passion – a few decades back, I used to spend randomly, without any specific intention. It was like my friends bought a bike, so I must buy one. Its Diwali time, so I must buy new clothes – even if I have a lot that I don’t even use. It was more like compulsive shopping either out of peer pressure or circumstantial. But once I went over all my spending for a year, and realized that not everything I buy is useful or makes me happy. That’s when I linked my major spending to my passion – which is food and travel. Now I spend very intentionally. I keep my spending low on things that are essential but are not closely linked to my passion. For example, I will always buy clothes only at a sale. Or I always buy a second hand car that is used just under a year. So, my idea is to keep expenses low on items that are delivering low value, but are essential for living decent life. But when it comes to travelling, I usually take 2 long vacations every year. One is a 25 to 30 day vacation in some foreign country and another is a 15-20 day trekking break usually in the Himalayas. By reducing my spending on things that deliver low value and continuing to spend money on things that are really important, it helps me balance out my life and does not create a feeling of being deprived of something. In fact when I spend on my passion, it keeps me charged for the rest of the year.
Buy Quality – Few decades back I used to believe in buying cheap. That was the time I was not really looking at the quality, but just the price of things. The experience of life was that things used to get useless faster and I was always shopping back again. Overtime I changed my habit from buying cheap to buying quality. Now I have stopped compromising on quality, rather I give it first priority. But I keep finding ways and means to buy quality at a lower price. For example I bought a Samsung Note 9 – 500GB phone 2 years back. At the time of buying this phone was selling at 95000 on Amazon, but I got one at just 30000. It was from a reliable source and used for just 4 months. This way I got quality at a lower price, serving my purpose. I realized that paying for quality saves money on the long run.
Consciously Reducing lifestyle expenses - The most common thing that happens is your expenses increase in proportion to your income. I have been managing money for a few thousand clients since 1999 and I have seen this happen in most cases. This was a great learning and I have converted it into a habit for myself – I have been very intentional in reducing my lifestyle expenses over the years. Not just maintaining the expenses, rather actually looking for ways to reduce them consciously. This is what I call lifestyle optimization. This has made my life simpler and I have been very contended. Another big thing that happened because of this is that my savings rate has gone up drastically.
Keeping debt low - In today’s world, it is easy to get a loan like never before. This makes people an easy prey for the finance companies selling debt. Plus we are under constant pressure to look rich. So everyone is more than eager to buy that dream house, dream car and dream vacation – all on loan. Most of us believe that the price you pay for anything you buy is in currency or rupees. Unfortunately this is half true. According to me the price is paid in terms of time, and not money. So when you take up a housing loan for instance, for most people their EMI is on an average 30% of their income. What it means is that for a 20 year tenure loan, one has to work 6.5 years for the bank – to pay your EMI. For me this is a very BIG price to pay, losing 6.5 years of my life for the bank. Hence I have managed to keep very low debt levels in my life. Typically, my debt is less than 5% of my income. This gives me the freedom to invest more money and also work less as I have a lower commitment that would trap me and make someone else rich, the bank for instance.
Spend last, Safe first - This is probably the most talked about rule in the world of money, pay yourself first. Unfortunately most people know it, but do not follow it. I realized its importance way back in 2003 and changed my mental money math accordingly. This is probably one of the most powerful rule of money and it has worked exceedingly well for me over the years. Initially, I used to save at the end of the month and had little left to save. Once I changed this and started saving at the beginning, life has been much better since then. Now I not only save more but have more money to spend also. It is almost like magic and cannot be explained unless you experience it for yourself. This one habit will sky rocket your monthly saving in no time. Living the life you love – it’s pretty simple if you form the correct money habits. Saving is no rocket science, it’s just very basic common sense. By spending intentionally on things that add value, you can save a lot by avoiding petty low value expenses. Just by buying quality items that last longer, you can replace many cheap items. If you managed and reduce the fixed costs of your lifestyle and also focus on increasing your income overtime, your saving with increase manifold. Keeping debt levels low will keep money in your pocket leaving you with more choices in life. Just by paying myself first, I have managed to turn my life around in a matter of few years. This is the most powerful money habit you can ever develop.
My secret to improving my finances is focusing on the long term and develop money habits that work. Habits get developed over time, but once done they keep you on track towards your financial goals. I hope you develop them and enjoy the journey towards a financially abundant life.
Over the last 2 decades we have interacted with a huge number of people. Almost everyone of them wanted a good life and was willing to invest. However, a majority of them were confused on how to start. In todays world, all of us are bombarded with a lots of information, most of which is either useless or overwhelming.
Plus most people never start investing seriously due to two primary reasons. First is the fear or losing money (or making an investment blunder) and second is that most people are financially illiterate (whether they admit this or not).
However, each one of us can invest. Today, I will share with you a process that is simple and workable.
Step 1 – Make investing a part of your routine
Most people understand that investing is important, but it is not their first priority. It is one of the many things to do in life. Just like we eat and sleep regularly, investing has to be a part of your regular routine. Make it a habit to invest some money every month (if not weekly). Because if you do not bring even this much discipline, who else will do it for your life? No body cares…
Step 2 – Start investing in whatever you understand
It is always better to start with something which is a part of your comfort zone. Rather than looking for the most fanciest investments, I suggest start taking baby steps. Start with a simple fixed deposit. What is more important at the beginning, is to get into the habit of regular investing, rather than investing in the best thing around (which is not there actually).
Step 3 – Start as early as is possible
Investing is a long term process. Time is much more crucial than the amount of money you invest. Most people delay investments because they do not earn enough. This is the biggest mistake. Start early, even if that means starting small. For example if you invested just Rs. 5000 per month when your are 25, and invested it till you are 50, you will have generated Rs. 67 Lakh at 10% ROI.
