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Financial Wellness Tips

Financial Wellness is a process that does not occur immediately. Be proactive by seeking related resources and learning about money-managing strategies to build your financial Wellness.<br>Developing financially smart habits as early as you can is a valuable investment by itself.<br>Here are the best tips to make financial wellness in life.

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Financial Wellness Tips

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  1. Financial Wellness Tips • A guide by Arjun & Arya @TheLessonsGuy

  2. Money is an essential part of modern life and if you don’t have enough of it, it can • Sets limits on your dreams • Hinders your happiness • Amplifies your negative emotions • Dictates the quality of your life If you think money can’t buy happiness, then you are buying it wrong Financial Wellness is an integral part of every individual’s physical and mental well-being, yet we are taught next to nothing about it in schools. What we need to do is make these kids financially literate so that they know what to do with money.

  3. Benefits of Financial Literacy & Wellness What are the benefits as a student? At this stage, mistakes with money are generally less severe, so you can easily experiment with it. You will earn valuable experience at a younger age giving you more time to play with money. What are the benefits as an employee? Being financially well makes us less stressed about the future. It provides us with the ability to make better and more informed decisions in all aspects of life.

  4. What are the benefits for an employer? Less stressed employees are more creative and productive they are also less likely to move out in search of better-paying jobs. What are the benefits of a retiree? With the current advancement in medicine, we are going to live long for sure. If you have appropriately planned for your retirement, you can live the rest of your life without much worry.

  5. How to build financial Wellness Habits 1) Financial Literacy Financial literacy is the possession of skills and knowledge that allows an individual to make informed and effective decisions with their financial resources. Only when you understand money can you properly use it otherwise, you will be controlled by it. 2) Keep Spending within one’s means Rich people stay rich by living like the poor; Poor people stay poor by living like they are rich. Spend less than what you earn and protect what you have.

  6. 3) Plan Ahead Budget your expenses and stick to it. That way, you will not be wondering where your money went. 4) Track your expense For the last 15 years, I have been tracking all my expenses, which gives me better insight into my spending habits. At the end of every month, I re-evaluate my purchases by then I would have a fair idea about each of its worth. Now I don’t waste money because I can evaluate their value before making the purchase. There are a lot of tools out there to track your expenses, but I use Excel spreadsheet to track all of them manually.

  7. 5) Debt Elimination Debts are not bad if you understand enough to generate positive cash flow with it, but if you have any high-interest debt, pay it off as soon as you can. 6) Create an emergency fund When in crisis, If you don’t have an emergency fund, you might have to take up unfavorable deals. Ideally, you should save up enough to sustain your lifestyle for 3 to 6 months. 7) Retirement planning With the current advancement in medicine and biotechnology, by the time you retire, living beyond 100 could become common, so plan your income and expenses with that in mind.

  8. How much money do we need? Money has only a limited effect on our happiness. Once we have satisfied our basic needs, we get used to this increased wealth, but you still need adequate funds to live without worry. Because of my circumstances, I can remember the price of everyday items like milk, tuk-tuk(Auto), and other ordinary stuff from 25 years ago. The current rates of those items are about 6-8 times. Since the official inflation rate is lower than what I have calculated and also my expenses could go down as my kids grow up, my predicted spendings when I retire in 25 years (at 60) would be around 3-5 times what I spend now. If I take this further at my 85 that is in 50 years, my projected expenses could be somewhere between 9-25 times what I spend now, so my revenue from all my sources should continue to grow correspondingly.

  9. Conclusion: You don’t have to be wealthy to achieve financial well-being. Everyone’s financial situation is different, so it is up to you to select the proper mix of resources that work best according to your needs. The most crucial point to remember is that maximizing financial Wellness is a process that does not occur immediately. Be proactive by seeking related resources and learning about money-managing strategies to build your financial Wellness.

  10. Developing financially smart habits as early as you can is a valuable investment by itself. These are the Financial Wellness Tips . Thank You!! Read Latest articles from @The Lessons Guy • How to Improve Communication with Spouse • How to gain more confidence

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