Cashing in on your youth...
Bliss it was in that dawn to be alive,but to be young was very heaven
~William Wordsworth
I am working for more than a year now as an IT Professional .And like many people of my age i am handsomely paid by the industry.Without even my realisation a year has wheezed by and yet i havent really taken stock of my financial situation.i am even planning for higher studies by the fall of 2007.So what i need to do is take a realistic and practical approach to my finances.In the past year without even my realisation i have accrued debts on my credit card which my parents still dont at this age.i have lessons to imbibe i guess.i have been kind of casual towards it.but a lot of perspective has changed with evolving and a lot of interaction with friends who have a good consciousness towards it.friends who have been through the same roller coaster binge of spending money and then actually starting to manage well. i guess the power what i have is i am still in my twenties.i can manage to save , invest and still pursue a higher education without being a burden on my retired dad.but just like charity begins @ home,a disciplined finance regime begins at home with oneself.
And to keep your finances in discipline,i want a put in a few pointers.
Mind your Money
Rate your financial status:
1.i know all about my financial inflows and outflows. 2.i manage my finances in the best way possible. 3.i know that my credit card dues add up if not settled in time. 4.i have set financial goals for my self and i am working towards it. 5.i know i am building an asset when i take a housing loan,whereas i am spending when i buy the best wheel in town. 6.i have more than 2 credit cards and i juggle them to the best effect. 7.i avail all possible tax exemptions and benefits. 8.i know its important to have staying power to invest in the stock markets. 9.i am adequately insured for my dependents to feel secure about. 10.i do not bank on borrowing money from my parents,siblings or spouse.
Rate 1 for every point you answered yes.
(0 to 3):Red Flag: The proverbial financial duck can be taken any time.You need to understand your finances better.Its time to get a hold on your financial life.
(4-6): Fork in the road: You need to work on most things.But for the most part you know and understand you are flirting with danger.
(7 plus): In Sync: Keep up the financial planning.Your sense of responsibility shows that you know that financial planning is important. So if you havent started a plan,what z keeping you?
Quiz Courtesy: Outlook Money.
No matter what i cant seem to still agree that buying wheels is an expenditure :-)
~A ,the finance fledgling.
Change:
"The willingness to surrender what you are to become what you can be".. Change when it is possible before it becomes inevitable....
~A