Now just delay that investment decision by 10 years and you will be left with just Rs. 21 lakh in the same time. Also, you will need to invest Rs. 16000 (more than 3 times the original amount), per month 10 years later if you wanted to get the same final amount. The chances of investing increased amount 10 years later are very low, because most people do not do these calculations and the expenses catch up with increasing income, faster than you can imagine.
Step 4 – Consult a financial advisor
Most people act penny wise pound foolish. They will go to a doctor for their health problems but will be reluctant to spend on a proper financial advisor for their financial health. The way you do one thing, you do all things. People buy a TV set for Rs. 50,000 and never bargain (some even link it to their status or prestige, what B.S.), but buy vegetables worth Rs. 200 and will haggle for saving peanuts (what a waste of talent, huh). A good financial advisor can save you from making wrong investments as well as staying invested in wrong investments for long (one worst thing than being wrong, is staying wrong).
Investing is more about discipline and less about money. Most people never realize this. They keep working hard, investing little and live the life hoping one fine day, things will get better. I hope you will choose a better way for yourself.
Happy Investing!
Perpetual bonds are commonly issued by banks to the retail investors. These are the bonds that given a higher interest rate that the bank FD (in the same bank). The perpetual bonds are mostly sold to people who seek regular income and the retired people are a soft target for this product.
Since most common people are “financially illiterate” they fall prey to the bold titles showing higher interest rate. They do little research and are rarely aware of the risks involved in such investments, especially from the bad banks.
Let us first see what is a perpetual bond. A perpetual bond, also know as “consol” bond or “prep” is a fixed income instrument with no maturity date. What this means is that you invest your money in this bond and keep receiving interest perpetually. This also means, these bonds are non-redeemable. These bonds are often viewed as equity rather than debt. However the interest paid on the perpetual bond is taxable as per your existing tax bracket.
Few risks in perpetual bonds that you need to understand –
Default risk –
Unlike FDs where the RBI gives a guarantee up to 5 lakhs (FD insurance – watch delayed video –https://www.youtube.com/watch?v=DaabIzwy_PM) -the perpetual bonds have no guarantees even though issued by the banks. These bonds are typically issued to shore up the capital of the banks. If the banks capital drops below certain threshold levels because of NPAs or anything, the banks are free to skip interest payment to the investors or even write-down their value (this is what YES bank did recently) In the recent case of YES bank, the perpetual bonds holders were given last priority treatment. There is a high concentration risk involved as you are investing full capital of Rs. 10L or more in single instrument (if you invested the same money in debt funds or low risk equity funds, you get the advantage of diversification).
Repayment Risk –
Perpetual bonds are often marketed as having 5 or 10 year tenor. However, the financially illiterate investors are often oblivious to the fact that the maturity of the bond is the banks right to pay the principal. The investor is rarely made aware of the fact that the bank is not bound to pay back the capital to the investors (hence the name perpetual) and it may chose not top pay back the capital and keep paying the interest. In fact the banks can even skip the interest payment and the investor cannot do much. The banks even write-down the value of the bonds as was seen in case of YES bank. This makes it a investment totally controlled by the bank and the investors are at the mercy of the bank, always.
Currently most banks are under stress due to the Covid-19 situation. More than 30% of the loan books of major banks are under moratorium (where the EMI payments can be halted by the borrowers). If some of these loans go into NPA, they can wipe out a lot of perpetual bonds.
Liquidity Risk –
If you have an emergency in your life or need the money for some major expense, you will have to sell your perpetual bond in the open market. However, in India the corporate bond market is very thin and bonds are often illiquid due to this low demand. You may not get a buyer when you want it badly (just like in real estate). This lack of liquidity is what forced the Franklin fund house to close its 6 debt schemes in April 2020. As against this the banks FDs are fully liquid and the debt funds too remain extremely liquid even after the Franklin fiasco last year.
Inflation Risk –
The inflation risk is highest in long tenor bonds like perpetual bonds. It is the risk where the inflation rate is very close to or higher than your bond yield. In this case you do not actually make money on your investment any longer.
Interest Rate Risk –
When inflation rises, interest rates rise too. If interest rates increase, bond prices fall. This effect is particularly harmful for long tenor bonds like perpetual bonds. A drop in bond price will hurt badly if you want to prematurely exit. You may get lower price than your investment in such a emergency exit – provided you get a buyer though.
Conclusion –
Higher interest rate is always a bait for the uninformed investors. Most retail investors make a mistake of assuming all debt investments as safe and fall prey to the marketing gimmicks by the banks. However, you must think clearly and study all risks before you invest your hard earned money in such perpetual bonds – especially when they are offered as very safe investments by the banks. When it comes to investing in debt, the first priority must be given to liquidity and safety and last priority to returns. A slightly higher rate of interest (especially when the same bank offers low interest on FDs) and be a BIG risk on your capital. Beware, educate and choose wisely.
There are more than 6 crore members contributing to the Employee Provident Fund as per the most recent data on the EPFO website. These are primarily the people employed in the organized sector in our country. The Employee Provident Fund is basically a retirement benefit scheme designed by the government for the salaried employees. This is a compulsory deduction from the salary and the government understands that people may not invest for their retirement at all if it is not made mandatory.
The employee and the employer make an equal contribution of 12% of the employee’s salary every month. The employee however has an option to increase his monthly contribution voluntarily. Out of the 12% contribution by the employer, 3.67% goes to the EPF account and 8.33% to the Employees’ Pension Scheme EPS. This part does not earn any interest and cannot be withdrawn. It is paid out as pension after retirement.
