How to achieve Financial Discipline
Insurance
An insurance is a contract in which an insurer indemnifies another against losses from specific contingecies.They include:
- Health Insurance
- Car Insurance
- Life Insurance
- Homeowners or renters Insurance
- Disability Insurance
Self motivation
If you save me today I will save you tomorrow.
How to create a W-E-A-L-T-H mindset
- W-Write down what you want
- E-Envision your future
- A-Affirm your desire
- L-Listen to your inner voice
- T-Take action and transform
- H-Hold the vision
Budgeting and Saving
Budgeting is the process of calculating how much money you must earn or save during a particular period of time and of planning how you will spend it.
Budgeting has a 50 30 20 rule where each stands for specifics as listed below:
- 50-Needs
- 30-Personal Desires
- 20-Savings
Retirement plan
Retirement planning is a multistep process that evolves over time. In order to have a comfortable,secure and fun retirement, you need to build the financial cushion that will fund it all.
Retirement planning has five steps and they include:
- Know when to start retire planning
- Figure out how much money you need to retire
- Prioritize your financialgoals
- Choose the best retirement plan for you
- Select the retirement investments
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