Hyderabad:Welcome 2022 with new hope and reinvent yourself to paint a rosy picture of the future by investing your hard-earned money wisely. And, make this a New Year resolution by not repeating last year mistakes as time and tide wait for no man. Hence, we should make robust plans with the right asset mix to ensure we achieve our financial goals easily as money plays a vital role in our lives as everything is connected with it to lead a stress-free life.
So, earning money and investing it in proper schemes reap us rich dividends. Hence, there should be a calculation for every rupee. This is the first principle that must be followed in order to be financially successful. In addition, it is important to know how to save the money earned and how long it will take to grow. In this context let us look at some of the most important tips in financial planning.
Best financial plans:We cannot spend whatever money we earned and at the same time cannot save also. But, we can spend 50 per cent of the income on our needs while 20% of the remaining amount should be set aside for short-term needs, emergency fund and for other requirements. The remaining 30 per cent should be invested with a long-term plan. This should include retirement planning, children's higher education and any major purchases. This 50-20-30 rule should be followed for every rupee.