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5 Simple Tips For Youngsters To Gain Financial Security

Whether it’s a tropical beach holiday or having the home of your dreams, every individual has a different financial future. While some would want to pursue higher education, others might be planning for their retirement plans. Nevertheless, financial security is very important for everyone to lead a life that is free of stress, fear of uncertainties, and anxiety.

Though the definition of financial security varies from person to person, its significance is undeniable. Reaching a stage where you have no worries regarding your financial condition is liberating. So, why not plan for a better tomorrow starting today?

Here are five tips given below through which you can attain financial security in your life.

1. Starting As Early As Possible

We have found that the early bird gets the worm. We all have heard about this adage, and we couldn’t agree more with its implication. When you start saving early, you can expect to save a significant amount of money to support and fund your future dreams.

Committing a certain amount of your salary every month will help you build up those savings in such a way that it will quickly become a habit. If you haven’t started yet, you can start saving at any age. You can decide on whatever amount you wish and can start saving now! Any amount you start putting in today will take you a long way into your retirement.

If you don’t feel motivated enough but have goals, you can take help from a business motivational speaker.

2. Consider Savings Deposits as a Bill

Considering inflation and lifestyle indulgences, people often find it difficult to save every month. However, the truth is that no matter how much you think it is difficult, once you start saving, you will recognize that despite a certain amount deducted every month, it is very easy to continue with your current lifestyle.

To ensure that you don’t give in to other temptations and skip your monthly saving amount, you can get it automatically debited from your account.

3. Use a Tax-Deferred Account

If you are an impulsive buyer, then using a tax-deferred account will be beneficial for you. A tax-deferred account deters you from spending those amounts on impulse because you are likely to face penalties and other tax consequences.

For example, any amount distributed from a traditional retirement account is subject to income taxes in the year in which the distribution occurs, and if you are under age 59½ when the distribution occurs, the amount could be subject to a 10% early distribution penalty.

If you have enough income, you can consider whether you can increase the monthly amount you have decided to invest. Never invest more than you can afford!

4. Diversify your portfolio

One should never put all the eggs in one basket. No matter how old this adage is, it still holds for retirement assets. Putting all your funds into one form of investment increases the risk of losing all your investments. Hence, invest in different schemes to minimize the risk of losing your money.

Asset allocation is one of the most important parts of your retirement assets. Before making investments, keep factors like your age, risk tolerance, and financial goals in mind.

In our masterclass, you will find out the best ways to diversify your portfolio with the best motivational speakers in India.

5. Keep a close eye on your budget

A budget is not a concept that remains fixed once decided. With time and requirements, it keeps changing. There will be plenty of times when you will need to reassess your expenses and fit them into your income. You might also find that you have fewer expenses than you had before. If you have finished paying your EMIs, it can suddenly free up your income. You can invest this money into other investment plans that you may have in the future, like health care plans.

You can learn excellent tips to manage your finances from the best motivational speaker in India—Dr Vivek Bindra.

If your business is buried under a high amount of credit due to bad financial management, you can meet Dr Vivek Bindra, the most successful business coach in India.

The idea of managing a business is easier said than done, and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses. Visit for more information: https://www.badabusiness.com/.

5 Smart Ways To Eliminate Debt & Grow Your Small Business

If you ask any small business owner or entrepreneur to name their foremost hardest challenges that don`t let them sleep in the night, they will say without a second thought- money!

Paying off debts, growing business, increasing profitability, and achieving financial freedom are a few challenges that SMEs and MSMEs often face. This was true before the pandemic, but after it, it has become even more crucial for entrepreneurs to overcome money challenges.

According to a survey published in Forbes, “95% of businesses surveyed said the pandemic had affected their bottom line, and 53% estimated that 2020 revenue would drop by more than a quarter.”

Even the best business coaches often come across questions like ‘how to get my business out of debt’ or ‘how can I repay my loan as soon as possible’ by small business owners.

Most entrepreneurs begin their start-up by arranging funds through debt funding, equity funding, loans, or through other less formal sources like friends & family. But the experience of being in debt can be scary as well as overwhelming.

If managed smartly, borrowing funds can help you accomplish your goals. On the other hand, mismanaged business debts can not only affect your financial wellbeing but can also cause mental stress, especially to small business owners that are worse affected due to the Covid-19 pandemic.

There are many government schemes to help small business owners with loans. The Indian government had offered relief to MSMEs in the form of subordinated debts, collateral-free loans, and equity infusion through its Fund of Funds (FoF) scheme in 2020. This scheme proposes to purchase up to 15% growth capital in high-credit MSMEs.

You can watch this video by Dr. Vivek Bindra on “How to Pay Off Your Loans”:

If you have a well-thought financial plan, you can solve the cumbersome process of taking your business out of debt, just like others. Here is how you can chart your way out of debt:

1. Manage Your Debts

The first step that will take you closer to managing your debt is to organize all the details of exactly what you owe. Make a list of your debts with EMIs, interest rates, and tenures. This will help you recognize the costliest debts.

2. Settle Costliest Debts First

After sorting out your debts, pick the costliest one! Costly debts, if not paid on time, will extract the highest interest. This can drain your finances. Hence, settle your costliest debts on a priority basis.

3. Plan Monthly Budget

One of the most vital debt management techniques is to plan your monthly budget. Make a list of your income & expenses while deciding your monthly budget. This will give you a clear picture to think about ways to reduce your daily expenditure. Having details of monthly cash inflow and outflow can help you save money that you can use to clear your debt.

4. Consolidate Loans

Sometimes keeping a track of all the loans can be difficult. If you have too many loans, consolidating them into one can be a good idea. This will leave you with just one EMI. Business loans, personal loans, and credit cards provide you with this option. It will remove various debts and leave you with just one loan to track.

5. Insure Against Economic Shocks

The future is uncertain and it is wise to protect yourself from uncertainties that you might be exposed to. E.g. a loss of a job could lead to delayed EMIs. So, to avoid such situations, create an emergency fund to help you sustain yourself during a bad phase. Ideally, this fund should be 3-6 times more than your current monthly income.

Repaying loans is a moral, legal, and also financial obligation. With smart and effective debt management strategies, you too can get your business out of debt. Learn how to manage your debt with the top-industry leaders from our Problem Solving Courses.