To escape the rat race, you need to plan for your future and for your children's better lives. Start now with some lifestyle changes.
In Simple Terms, follow the 50-30-20 rule
50% =for needs
30% = for wants
20% = to save in mutual funds, government bonds, real estate, or other assets that provide compound interest.
Consider inflation. If the inflation rate is 10% per year, the cost of an item will double in approximately 7.5 years.
Plan for growth. While these investments can be risky, they generally offer better long-term returns than fixed deposits.
You should also get term insurance to protect your family in case of accidental death or disability. Health insurance is equally important for everyone. Although premiums may be lower when you are younger, having health insurance ensures security during medical emergencies. Be sure to read all the insurance terms and conditions carefully to avoid issues that could affect your coverage.
Avoid unnecessary purchases. After receiving your salary, refrain from shopping for the next 48 hours. Think carefully about whether you really need an item or are just buying it because you have money to spend.
Create passive or multiple income sources. While those who rely solely on their salary may remain financially stagnant, individuals who invest and take calculated risks often build greater wealth.
There is much more to share. I will create new videos to educate you and provide guidance for achieving mental and financial stability.