FINANCIAL ADVICES ONE SHOULD MUST FOLLOW THUMB RULES FOR FIN ANCIAL PLANNING. 1. 30 % of your income must be used for monthly living expenses. 2. 30% of your income must be used for Liabilities repayments, if any.. 3. 30% of your income must be SAVED and INVESTED for your future LIVING. 4. 10% of your income must be spared for entertainments, vacations 5. 6 months expenses must be available for emergency fund (should be invested in LIQUID FUND, FD Etc) 6. Home loan must be registered and apply on both husband and wife name. (Both can get benefits on Home loan Tax benefits) 7. Buying second house for investment is not advisable ( _Survey reports - it will fetch you only around 3% return_) 8. After 45 years of age, not supposed to enter into any BIG LIABILITIES (Higher education of children and wedding of children will happen around 45 to 50 only, so plan now for the same.) 9. Have joint account @ Bank savings account. 10. Property must be registered
Why most of the rich outsource their daily life work like cooking , driving , clothing ,etc? Rich know the value of real money and how to earn it and knows the difference between money and time they usually saves their time for investing it on themselves. Let us consider time as a hypothetical Money but unlike real money we all have equal amount of hypothetical money every day we get up from our bed irrespective of an individual's caste , sex , religion , shape , size , bank balance ,etc .Every one has 24 hours in a day, The way people use it differentiates rich from poor . People has the choice to either spend it or invest it . The one who invest it on their growth end up earning high but the one who spend it end up loosing everything. Most of the rich outsource their daily work to the hired people . Rich know that they can earn more money than combined salary of the workers by investing his time on his own growth . There are also many small business owner who