The ability to simplify means to eliminate the Unnecessary so that the Necessary can be seen.
Some Small simple steps that help in Simplifying Personal Finance.
Avoid complicated Financial Products:
The products that are beyond simplicity and are difficult to understand should be avoided. Until and unless you have a complete knowhow of these products, it is better to stay away from unrealistic returns and hidden clauses.
Also, there is one more angle to look at it, mixing Oil and Water will neither give benefit of Oil or Water, however if used individually, they have their own benefits.
An old proverb says it all ”All that Glitters is not Gold”. Make sure to check the sheen of the gold before buying.
If you take Shortcuts, you get cut short:
There are no shortcuts to success. In a rush to a fast solution, many refuse to make the effort to understand their needs or the cost of the solution .This approach shortcuts the Goals as well.
Sow your seeds early to reap its benefits later.Start investing early and everything else will be taken care of. Time is a constant that plays a vital role..so give time to grow your investments like trees.
Cheaper is not always better:
Whether it is a service or a product, cheaper is not always better .However, if you do your homework well, there can be exceptions to this rule.
Some people will jump at a sale or bargain. Others will carefully research the products that they want to purchase and only take the plunge when they know that the product is definitely worth their hard-earned money. In our childhood times, there were toys and games that were cheap in price as well as quality, they fell apart quickly and easily.
Change with Changing Times:
At different age, we have different requirements and different needs.. When we adapt to age, our style of investing should also follow it. Initial 20 years of career can allow you to save more and invest aggressively. Middle 20 years will allow you to save moderately and invest moderately. Last 20 years will have very little scope of saving and the investments should be done conservatively.
Stay away from Herd mentality:
Herd mentality describes how people are influenced by their peers to adopt certain behaviors, follow trends, and/or purchase items.
Always Remember a Golden rule of “One size doesn’t fit all”. If two different people cant fit into same size shirt, then how can you expect them to fit into same kind of Financial Advise. A doctor doesnot give same advise to two people even if they both are diagnosed with same kind of problem, the advise given is based on patient’s medical history, age and many other parameters.
On a lighter Note,“Take interest in your Hard earned Money or else it may lose interest upon you.”
Some Small simple steps that help in Simplifying Personal Finance.
Avoid complicated Financial Products:
The products that are beyond simplicity and are difficult to understand should be avoided. Until and unless you have a complete knowhow of these products, it is better to stay away from unrealistic returns and hidden clauses.
Also, there is one more angle to look at it, mixing Oil and Water will neither give benefit of Oil or Water, however if used individually, they have their own benefits.
An old proverb says it all ”All that Glitters is not Gold”. Make sure to check the sheen of the gold before buying.
If you take Shortcuts, you get cut short:
There are no shortcuts to success. In a rush to a fast solution, many refuse to make the effort to understand their needs or the cost of the solution .This approach shortcuts the Goals as well.
Sow your seeds early to reap its benefits later.Start investing early and everything else will be taken care of. Time is a constant that plays a vital role..so give time to grow your investments like trees.
Cheaper is not always better:
Whether it is a service or a product, cheaper is not always better .However, if you do your homework well, there can be exceptions to this rule.
Some people will jump at a sale or bargain. Others will carefully research the products that they want to purchase and only take the plunge when they know that the product is definitely worth their hard-earned money. In our childhood times, there were toys and games that were cheap in price as well as quality, they fell apart quickly and easily.
Change with Changing Times:
At different age, we have different requirements and different needs.. When we adapt to age, our style of investing should also follow it. Initial 20 years of career can allow you to save more and invest aggressively. Middle 20 years will allow you to save moderately and invest moderately. Last 20 years will have very little scope of saving and the investments should be done conservatively.
Stay away from Herd mentality:
Herd mentality describes how people are influenced by their peers to adopt certain behaviors, follow trends, and/or purchase items.
Always Remember a Golden rule of “One size doesn’t fit all”. If two different people cant fit into same size shirt, then how can you expect them to fit into same kind of Financial Advise. A doctor doesnot give same advise to two people even if they both are diagnosed with same kind of problem, the advise given is based on patient’s medical history, age and many other parameters.
On a lighter Note,“Take interest in your Hard earned Money or else it may lose interest upon you.”
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