Money plays an important role in people’s life. It is a bachelor or a married couple and nobody can lead a decent life without earning.
Having a source of earning and to improve financial condition and also important to save money and invest. The US shows Studies that arguing about money is the top predictor of whether a couple will stay together or not.
Couples argued monetary issues soon, but those monetary issues tend to linger on and get more intense, said the CEO in trade smart.
Lists the following steps that would make investments. Financial Planning starts and couples can identify the pain points and address them upfront to solve financial challenges.
Planning is the important thing in financial goals to starting investing. The second one is First Invest then Spend-the couple should make it a point to earn, invest and then spend, in this order explained by Warren Buffett Does not save what is left after spending instead.
The third one is Budget Allocation a couple can sit together and identify all events in their life and allocate a budget for each accordingly.
4th one is Take Protection it is explained to prepare for a rainy day, it is important to take adequate covers through life insurance good health insurance, and a term plan for the working members of the family.
The fifth one is Diversification-it is when it comes to equities, investing with proper diversification and selection can give a steady return.
Ready-made diversification and couples may choose equity-oriented mutual fund schemes and invest regularly invest through a Systematic Investment Plan.
Sixth one that Revaluation-The needs to do some back calculations to arrive at the choice of a proper instrument to match their goal.
Existing investments fall short of expectations, should take a couple of corrective measures to bring the investment journey back on track to reach the financial goal on time.
The seventh one is Consultation -In times of confusion, a couple can consult financial advisors and take action appropriately. Adopted attitudes and behavior towards money through childhood experiences.
Grew up poor that might be overly stingy and constantly saving for a rainy day, grew up with abundance but did not have that high a salary, which might be an overspender.
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