The EPF contribution earns a fixed rate of interest announced by the government from time to time. Currently this is 8.50%.
The best thing about EPF is that the total amount accumulated as well as the interest earned is completely tax free when the employee withdraws this amount at retirement. However, if the amount is withdrawn before completing 5 years of employment, it is taxable.
There are some conditions under which premature withdrawal is allowed. One way is to take a loan on the EPF amount. Withdrawal is allowed for daughters marriage or building your own house. In case the person is unemployed, he can withdraw 75% amount after 1 month and remaining 25% after 3 months.
The EPF account becomes dormant and inactive if no contributions are not made for a continuous period of 3 years. Interest is offered for inactive accounts of people who have not attended retirement age of 60, but no interest is offered for members above 60 years of age. However, the interest paid on an inactive account is taxable just like that on a regular bank FD.
The amount contributed to EPF gives you a tax benefit under Section 80C if the income tax act.
Benefits
Tax Free Savings – The fixed interest earned on the EPF deposits is completely tax free if withdrawn after 5 years or later.
Since the amount cannot be withdrawn easily if offers a long term saving for the employee
Since the employee has no option not to contribute, this becomes a compulsory savings especially for the people who are not having the discipline to save money.
EPF earns a higher rate of interest which is at least 2% more than the regular bank FD especially as of today. This is because the EPF money is partially invested in the stock markets thru ETFs.
After the death of the employee, the money can be withdrawn by his nominee or legal heir.
Now let’s look at PPF – Public Provident Fund – this is yet another long term investment asset managed by the government of India. Any person can open a PPF account usually through a bank or a post office. It is not mandatory that you need to be employed to open this account unlike than in case of EPF.
PPF is a long term investment option available for investors who wish to keep their capital safe, earn a good rate of interest which is pretty stable too.
PPF is well suited for the low risk investor and it is backed up by the guaranteed returns by the Government of India
Let us look at some features of the PPF account
PPF investment comes with a lock in period of 15 years and one cannot withdraw the money completely before the end of 15 years. The investor can extend the investment period by another 5 years by choice.
A minimum contribution of Rs. 500 and a maximum contribution of Rs. 1,50,000 can be made in a single financial year. It can be invested in lump sum or a maximum of 12 instalments in a year. Investing every year is mandatory to keep the account live.
One can take loan against the investment in PPF. Loan is available from start of 3rd year till end of 6th year from opening of the account. Loan amount is maximum 25% of the amount balance in the end of first year – that is 25% of 1.50L = 37500
After 6th year, you are allowed to make 1 withdrawal in any 1 year. The limit for withdrawal is 50% of balance at end of 4th year preceding the year in which you want to withdraw or immediate preceding year, whichever is lower.
If you extend your account beyond 15 years, a partial withdrawal of 60% of the balance at end of 15 years
One unique thing about PPF AC is that if one gets involved in some legal matter, the courts cannot attached the money in the PPF account.
People you are ready to keep their money locked in for 15 years and do not want to take any risk will find investing in PPF a good option.
There was a time when PPF used to give a 12% interest. However, currently it gives an interest of 7.1%, with the interest rate consistently decreasing over the years.
Conclusion –
EPF is a better option than PPF as far as returns are concerned. Most people use PPF for tax saving but there are better options available which we shall see in some future post.
01.SAVING WILL NOT MAKE YOU WEALTHY - Unless you are saving a few lakh rupees every month you will not become wealthy by just saving some money. You need to use that money in a better way to convert it into wealth. Having cash is good as a contingency fund – something happens to your regular income – like you lose your job or something, it is good to have between 6 to 12 months of savings in cash – this will help your survive the bad patch. Cash will also help you encash an opportunity. Having cash will help you grab a opportunity like a business or help you negotiate something in your favor.
02.BEING WEALTHY IS NOT ABOUT SHOWING OFF - If you have a lot of wealth, it does not mean you will have to own a big house or a luxury car. Being wealthy is about having assets. Assets are things like business or investment that bring additional cash flow or interest to your income or which appreciate in value beating the inflation. Showing off can lead you to acquiring things like cars that actually drain your pockets. Owning a big house just to look rich can cause you to pay a major portion of your income into EMI payments for decades. One of the classical definitions of being wealthy is how many days can you survive if your income stopped tomorrow. The longer you can live, the wealthier you are.
03.UNDERSTAND TAX - Many people worry too much about taxes. There is more fear rather than understanding about taxes. Instead of making taxes work in their favor people are busy finding ways to avoid them. To master money, you have to use taxes for your benefit and not against you. Find out how you get tax breaks so that you can save money, invest it and save even more taxes. Learn to use taxes so that you keep more money in your pocket legally.
04.LEARN HOW TO USE OTHER PEOPLE’S MONEY - Many people are so terrified of using loans, that they use their own money for everything they do including business. Loans maybe good or bad based on how you use them. For example, if you had a housing loan and wanted to get an education loan for your kid, it will make more sense to use a top up loan on the existing housing loan as it will be at least 1.5% cheaper. Or most people do not know that by investing properly you can actually reduce the interest on your housing loan by 50% or more.
05.EARN MORE AND SPEND LESS - We need to focus on both at the same time. Make yourself an asset in your job or your business, upgrade your abilities continuously and strive to become a better person every day. This way you increase your chances of earning more. As your income goes up, keep your expenses low. Most people find this difficult to do and end up increasing their expenses in proportion to their incomes.
