We are living in a world where money is the most valuable thing, starting from School every student want to be something in his/her life, ultimately all the aspects, ways and professions lead to earn a good money and become financially independent in order to have all at our own. Students never taught that how to earn? How to save money? How to invest money? and how to be financially independent in 25s.
In order to give you accurate and good ways about personal finance, saving money and investing, we have composed a little article & ways as you go down.
Money Is Crucial
Money Is Crucial
Making money become the most crucial thing in the world, every person want to do something in his/her life to own the basic necessities of life such as own Home, good Health, have Savings, Keeping family happy, own a bike/car for transport. All the mentioned before are the basic things that we all want in our lives. One of the best ways to have all these at own we must know the multiple ways, when we know multiple options of a single aspect we will be able to decide what is best of the all.
HOW TO SAVE?
If you are making a good amount of money about $5000/month, then you can follow the following steps of saving it in a good way.
01- Always spend less than 3/4th of your total monthly income
Suppose the money you are getting every month is $5000 and your expenses are $4500 then it is good to save the remaining ones rather then to spend this in useless approaches such as in parties, going out uselessly and many more...
02- Pay your taxes due dates
Paying taxes on dues will help you to think free and live free, paying taxes is difficult task for many of people because of their less amount of income or their taxes are high due to not paying from initial and these gone gradually increasing. If you will not pay your taxes on dues then these will be gradually increasing and at a one time these will be high enough to pay through your single source of income.
03- Save at least 20% every month of your total monthly income
Saving plays a major role in financial freedom, many entrepreneurs and business tycoons believes on that. Saving at least 20% of your total monthly income will help you in life in being financially independent, in an emergency in future, as life is uncertain and unpredictable so if unfortunately you face any disease or accident in future then your saved money will help you in recovering and saving also have other benefits too...
04- Investing is key point of financial freedom
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| Single Bitcoin Value in 2015 (in USA Dollars) |
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| Single Bitcoin Value in 2020 (in USA Dollars) |
You may have an idea from Cryptocurrency nowadays that those who invested in it about 5 years ago, became millionaires in 2020 when a single Bitcoin crosses it's value from $226 (in April 2015) to $28,768.84 (in December 2020). Like this option there are several others, in which you can invest a portion of your income like, Shares & Stocks.
You may read this article too "20-30-50 rule of saving & investing money"
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