July 17 2020
You know, in the Corona crisis, everyone's financial situation deteriorated. But still, as you can see, some people still seem to be financially capable. But the main reason for this is not their wealth or the money they have earned before, but their financial planning. So in this article let's discuss effective financial planning solutions that are capable.
The most important factor in this financial planning is that you have more than one source of income. And I mean, it's not time to say, 'Here's the little money, how do we spend it?'
In the ongoing corona global epidemic, we see many people around us in financial crisis.
Many had taken out loans for housing, cars, children's education, and now many people have lost their jobs due to this crisis and now they are facing a huge financial crisis.
But there are also many people around us who seem to be financially capable in the face of such financial crisis.
Friends, remember, the main reason behind this is not their wealth, the money they have earned before, but their financial planning.
* Continue in any work and endeavor:
In many areas it takes some time before you start earning income. For this, we have to keep the example of coconut tree in front of our eyes. Consistency is the most important thing for success in anything. The same thing applies with financial planning. When we are looking for different sources of income, we need to be consistent in that endeavor.
The coconut tree has to be watered, fertilized and properly cared for for the first 4 years but in the beginning we don't get any income from it. And so if you get bored of it and give it up, all your time and money is wasted.
But once the coconut tree starts to grow after five years, it creates a source of income for you and gradually reduces your time and effort. So it is very important to have consistency in your efforts and to have patience.
* Don't be overwhelmed by failure:
In such a case, it is very important to move forward with what we have learned from it without thinking about it for a long time. Every failure teaches us something and we are on our way to success through the lessons we get.
When we are doing different things in different areas, we cannot succeed everywhere. Sometimes we can fail even with our best efforts. We are moving towards our success through such lessons.
* Identify good opportunities:
You should spend most of your time in the area where you think you are most likely to succeed, and you should spend a little less time in the area where you are least likely to succeed.
If you are doing something in four or five places at the same time, you should estimate the income from each sector as soon as possible, the chances of success.
Once you figure out where you have the opportunity to earn more, you can decide the direction of your endeavor in that way.
* Income from different sectors:
If we have only one source of income then no matter how big it is, we are making a big mistake. We are totally dependent on it and if for some reason it shuts down we have nothing left in our hands.
So even if you have a large source of income, it is important that you keep trying in different places. It doesn't matter if you fail anywhere else when your important source of income is starting up, and that's where you can find your other source.
It is said that a rupee from a hundred places is always better than a hundred rupees from one place.
* Early start in terms of income and investment:
You need to find as many sources of income as possible as soon as possible. Warren Buffett, who has always been at the top of the list of the richest people in the world, bought his first stock at the age of 11 and has been investing in various sectors ever since.
You have a habit of digging wells when you are thirsty. When your source of income is threatened
* The most important element of financial planning :
So we hastily try to find another source of income but then it is all too late.
There is a need to generate sources of income in different types of sectors and start investing.
* Decide where to stop:
If you have been doing the same thing for years and you are not getting any income from it, then it is a waste of your time and money.
It is right to work hard for five years to plant a coconut on a coconut tree. But it would be foolish to wait a lifetime for a pipal tree to grow coconuts.
Even if you start trying in a field and you don't get the expected success in a short time, you don't want to give up your efforts, you don't want to give up, it is as important as when to stop.
So it is very important to decide how much time to give to any area. If you are stuck in a non-profit sector, you may miss out on a golden opportunity in another sector.