06.KEEP TRACK OF YOUR CASH FLOW - Most people are good at making money but struggle with keeping the money in their pockets. The reason for this is not knowing their cash flow. Most people only have a faint idea about how much are their expenses. Less than 10% of people actually record their expenses on a regular basis. Keeping close track of your income and expenses helps you in avoiding unwanted expenses and provides with the additional money for investing.
07.PLAN YOUR RETIREMENT EARLY - Most people start thinking about planning their retirement only after age 35 and majority of them keep postponing any serious action way beyond 45. Most people below the age 30 do not have a slightest idea of how much money it takes to live for 20-25 years without active income. Hence the best way is to plan your retirement as early as you can. Because an early start gives you the highest benefit of compounding.
08.KEEP YOUR MONEY SAFE - You must safe guard your hard earned money before you can actually grow it. Most people are in a hurry to generate return on investment and forget to put a fence around their money. Look at things that will take BIG money out of your pocket. Things like a major health issue, accident or theft. You need to protect yourself against such incidents. Another way is to diversify your investments into multiple assets. This will help you reduce your losses over multiple market cycles.
09.TREAT YOUR MONEY LIKE YOUR EMPLOYEE - Most people are very serious before they earn money, but lazy after they have it in their bank. The best way to treat your money is by making it work. Money doesn’t like to relax. You need to give it work, else it will slowly go away to a better master. Make sure you engage every single rupee in some kind of investment vehicle at all times. This way your money will work hard for you.
10.SET SOME MONEY RULES THAT WORK FOR YOU - The nature of money is like water. It keep flowing unless you create rules or dams to contain it. You need to set basic rules like how much of your income are you going to spend on cost of living and how much of it are you going to save. Out of the money you save, you need to set rules as to how much of your savings are for contingency, how much for long term important goals and how much for fun and enjoyment. Setting up rules will create a balance in your life.
Here are the reasons why you need to take charge of your financial life as early as possible. We have been working in this area of financial planning, since the year 1999 with our experience of so many years, we have certain observations about people on how they deal with their financial lives before they come to us. people are very passive, or casual about their financial management, after they have earned the money that they wanted to earn.
The second observation is most of our education that we take, irrespective of whether you are an engineer or a doctor or a business owner, gives us only one skill. The education is designed in such a way that it gives us a common skill. That is how to make money, or how to earn money. Unfortunately, our educational system fails to deal with an abundance of the money cycle, and that is what to do with the money. Once you have earned it such that you are able to live the life that you love.
The third observation is that most people deal with their financial management on their own, they follow what we call the to eat yourself method to deal with their finances, just like when you have a health issue you go to a doctor, or if you have a legal issue you go to an advocate, you need to go to a financial expert, when you need to deal with financial management in your life. Unfortunately, in India, just about 3 to 4% of the people, consult a financial expert in view of these three observations.
We are going to now discuss why you need to take charge of your financial life as early as possible.
The first reason why you need to take charge of your financial life as early as possible, is that the days when the government used to take care of your old age deeds are gone. There was a time in this country. When once you took up a job, the government would take care of everything. Till you are alive, but this is no longer to. It is only you who has to provide for all your financial needs. Plus, in this age of nuclear families, there is now no guarantee that your children would be around to support you in your old age. Unfortunately, the truth of life is जबतक आपके पास पैसे है, लोग पूछेंगे आप कैसे है!! So you need to have money on your side.
The second reason why you need to take charge of your financial life is that this market of financial products is full of sellers. Everyone is busy selling something to you without any consideration to what you actually need, or what you actually want these sailors come in every from right from the young boys and girls that try to sell you the credit card inside the malls while shopping to the cashiers in the bank, who tried to fool you into buying mutual funds, and our old friend the insurance agent who is always around the corner and carrying the best policy in the world, which is closing soon, so he is in a hurry to sell you that policy, the sellers are often our close acquaintances and avoiding them is a task in itself. It is, however, in your favour to identify the difference between a seller, and a counselor, the only agenda that a seller has is to sell his product to you. It doesn’t really bother. Whether you need it or you don’t need it. However, the agenda of a good counselor is first to create a tailor made solution for you, that works out for you, or a period of time. And also, it is his duty to view the freedom to choose which is the best choice for you.
The reason number three is that, because of the improvement in medical sciences, all of us will most probably live longer than we imagined. There is a certain pattern that we commonly see in the lives of majority of the people in the initial years, when people are young, and just begin to earn, they also take up loans, and end up paying EMI this EMI form a major part of their monthly outflow this early stage is what we call the EMI and the liquidity crisis, as one approaches the middle age, the thoughts about promotions, or career progression, start crowding their minds, the people in this stage, normally would spend more time at their jobs or take up part time education programs, in order to increase their market value. This stage is usually followed by an urge of freedom and entrepreneurship. Unfortunately, the path to successful entrepreneurship is filled with challenges that one may not be mentally as well as financially, prepared to face.
That is why the failure rate of small businesses is very high, and at times, scary. This is then followed by the last and final stage of one’s career. This is the time when people start wondering whether the money they have made so far, will last them for a lifetime. Maybe the money will last a lifetime. You don’t know for sure. Unless you have taken some time off. In the early years of your life, and made it a point to work on this very important area of your life, my observation is most people are so busy earning the money that they are earning, they hardly have any time left. Look, actively at their financial management, although most of us realize that active financial management is an important area. It is never urgent for most of us, it is just that one thing to be done, sometime in life, however, let me tell you one thing very clearly at this point of time living with the regret of decisions not made on time is the worst situation, you can hope for, to get yourself in life, so it is time to stop and think, are you consuming most of your energy in, earning the money that you earn, who is managing your financial life. Does he or she have the required expertise, and the experiential knowledge to manage your money, who will know your financial goals.
