How to attain complete financial freedom for an entire lifetime
Let us admit it. Though we may not acknowledge it, our entire lives are focussed around earning money and spending it. Buying a home, providing the best education for our children, living the good life by taking vacations and saving for a comfortable retired life. However, in order to do this, a lot of financial discipline, accurate planning and strategizing is needed.
You do not want to live off credit cards and take an instant loan to pay the amount and live life on the edge. If you are keen to achieve that elusive financial freedom, take a look at the following checklist which will help you to do exactly that:
Begin investing early in life: The earlier you start saving money and invest it in the right avenue, the better returns you can expect. The impact of an early start is quite significant than you can imagine. As they say, the best time to start investing is NOW.
Get adequate medical insurance cover: Financial emergencies like emergency home repair, job loss or sudden hospitalization can be quite difficult to deal with. You will have to break into your hard-earned savings if you haven’t opted for adequate medical insurance for yourself and the family. Choose a health cover that is good enough to cover the medical expenses in case of a life-threatening disease or a critical illness that will need prolonged
Take term insurance: It is also important to select a term insurance plan from a reputed life insurance company. A term plan can provide a large insurance cover at a lower premium and is always preferred than buying a money-back or endowment plan. A term plan can act as a powerful financial back-up in case of the untimely demise of the primary earning member of a family.
Stick to the plan: Apart from taking smart financial decisions, it is necessary to remain focused on the plan you have charted for yourself. If you ever fall in the credit card trap, opt for balance transfer or take a personal loan to clear the outstanding amount. Remaining focussed and sticking to your goal is the key to attain complete financial freedom.