Financial planning helps you determine your short and long-term financial goals and create a balanced plan to meet those goals. Mahatma Gandhi has truly said the poverty is the worst enemy of the nation. It makes people fight for themselves and make them do unbelievable things that sometimes make their future and at times break them into fragments that are lost forever.
I agree with Aristotle who says that:
“Poverty is the parent of revolution and crime.”
As per the 2011 census report, 22% of the Indian population lives below the poverty line. The main causes of poverty in India are because of its heavy dependence on agriculture.
Around 50% of the population is engaged in agriculture and fisheries who altogether contribute to around 13.7% of GDP.
Increasing rate of production and low employment are the major contributors in bringing more slums into the picture. It is a complete web of corruption which making India poorer.
Financial Planning: A Smarter Move
Financial Planning in our country is very under-estimated and people do not have knowledge of the money markets and how they can invest their money in multiple baskets. Lack of awareness and poor education in financial markets are the main bottlenecks in the society.
In such times it is very necessary to act smartly and ensure that spending does not burn a hole in your pocket. Most of the people spend all their time earning money but no one saves time to plan their expenditures. There are a lot of options which one can opt to double their income and secure their future.
Wise Man’s words: Warren Buffett
Warren Buffett was known as the “Oracle of Omaha”, is one of the most successful investors of all time. He has laid down some golden rules to manage your finance. He always emphasizes making investments rather than depending on a single source of income.
He says that people who buy things that they don’t need will have to soon sell what they have.
According to him, saving should not be made a backup option rather we should spend only what is left after saving. He believes that it is a foolish decision to invest everything you have in a single option. When the market gives you ample opportunities, grab all of them.
Remember to Organize Yourself
Nothing is difficult if you know a smarter way. Educate yourself and teach your family so that they can build a brighter future for generations to come. We can overcome any kind of poverty if we give our whole and soul to it. If one person can, so can you.