After a huge success of my series on FAQs on Indian Banking to understand it better..
I got so many words of appreciation.
On public demand from today, I started a New series on
A BEGINNER'S GUIDE TO FINANCIAL INDEPENDENCE
In this new series I want to draw your kind attention towards the
FINANCIAL INDEPENDENCE in some small step by step rules,
following one can get benefited in his life.
RULE NO 1 : SAVE SAVE SAVE
Income – Expanses = SAVINGS
means we used to expanse first and then want to save the rest which is always ZERO.
You have to save at least 30% of your net income and then expanse the rest.
I got so many words of appreciation.
On public demand from today, I started a New series on
A BEGINNER'S GUIDE TO FINANCIAL INDEPENDENCE
In this new series I want to draw your kind attention towards the
FINANCIAL INDEPENDENCE in some small step by step rules,
following one can get benefited in his life.
RULE NO 1 : SAVE SAVE SAVE
Whenever I met people during my Financial Planning Classes,
They always say being a middle class family expanses are so high that they have
no money to save. Do you ever think why this happens? Because we all follow a
simple rules of savings since our forefathers.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgPxgBHIJo2IFAnm0PceBaVMZjcTwGnlxcNLnwpf8sZPQZFj0hA4l9oA1P7mib-5b5FqlG5pIjQ45C0D3IAuxTC0wwjOPS-hXhHpfbBPdNJDSM68bFBAt4_39wywtqWSuLIWOLhO8t5tho/s320/saving1.jpg)
means we used to expanse first and then want to save the rest which is always ZERO.
We have to just reorganize this simple formula to
Income – SAVINGS = Expanses
and the see the magic.
Income – SAVINGS = Expanses
and the see the magic.
You have to save at least 30% of your net income and then expanse the rest.
The best way to achieve this target is to Save at least 10%
of your net take home pay during the first year of your career, 15% in the
second year, and so on to increase it to 30% in five years. Saving more is always
good, but 30% is a number you must certainly target.
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