The definition of financial planning may vary from one person to another. After all, not everybody wants to own a mansion and a private jet. However, attaining real financial independence could be easier than you assume.
With healthy self-discipline& solid financial guidance, you can certainly achieve financial independence. Listed here are a few tips to get started:
First visualize, then plan:
The vision of financial independence should start with a reality check. Get to know what your vision actually looks like & then hoard up some competent financial advice to get started. The way to monetary independence may be significantly different at the age of 25 than it’s at the age of 45; the more time work on managing your finances strategically, the better the results. But regardless of your age, starts by acquiring a practical picture of the option you have.
Steer clear of consumer debt:
Consumer debt is the main enemy of financial independence. If you’re using credit cards for buying consumable goods, then you’re encouraging the bank. Credit cards, car loans, and payday loans are all instances of money-making tools for creditors. The best thing you can do to encourage your financial independence is to stay away from high-interest debts & free your money to work for you rather than the banks.
Compensate yourself first:
‘Pay yourself first’ is the rule to follow if you want to avoid spending too much. Placing yourself at the pinnacle of your financial priority list can be accomplished in many ways:
• Make sure you are contributing towards your work retirement plan
• Save to a conventional investment account outside of your work retirement plan
Automatic savings is the best way to go! You can set these up easily with the help of your payroll service or via automatic transfer through your bank.
Emphasize on advancing your career:
Boosting your earning can also help you acquire financial liberty in the later stage of your life. Advancing your career can certainly correlate with accomplishing your financial goals – as long as you detain the extra income as they increase.
Let Sunil Chugh – a Certified Financial Planner in Mississauga help you create workable financial solutions to attain the financial freedom you are looking for. Feel free to get in touch if you are interested to discuss your road-map to financial freedom.
For more tips on financial planning for SMBs go to www.sunilchugh.com.
About Sunil Chugh
Sunil Chugh is a Mississauga based certified financial planner specializing in estate planning, insurance solutions, education planning, tax planning, and preparation. For more information, please visit the website at https://sunilchugh.com/. Sunil Chugh is registered to provide securities advice as an agent of Aligned Capital Partners Inc. (ACPI). ACPI is regulated by the Investment Industry Regulatory Organization of Canada (www.IIROC.ca)