How I started my Personal Financial Planning,

Hello Dosto! (hello friends)

Money is such a topic in our society that discussing about it is a taboo. People who talk about it are either considered arrogant or needy. Even in our own family, we do not get much information about it, due to which most people do not know how to manage their money well (personal financial management), & even some of them remain stuck in financial problems for their whole life. In short, due to a lack of information, many people get drowned in financial problems & debts.

Before proceeding further let me give you a disclaimer that If you are hoping that an expert will give you many tips to improve your financial situation on this blog, then I am sorry, I am not an expert, I am a common man like you and even a few years back I was also in big debt, but gradually I have got out of that problem, and will share my learning and experience with you through this blog.

What's My Objective??

My main objective is that I can explain to the common people even the complicated financial words in the simple language of the common man and can give some information related to handling and improving his financial condition, which I have learned from my experience so that I can make this difficult task a little easier for the common people. 

According to my experience, for the understanding of ordinary people like us, who do not already have any concrete financial knowledge background. The main stages of personal financial management are: -

1. Financial literacy
2. Personal financial planning
3. And good financial habits

1. Financial literacy  

On this first step, we should gather basic information about finance and the terms related to it, for example, what is cash flow, what is an emergency fund, What does asset & liability mean. With the help of this information, we get a clear idea of ​​our current economic situation and we are able to find out which economic activities that we currently doing are the root cause of our economic problem.

2 . Personal financial planning

At this stage we use our financial knowledge gathered in the previous step to set our short term and long term financial goals and device a financial plan which acts as a guide for all our future financial activities so that all our actions work in the direction to achieve our financial goals.

3. Good financial habits

In this stage, there are basically some good habits related to the money that you develop by working according to your financial plan.  For example, saving some percentage of your income monthly, where do you invest and in what proportion, and how do you control your expenses.

Video/blog series to explain the first stage : -

1) How to save

2) Emergency Fund

3) cash flow

4) How to calculate your net worth

5) Concept of assets and liabilities

6) What is the meaning of financial goals

7) How to decide where I want to keep my savings.

Stay connected for all this information, I will also upload all this information soon.

https://amzn.to/3dwVbZ1