There is a saying by Alan Laken, " Planning is bringing the future into the present so that you can do something about it now"
If you are stuck in a financial rut just now with no income, you may find these steps helpful.
To successfully change your financial situation, you must first learn to take responsibility. You have to own the process of turning your financial life in the right direction by taking deliberate actions.
Step 1
Get Immediate income - By this I mean a job any job so long its legal and not detrimental to your health. Now is not a time to be selective, looking for the perfect job or to follow ones passion, this is about being resourceful making short term sacrifices for immediate income in order to secure the future.
Step 2
Manage the Income - learn how to efficiently allocate your scarce resources by budgeting.
Get a pen and write down how much in total you earn and all the necessary expenditure you have to make.
Rule of thumb - allocate about 70% to all your basic necessities [try living on just 70% of your income], 15% straight into long term savings, 10% to charity ( giving is vital) and the rest 5% can be left to satisfying your whims and caprices - trust me we all have them.
To be able to manage your resources you need to track your income and expenses and the best way to do this is by using a debit card wherever possible, collect your receipts and have a basket you keep them. avoid the impulse to withdraw cash from the ATM. One area we loose track of our expenditure is our weekly shopping, before going out to shop, ensure to have sat down and made a list, this way we curb impulse buying. If its not on the list do not take it home, stick to the list.
Step 3
Hawk eyes on your savings, Its not just about putting 15% aside, you have to ensure your savings earn as much interest as possible. Always go for savings account that compound interest because the more often your interested is calculated the more you're likely to get.
Step 4
Take proper care of your belongings clothes and all because proper maintenance can be a lot less expensive than complete replacement saving you money.
Step 5
Invest in your long term financial freedom by educating yourself and studying successful people. You can get a lot of free materials on the internet if you can't afford to buy. listen to successful people's interview read their biographies to learn a thing or two you can apply to your own life.
Step 6
Put your savings to work by looking for suitable investments. Please note do not pour all your savings into one single investment. invest smartly and wisely, always make sure you have a safety net in case things go wrong. Take baby steps, be sure to gain as much knowledge as possible about the investment opportunity, its recommended you keep your primary source of income while trying to make your savings wok for you
In conclusion please understand nothing good comes easy, Rome was not built in a day. Its primarily all about consistency and persistence. it may take a good few months or probably years before it all come together, DO NOT GIVE UP.
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