Do you have a strategy or a plan on how you’re going to reach these goals. It is time that you give a hard thought to the fact that what is your confidence level that you will live an abundant life and the life that you love. I hope that you realize that taking charge of your financial life is not something to be postponed. It is a very serious thing, so do it now before it’s too late. If you need any assistance in dealing with this important area of your life, we add fitness would be more than happy to serve you. Please write in the comments below, how are you currently managing your financial life.
Here we will see five simple ways to utilize your extra cash flow, effectively.
Sometimes we may receive extra cash flow in form of an increment or a bonus, if you are in a job or in form of extra income, if you are in a business, most of the times when you anticipate such an excess cash flow coming in, you already have a plan of how you’re going to use this money, more often than not, this plan is about how you are going to spend this money, very few people think about investing this money, less than 5% people actually take action to align this extra cash flow towards their long term goal. Here are a few tips on how you can use this extra money wisely.
1. Create your emergency corpus
Life has its own emergencies in store for all of us, many such situations need a lot of money to deal with. Use this extra income to create your emergency fund. This will help you in two ways. First, when such emergency comes, you will be confident to deal with it, since you have money on your side. Second, it will save you from asking for money from friends and relatives or taking unnecessary loans.
2. Invest this extra money
Money that you might have received for your children’s education. If you have already identified the children’s education goals, then it is better to give priority to such extra cash flow and follow a structure. If you haven’t already quantified your goals. It is time you got in touch with finance consulting. If you need any assistance in planning out and taking control of your financial life contact us.
3. Invest extra money for your retirement savings
Most people think of their retirement eight or 10 years before they actually retire. This could be very late. Think about retirement and effectively plan for it. Hence, make it a point that you start planning for your retirement, as early as possible, so that you have enough time to plan for it very well. Use any such extra cash flow for your investments earmarked for your retirement. Never let any such extra cash flow run out of your pocket as money for enjoyment, it is always better to utilize this money judiciously and investigate for your long term goals.
4. To pay off any higher interest rates
Things like credit card debt or personal loan, which are charged, very high interest rate must be on your priority to finish them off. So make sure that you pay off all set higher dates, whenever you get an extra cash flow. But Don’t be in a hurry to finish off that housing loan, unless you are charged the interest in excess of 12%. If you want to know how you can actually reduce the interest of a housing loan do get in touch with us. If you have just begun your housing, a few months back, we can help you to reduce that housing loan to a. interest rate of just 2%, or even less than that.
5. To buy some special insurance
There are some insurances like the hardened cancer policy, or the critical insurance policy that one men need when the time arises, so use this extra money to get yourself covered under such special insurance policies, because they are going to be very useful. If the need comes and will save you a lot of hard earned money. In the end, I would like you to note that always use any such extra cash flow to invest for the long term. Instead of spending it on things that give you temporary happiness, like buying things that you don’t actually need, but you want to have them almost every time it is delayed gratification, that helps you in creating a financially stable life.
Most middle class families struggle to make the ends meet. This is true primarily as they are unable to manage their cash flow efficiently. Most have limited incomes and higher expenses. Consequently they are stressed out and may actually be leading a below par life.
In order to have better control of their finances, it is recommended they avoid following mistakes consciously!
1- Emotional buying and not bargaining enough - Many times people feel it below their dignity to bargain. This is true especially in today’s world where mall culture is around. However, the same people could many times be seen bargain hunting on online eCommerce sites like Amazon etc.
It is recommended to make bargaining a good habit as there is no loss whatsoever. Little savings from small bargains go a long way in saving money.
Emotional buying is one thing which everyone must avoid. It not only creates financial pressure, but also creates a feeling of guilt, once the craving for buying subsides. This is not a good emotional state to be in.
Better practice asking yourself “do I want this or do I really need this” before making any buying decision. And postpone all “wants” as long as you can. Most “good to have things” in life are responsible for financial stress.
2- Doing major expenses before time - Many middle class families end up making major purchases like house or car much before they can really afford them. Most of the times this is done under social pressure to “look good”.
Major spending early in life puts the family in a financially downward spiral as expenses increase and there is no money to invest.
Bigger expenses, typically more than your annual income must be avoided unless they are properly planned and provided for with enough back up.
3– Not having enough insurance - When it comes to buying adequate insurance, most middle class families act penny wise pound foolish. They think insurance premium is un-affordable or an unnecessary expense. However, this attitude makes them vulnerable to major financial emergencies like a major medical treatment or untimely death of an earning member in the family. One such incident completely shatters the family financially.
Hence it is recommended to acquire adequate insurance after understanding what risks need to be covered. This will help equip the family to deal with any unforeseen events and financial emergencies.
4- Not developing multiple sources of income - Most middle class people are stuck with a single source of income. Even if there are more than one earning members in the family, more often then not, their cumulative income is just enough to make the ends meet.
Due to this problem of “not enough money” they end up creating debt or borrowings, leading to compulsory EMI payments.
It is recommended to be on look out for opportunities of making some extra buck. A part time business or something where their existing skills can be monetized must be considered to ease the financial demand.
5- Wrong choice of assets - Most middle class families who struggle financially do so due to lack of financial education. They may be word literate, but financial literacy is a rare commodity. Due to this, security is often the most important thing when it comes to money.
Since they operate primarily from the fear of losing money, they end up parking their money in wrong assets. For most people their money is either in the bank or in low return assets like FDs or PPF. They may also be very inefficient in their tax saving investments, with most people using life insurance and PPF.
It is recommended to take professional help when it comes to investing and asset selection, as one may not be equipped to deal with these matters on their own.
