Businesses need to regularly review their money affairs to be successful. And so do we! Inflation has meant that we have seen the price of anything and everything, including everyday necessities, soar. This is a trend that shows no signs of slowing down anytime soon.
Hena Mehta, CEO and co-founder of Basis, says: “Companies have the opportunity to find the best minds to manage their revenue and growth; we as individuals – for the most part, don’t have the same luck. Here it is important to use your own strength and to take your own finances into your own hands.”
With the right resources and investment avenues, you can become a money management professional in no time.
Making mistakes along the way isn’t necessarily a bad thing. Small mistakes are okay, however, but big mistakes when it comes to your fortune could cause you to take two steps back for every step forward.
Here are a few tips for navigating today’s modern money landscape;
1. More than just “save”: Currency stability is a basic need. Experts point out that we all have bills to pay and deadlines to meet, but if you invest a few hours a day to hone your financial skills, you can reap big returns.
Mehta points out, “The best thing to start with is ‘smart budgeting’. The 50-30-20 rule helps, but a well thought-out investment strategy – even more so. Money lying unused in the bank account does not make money. Praised be the power of compounding!”
2. Set yourself long-term goals: Everyone is at a different point in their financial journey. So when experts say “long-term,” it’s all relative. A pension fund, for example, may seem far-fetched, but it’s never too early to start planning.
Mehta says, “If your long-term goals are more like buying a house, putting in an EMI on a car, or taking a long-awaited trip, that’s fine too! Long-term financial goals will help you spend, save and invest wisely! And they keep you going on those extra-rainy days!”
3. An alternative source of income: Have you ever thought about having a small passion project on the side? Well, the income from this project could add up to quite a large sum over time.
Mehta explains, “Regardless of your income bracket, it never hurts to have a spare stash in your pocket. Provided, of course, his/her emergency fund is in place for these trying times. And who doesn’t appreciate a little more pocket money.”
So there you have it! Better to start small than not at all!