We often see that many people work hard for a whole year, but in the end they don’t have any savings. The reason is because they do not have a suitable financial plan for themselves
Financial planning is considered one of the effective ways to accumulate wealth for a person to become rich and should be done as soon as possible. However, it is easy to say, but when it comes to implementation, it is another matter.
Because when we are young, we don’t have much money to save, until we have a good and richer income, we are ready to turn to middle age, is saving now still effective?
1. Avoid living alone
Living separately can bring you freedom and comfort, but it will cost you a lot of money. Because of this, many financial experts have advised young people who are not married and are not in a required situation to live with their parents, which will help save huge amounts of money.
In case you really need to move out, you can invite a few friends to share a house, sharing less money for your house, electricity, water, and food, which is also a good way to avoid spending too much money.
2.Save first, spend later
Depending on the circumstances and living standards of each person, their savings goal can flexibly change 30-50%, even some people can even save 90% of their monthly salary.
Remember that youth is not wasteful, does not fall behind, does not chase after frivolous material values to put all its efforts into saving, the day of living a prosperous life in the future will become closer and closer.
3. Create a passive income source
A fixed monthly salary cannot be enough to help us achieve financial freedom. So besides the monthly income from your main job, you should find ways to have diverse and passive income sources.
For example, investing in finance: stocks, cryptocurrencies, bank deposits… You can also earn extra income by creating content on Youtube, Tiktok, personal blogs. … Many people choose to invest in real estate “surfing”, buying potential projects and earning great profits.
Currently there are many ways to make passive money, but most passive income can only be enough to cover basic expenses. Whatever you do, only if you really care, dig deep, and dedicate yourself to one thing – here are passive income sources – can you earn a lot. money from there