6- Lack of long term financial planning - Unfortunately most middle class families fail to plan their financial lives. They think seeking professional help for their health is good, but for their wealth it is un-affordable or not important. In this aspect also, the “penny wise pound foolish” attitude can be seen commonly.
It is only through professional financial planning that one can really experience all that life has to offer. Financial planning helps you create a meaningful balance in life and achieve your financial goals and dreams.
If you really care for your family and want them to have an abundant life, its time you visited Findas office. Here we create actionable financial plans for you to have an access to the life that you love.
Mutual funds have become one of the most popular investment vehicles in India in recent years. They offer an opportunity for retail investors to pool their money together and invest in a diversified portfolio of stocks, bonds, and other securities. In this article, we will take a brief look at the history of mutual funds in India, how they have evolved over the years, and their current status in the Indian market.
The concept of mutual funds first originated in the Netherlands in the 18th century, when a group of investors formed a trust to invest in stocks and shares. The concept then spread to other countries, including the United States, where the first modern mutual fund was established in 1924. However, it wasn't until the mid-1960s that mutual funds were introduced in India.
The first mutual fund in India was set up by the Unit Trust of India (UTI) in 1963. The government of India set up UTI with the aim of mobilizing savings from small investors and channeling them into the capital market. The first scheme launched by UTI was the Unit Scheme 1964, which offered investors the opportunity to invest in a diversified portfolio of stocks.
In the early years, UTI was the only player in the mutual fund market in India. However, in the late 1980s, the government of India opened up the mutual fund industry to private sector players. This led to the entry of several private sector mutual funds, including the likes of HDFC, ICICI Prudential, and the erstwhile Reliance (now Nippon India). The introduction of private sector players led to increased competition and innovation in the mutual fund industry. Mutual funds started to offer a wider range of investment options, including equity funds, debt funds, and hybrid funds. They also introduced new investment strategies, such as index funds and exchange-traded funds (ETFs).
In the late 1990s and early 2000s, the Indian economy saw a period of rapid growth, which led to a surge in the mutual fund industry. The number of mutual funds and the assets under management (AUM) grew rapidly during this period.
The Securities and Exchange Board of India (SEBI), the regulator for the securities market in India, took several steps to improve the regulation of the mutual fund industry. SEBI introduced several measures to protect the interests of investors, including stricter disclosure norms, enhanced transparency, and the requirement for mutual funds to disclose their portfolio holdings on a regular basis.
In recent years, the mutual fund industry in India has continued to grow, albeit at a slower pace than in the past. As of March 2023, the total AUM of the mutual fund industry in India was Rs 39.42 lakh crore ($482 billion), up from Rs 37.56 lakh crore ($459 billion) in March 2022.
The AUM of the Indian MF Industry has grown from ₹ 7.01 trillion as on March 31, 2013 to ₹39.42 trillion as on March 31, 2023 more than 5 fold increase in a span of 10 years.
The Indian mutual fund industry has also seen some interesting trends in recent years. One trend is the growing popularity of Systematic Investment Plan, the SIP. As on 31 Mar 23, all Indian investors put together have 6.36 crore SIP accounts. Rs. 14276 crores were collected through SIP in March 2023 alone.
As more and more Indians prefer to invest their money through mutual funds, the SIP collection grew from Rs. 43921 crores in FY 2016-17 to Rs. 1,55,972 crores in FY 2022-23. This is a growth of 23.52% CAGR.
The mutual fund industry in India has come a long way since the introduction of the first scheme by UTI in 1964. Today, it is a well-regulated and thriving industry.
Findas Stock RecommendationBuy Sharda Corpchem For The Short Term
CMP - 497
FUNDAMENTAL ANALYSIS The company has reduced debt and is almost debt free. At current price its PE is 13.12, relatively cheap compared to peers Compounded Sales Growth (10 years) 18% Compounded Profit Growth (10 years) 15% ROCE (Mar 23) 21% Promotor Holding 74.82%
TECHNICAL ANALYSISStock is currently trading close to its 200 DMA. It looks well poised for a breakout with upward targets of 530/575/650/Higher. If the stock closes below 415, you can exit.
The positive and negative implications of the RBI's decision to stop the use of Rs. 2000 notes in India.
Positive ImplicationsThe RBI's decision to stop the use of Rs. 2000 notes has a number of positive implications. First, it will make it more difficult for criminals to use cash for illegal activities. Second, it will help to reduce the amount of counterfeit currency in circulation. Third, it will make it easier for the government to track and monitor cash transactions. Fourth, it will help to promote digital payments, which are more efficient and secure.
Negative ImplicationsThe RBI's decision to stop the use of Rs. 2000 notes also has a number of negative implications. First, it will inconvenience people who still use cash for everyday transactions. Second, it could lead to a rise in prices, as businesses pass on the costs of complying with the new regulations to consumers. Third, it could make it more difficult for people to access financial services, as some banks may be reluctant to serve customers who do not have a bank account.
Multiple Points of ViewThere are a number of different points of view on the RBI's decision to stop the use of Rs. 2000 notes. Some people believe that it is a necessary step to combat crime and corruption. Others believe that it is an unnecessary inconvenience that will hurt the poor and the vulnerable. Still others believe that it is a step towards the introduction of a central bank digital currency (CBDC).
Possible Future ScenariosIt is difficult to say what the long-term implications of the RBI's decision to stop the use of Rs. 2000 notes will be. However, it is possible that it will lead to a number of changes in the way that people use and manage their money. For example, it could lead to a rise in the use of digital payments, as people look for more convenient and secure ways to pay for goods and services. It could also lead to a change in the way that businesses operate, as they adapt to the new regulations.
