Retirement Planning – How much money I need to save for Retirement?

Retirement Planning – How much money I need to save for Retirement?

To answer this question you need to understand it depends on many factors including your desired standard of living, your expenses (including any medical expenses) when you retire. Work out following matters to find out how much need for retirement. 1. Decide the age at which you want to retire. 2. Decide the annual income you’ll need for your retirement years. It is best to find out the annual income yourself. Generally speaking, it’s reasonable to assume you’ll need about 80% of your current annual income in order to maintain your standard of living….

How to Create First Budget to Achieve Financial Freedom

How to Create First Budget to Achieve Financial Freedom

Creating a budget is the first step to taking control of your money. When you make a first  budget you are started to arrange your personal finance, you’ll see the areas in which you can cut costs mainly unwanted expenses. You’ll also find how much you can save each month for your future goals. Make a new budget for each month is your main priority. Budget makes control of spending. If you want to succeed with money, you’ve got to do the details. Every month. So let’s get started. INCOME:…

How to Break the Borrowing Habit

How to Break the Borrowing Habit

You hate debt. You paid off  debt once and vowed you’d never let it happen again. But here you are – trapped in debt again. It’s not good! How did it happen so quickly? What is the practical solution not repeat the debt again? You must spend less than you earn Defining the source of your debt problem is critical to solving it. Debt is often cause larger problem: an addiction to an unsupportable lifestyle and self image that results in overspending. Unless you address the real problem, the symptom…

How to Determine Your Net Worth

How to Determine Your Net Worth

Determining your net worth is fairly goal oriented. You list and add up all your assets and all your liabilities. Then, you subtract your liabilities from your assets. Assets Your assets can be defined as everything you owned that has monetary value. They may be liquid like a savings account or non-liquid like your home. If an asset is liquid, it simply means you don’t have to sell it first to realize its  value. A few general examples of assets are: The market value of your home. The market value of…

When you should demand Salary hike

When you should demand Salary hike

When is the right time to ask your boss for a salary hike? Here are five times when you should demand — or at least ask for — a salary hike from your boss. You have Saved Your Company Money Have you worked on a new advertising campaign that has increased sales at your company? Maybe you’ve recommended new idea that has saved your company lakhs  per year. If you’ve done something that has either boosted your company’s sales or cut its expenses, there might be no better time than now…

How to set up Emergency Savings Fund

How to set up Emergency Savings Fund

DEFINITION OF ‘EMERGENCY FUND’ An account that is used to set aside funds to be used in an emergency, such as the loss of a job, an illness or a major expense. The purpose of the fund is to improve financial security by creating a safety net of funds that can be used to meet emergency expenses as well as reduce the need to use high interest debt, such as credit cards, as a last resort. That means emergency fund is an account that’s earmarked for spending on urgent, unplanned…

Inflation is MOST IMPORTANT to Commonman

Inflation is MOST IMPORTANT to Commonman

Prime Minister: “Our GDP grew by 10%” Common Man: “OK …Good” Prime Minister: “Our GDP Shrank by 10%” Common Man: “OO Better luck next time” Prime Minister: “Prices reduced by 10%” Common Man: “WOW that helps me a lot I will do everything to keep you in power.Thank you very much”. Prime Minister “Prices Increase by 10%” Common Man: “Grrrrr…I will show you my Vote power next time” To make it simple Inflation is what matters to Common man and poor people in particular. It Does not mean GDP growth…

Here is What to Do If You Can’t Pay Your Expenses On Time

Here is What to Do If You Can’t Pay Your Expenses On Time

Not having enough fund to pay the bills is an issue we may face from time to time. Life is full of financial ascending and descending, and after all, we’re all human. Don’t be upset, it is the time to focus on your personal finance .If you don’t make changes, things will stay the same. If you’re in a tough financial situation, here’s what to do when you can’t pay your bills on time, and tips on how to handle the situation. Don’t move away From the Facts Do you know why…

Five ways to save more money

Five ways to save more money

Most of us know the necessity of saving for financial goals, but go about saving all wrong—and therefore make it much more painful than it needs to be.  So to make things easier for you, We’ve outlined five ways to help you save more this year. Fix clear goals. Know what you’re saving for.  How can you reach a target if you don’t know what the target is?  clearly defined goals will help you stay motivated with your savings plan.  Want to save for a home down payment?  Great. Then figure…

9 Characteristics of Debt-Free People

9 Characteristics of Debt-Free People

One of the main steps to achieve financial freedom is debt free. Here are 9 common characteristics of debt free people. They Pay Attention to arrange their finance People without debt monitor their personal finances closely and review it. They are not willing to waste the money by paying late fee and obliged to make the payment prior to due date. You can start paying more attention also. The key is just to start. Look at your credit card statements every month. Next monitor all of your expenses and find…