Just three questions to yourself can change the way you manage your money.
Many people don't know about the money trap existing in their daily life,they start by buying a few luxuries,pay their installments and proceed buying the next ones,and this goes on each year,and they never realize that they've become so habitual of buying luxuries,paying the debt and buying more luxuries, they are in a money trap but they never know whats wrong with it.
There's nothing wrong with buying the luxuries,except the fact that they're in a "Ring Of Debt", its a ring of infinite lifetime that never ends until you realize that you're a part of it,yet many people die peacefully,unaware about it.
Well the concept is simple,you start buying few luxuries,pay the monthly installments,then buy more luxuries by debt.Though you save for some investments,but since you don't know the right financial instruments for good returns,you buy funds that are managed by a fund manager,and these funds never give you desired results.
You buy luxuries each year either by cash or debt,mostly by debt,invest in low return investments and never take out the time to get more knowledge about the power of investing and the perks of getting a good wealth quotient.
Get yourself out of this "Ring Of Debt", where you spend your lifetime paying the installments, increase your wealth quotient and get the advantage of gaining financial independence and get out of this "Ring Of Debt".
Ask this 1st question to yourself: What were my activities that brought me in the "Ring Of Debt"? In this way you can evaluate your financial management and understand whether you're in the right path to the financial independence.If you're involved in too much debt payments you need to reduce them first and increase your savings by reducing the frequency of your luxury expenditures.
Next ask yourself the 2nd question: Why am i involved in the "Ring Of Debt"? If you're involved in the ring,you can understand if this is the lifestyle you desired,if these were the goals of your life,then no problem,you can continue with it.But if you think that you need to get a more stable and successful path to passive income and effective financial management,you've to take out the major cause that brought you in this ring
It can be multiple causes,you've to take that out of your mind, note down,and eradicate it from your lifestyle.From next time if you want to become a good money manager,ignore the cause that brought you in this ring.
3rd question"How can i get out of the ring and gain financial independence?" Their can be numerous reasons that brought you in the ring of debt,most common are the child expenses and daily luxuries.You can't ignore them,but i can tell you a way that can bring you out of that mystical ring and take you to the path to financial independence.This questions helps you to look for answers and knowledge that can take you out of the ring.
The most effective being the wealth quotient.Understand what are the best investment tools that you can use to maximize the gains out of your savings.You've to take out some time daily to understand the value of wealth management and planning.When you're able to understand it,you've to apply it in your life and bingo,you're on the path to financial freedom.
Read my latest book "The Power Inside Me" for more knowledge about the wealth quotient.
Shakti Pradhan is an aspiring technopreneur,determined to solve other’s problems through his unique thought approach of 7Qs™.In his life of 22 years,He’s researched on the lifestyle of the successful people around the globe,discovered what makes them so much successful in personal as well as professional life!Fascinated by the application of 7Qs™ by many entrepreneurs and celebrities,He’s also spreading this message to the public through his blog http://the7quotients.wordpress.com telling others about these quotients which can change their lives and lead them to success.