Is this a Step Closer to the Advent of CBDC in India?It is possible that the RBI's decision to stop the use of Rs. 2000 notes is a step closer to the introduction of a CBDC in India. A CBDC is a digital currency that is issued by a central bank. It is similar to cash, but it can be used online and in stores. The introduction of a CBDC could have a number of benefits, including reducing the cost of cash transactions, making it easier for people to access financial services, and improving the efficiency of the payments system.
However, there are also a number of risks associated with the introduction of a CBDC, including the potential for cyber-attacks and the possibility that it could be used for illegal activities. The RBI will need to carefully consider these risks before deciding whether or not to introduce a CBDC in India.
Overall, the RBI's decision to stop the use of Rs. 2000 notes is a significant development that has the potential to have a major impact on the Indian economy. It is too early to say what the long-term implications of this decision will be, but it is clear that it is a move that will have far-reaching consequences.
As a young person below the age of 25, saving money is not anyones priority. You're likely focused on building your career. However, starting to save money at a young age can have huge benefits in the future. So, we will discuss 10 ways to save money for young people below 25.
01. Create a budgetThe first step to saving money is to create a budget. This will help you track your spending and identify areas where you can cut back. You can use a spreadsheet or a budgeting app to create your budget.
02. Cut back on unnecessary expensesLook at your budget and identify areas where you can cut back on unnecessary expenses. For example, you could reduce your cable TV package or cut back on eating out. It means you must find out various ways to cut spendings. One of the gteastest contributors to overspending is a credit card.
03. Record your ExpensesThe very important step to save money is figuring out how much you spend. You must record each and every rupee you have spent.
04. Save on transportationTry to use public transport to save expenses on petrol . It also saves your time. Carpooling is also the best option to save money. You can walk or use two wheeler if the distance is short enough.
05. Find free entertainmentsYou don't need to spend a lot of money to have fun. Look for free entertainment options, such as visiting a museum on a free admission day, going for a hike, or hosting a game night with friends.
06. Cook at homeCooking at home is much cheaper than eating out. Plan your meals for the week and buy groceries in bulk to save even more money. Also prepare for grocery shopping in advance.
07. Use student discountsIf you're a student, take advantage of student discounts. Many retailers and service providers offer discounts to students, so be sure to ask.
08. Start earning side incomeConsider starting a side hustle to earn extra money. This could be anything from freelancing to selling items online. Sharing food photos on instagram and various social media tools.
09. Avoid debtAvoiding debt is one of the best ways to save money. If you do need to borrow money, make sure you can pay it back on time to avoid interest charges.
10. Save for emergenciesFinally, make sure you have an emergency fund. This should be enough money to cover at least three to six months of expenses in case of an emergency.
In conclusion, saving money can be challenging, but it's worth the effort. By following these 10 tips, you can start building your savings at a young age and set yourself up for financial success in the future. Remember, every little bit helps, so start small and work your way up.
The five steps to adopting a frugal lifestyle that can help anyone achieve financial freedom within 10-15 years:
01. Create a Budget and Track ExpensesStart by creating a detailed budget that outlines your income and expenses. Track your spending to identify areas where you can cut back and save. Keep track of your expenses daily. Nowadays simple mobile app will help you do this very easily. You just need the discipline to enter data daily. By understanding your financial situation and being mindful of your expenses, you can prioritize saving and direct your money towards achieving your long-term financial goals.
02. Embrace Minimalism and Prioritize Needs over Wants Adopting a minimalist mindset can be powerful in cultivating a frugal lifestyle. Differentiate between needs and wants, and focus on meeting your essential needs while minimizing unnecessary expenses. Prioritize experiences, relationships, and personal growth over material possessions, which often come with ongoing costs and maintenance. With so many offers to shop continuously, this is probably the most valued skill for your wealth creation.
03. Reduce Debt and Avoid New DebtDebt can hinder your progress towards financial freedom. Make a plan to reduce and eliminate high-interest debt, such as credit card debt, as quickly as possible. Avoid taking on new debt unless it's for appreciating assets. By reducing debt, you free up more income to save and invest for your future. For most people, the home loan debt forms around 25% to 35% of their income and is one major reason why they never manage to get rich in life.
04. Cut Expenses and Find Ways to SaveReview your regular expenses and find areas where you can cut back. Look for opportunities to save on utilities, transportation, groceries, and entertainment. Consider negotiating better deals on services, buying in bulk, or using coupons and discounts. Small savings can add up significantly over time. It is observed that most people manage their jobs or businesses very professionally, but when it comes to managing their own money, they lack the professionalism and rigor.
05. Save and Invest for the FutureOnce you have reduced expenses and freed up some income, save and invest for your future. Create an emergency fund to cover unexpected expenses, and then focus on long-term savings and investments. Explore low-cost investment options such as mutual funds that provide diversification and long-term growth potential.
In India, mutual funds have been around for over 59 years now and have delivered a CAGR of 15% plus. Still less than 4% of the population invests in them. The primary reason being lack of knowledge. People carry a number of myths about mutual funds, that keep them away of one of the best investment assets. In order to increase the awareness about mutual fund investing I am offering you a FREE E-BOOK, named 25 Myths of mutual fund investing. Click on the link below to get your free e-book, and start investing in mutual funds today. https://tinyurl.com/25MYTHSebook
Remember, achieving financial freedom is a long-term journey that requires discipline and consistency. By adopting these steps and consistently following a frugal lifestyle, you can make significant progress toward your financial goals within 10-15 years. It's important to review and adjust your plan periodically based on changing circumstances and priorities.
