With economy in shambles every corner of the world, there are only few ways forward to as of now. With growth slumping everyday, the life of common peoples are becoming difficult with every passing day.
The common sense should prevail now in everyone of us.
There are few time tested formulas to tide over this situation.
1. Try to save as much as possible.
2. Live within your means without compromising the quality of life.
3. Try to invest in safe investment.
4. Stay invested for long.
Let me briefly describe each of these.
Save at least 10% of your earning every month. It does not matter how bigger or how smaller your earning is. This is the number one and bestest way to become rich.
Living within your means- to be like to stop spending on unnecessary items. If you don’t need a shirt, gadgets or if you can avoid watching movie, let it be ok. This helps in both short and long ways.
Try investing the saved money wisely. You can go for mutual funds, government backed saving account. SIP are good for persons with little financial education. Services of professional with little service charges can be taken.
Be remember, there is alway light at the end of dark tunnel. Magic do happens. Perseverance will win ultimately.
God bless all.
Link of very good and simple book on finance literacy
Link for professional to trust for education and guidance