Introduction: In a world of material excess and constant consumerism, the concept of minimalism offers a refreshing alternative. Embracing a minimalist lifestyle entails living with less, reducing clutter, and prioritizing experiences over material possessions. Beyond its aesthetic appeal, minimalism can be a powerful tool for achieving financial freedom. By making conscious choices about what we truly value, we can break free from the cycle of consumerism and create a life of financial stability and peace.
Living with Less: Minimalism encourages individuals to declutter their lives, both physically and mentally. By eliminating unnecessary possessions, we gain a clearer perspective on what truly matters to us. Instead of accumulating material items that often lose their value over time, minimalists focus on quality rather than quantity. This deliberate choice to live with less not only saves money in the long run, but it also reduces the burden of constantly maintaining and organizing excessive belongings.
Reducing Financial Stress: Adopting a minimalist lifestyle can alleviate financial stress. When we reduce our expenses and prioritize our needs over our wants, we create a sense of financial stability. By living within our means and avoiding unnecessary debt, we can build a solid foundation for our financial future. The financial freedom gained through minimalism provides the opportunity to save, invest, and pursue our passions without the constant worry of financial constraints.
Prioritizing Experiences: Minimalism encourages us to shift our focus from accumulating possessions to cherishing experiences. Rather than chasing the latest gadgets or designer labels, minimalists invest their time and resources in creating memories and pursuing meaningful relationships. By prioritizing experiences over material possessions, we find greater joy and fulfillment in the intangible aspects of life. This shift not only reduces our financial burden but also enriches our lives with moments that hold lasting value.
Conclusion: The minimalist lifestyle offers a path to financial freedom by embracing simplicity and prioritizing what truly matters. By consciously living with less, reducing clutter, and valuing experiences over material possessions, we free ourselves from the pressure of consumerism and achieve a sense of contentment and financial stability. Adopting a minimalist mindset allows us to live within our means, reduce financial stress, and focus on building a life of purpose and fulfillment. Embracing minimalism is not just about decluttering our homes; it is about freeing ourselves from the endless pursuit of material possessions and embracing a simpler,more meaningful existence.
Introduction: An emergency fund is like a financial safety net, providing a cushion for unexpected expenses that can arise at any time. In this comprehensive guide, we will explore the significance of having an emergency fund, why it's crucial for financial stability, and practical steps to start, grow, and maintain this essential fund.
What is an Emergency Fund?: An emergency fund is a pool of money set aside to cover unforeseen financial emergencies or unexpected expenses without derailing your long-term financial goals.
The Benefits of Having an Emergency Fund:
Common Misconceptions about Emergency Funds:
Why Building an Emergency Fund is Crucial:
Building an emergency fund is essential for various reasons
Financial Stability:
Having an emergency fund ensures that you can cover unforeseen expenses without dipping into your savings or going into debt.
Peace of Mind:
Knowing that you have a financial buffer in place can alleviate stress and anxiety during unexpected situations.
Protection Against Unexpected Expenses:
From car repairs to medical bills, unexpected expenses can arise at any time. An emergency fund acts as a safety net to address these financial needs.
Starting to build an emergency fund is a crucial step towards financial preparedness
Setting Realistic Savings Goals:
Calculate your monthly expenses and aim to save at least 3-6 months' worth to cover essential costs in case of emergencies. Later on, as a second step you must try to build this to 12 months of expenses.
Creating a Budget:
Track your income and expenses to identify areas where you can cut back and allocate more towards your emergency fund.
Regular Reviews:
Set up a regular review process (typically every month) to check the balance in your emergency fund. Add money whenever the balance drops below the threshold level. This practice ensures you have no emergency in the emergency fund.
Growing your emergency fund requires strategic planning and financial discipline
Cutting Expenses:
Look for ways to reduce discretionary spending and redirect those funds towards your emergency fund.
Increasing Income:
Consider taking on a side hustle or freelance work to boost your income and accelerate your emergency fund savings.
Investing for Long-Term Growth:
Once your emergency fund reaches a comfortable level, explore investment options that offer potential long-term growth while maintaining liquidity.
Maintaining Your Emergency Fund:
Maintaining your emergency fund involves regular assessment and adjustments:
Reassessing Your Savings Goals:
As your financial situation changes, revisit your savings goals to ensure they align with your current needs and circumstances.
Using Your Emergency Fund Wisely:
Reserve your emergency fund for true financial emergencies, such as medical expenses, job loss, or unexpected home repairs.
Adjusting to Life Changes:
Life events like getting married, having children, or buying a home may impact your emergency fund needs. Adjust your savings strategy accordingly.
In conclusion, having an emergency fund is a cornerstone of financial preparedness. Start building or growing your emergency fund today to safeguard your financial future and stay resilient in the face of unexpected challenges.
Have a question? call us now
We are open on
Need support? Drop us an email
At FINDAS we have been working in this area of investing and insurance since the year 1999. We value clarity and transparency, thereby maintaining an ethical business model. We believe in knowledge sharing with our clients which helps them to become FINANCIALLY LITERATE INVESTORS thereby having better control on their finances.
© All rights reserved. FINDAS Term And Condition Privacy Policy Cancellation Policy
Bhushan MoreApril 26, 2023
The blog provides a great overview of how to achieve financial freedom. The tips mentioned, such as creating a budget, reducing debt, saving for emergencies, investing for the future, living below your means, and setting financial goals, are all crucial steps in achieving financial freedom. The blog emphasizes the importance of being disciplined and dedicated to your financial goals, which is key to long-term success. Overall, this blog provides a great starting point for anyone looking to take control of their finances and achieve financial freedom.