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Table Of Contents

Chapter 1:

Understand Priorities and Where You Are

Chapter 2:

Keep Track and Set Limits

Chapter 3:

Fix The Order Of What Gets Paid

Chapter 4:

Ways To Save Money

Chapter 5:

Bring In Some Extra Money With Technical Skills

Chapter 6:

Inventive Ways To Make Cash

Chapter 7:

Charge Cards and Borrowing

Chapter 8:

Techniques To get Finances Under Control

Chapter 9:

Additional Ways To Get Out Of Debt

Chapter 10:

Real Estate

Wrapping Up


It's so crucial to set your financial priorities in life as this may help secure your financial future. Too much stress could come from mishandled funds.

A lot of individuals have no idea precisely where or how they spend a good portion of their income. How many times have you taken money from the ATM only to realize a few days later that it's gone? Many times it's hard to remember how precisely you spent the money, and frequently this money is wasted on frivolous buys.

A budget will help avoid this by making an individual accountable for the income that they spend. If an individual only has $50 left for monthly food expenses then they might decide to give up purchasing that fancy $3 designer cup of coffee.

The Ultimate Encyclopedia Of Financial Intelligence

This Indispensable Book Will Skyrocket Your Financial IQ And Turn You Into A Money Powerhouse!

Chapter 1:

Understand Priorities and Where You Are



Scrutinize your financial wellness! As well as get your priorities straight.


Some individuals might make mistakes in setting their financial priorities like saving more for their children's college education and a lesser for their own retirement.


The Start Point

• What major fiscal challenges do you face?

• State your financial positives in terms of revenue, debt management, and savings.

• How do you think you arrived at this point—and what would you like to see altered?

• How well organized are you for a financial emergency? Write it out now: The amount we have put away in an emergency fund is _______.

 • How is the subject of money addressed in your family: emotionally or rationally?

 • Who makes the fiscal decisions? How come? How much collaboration is there?

 Why it counts: Clarity and commitment. Authorities agree that before crunching the numbers, families need to scrutinize their financial wellness—and the best chance of success comes from having both mates on board.

 Here we will explain to you the basic principle of personal financial ratios and their analyses. This will help you keep a tab on your personal finances.

 Now what are personal finance ratios, you'd ask.

 As the name hints these ratios deal with your personal riches, assets, or cash in hand. All the more they're exceedingly simple to understand. Just plain discipline of sustaining a budget and statement of assets (what you earn or have) and liabilities (what you spend or what you owe to other people) will help you check your financial wellness.

 Here is an easy guide that will help you to comprehend these ratios in detail. Let us have a look at how these ratios may help.

 Basic solvency ratio

 This ratio signals your power to meet monthly expenses in case of any emergency or calamity. It's calculated by dividing the near-term cash you have with your monthly expenses.

 Basic solvency ratio = Cash / Monthly expenses (this ratio isn't mentioned in percentage). You can also call it an emergency or contingency preparation ratio. This ratio helps you prepare for unexpected troubles.

 An illustration is a 30-year-old businessman whose wife had an emergency gall bladder surgery last year. Even though they had enough insurance to take care of exactly such an event, due to a few administrative problems on the day of discharge, he was informed that he would have to pay in cash as the bill couldn't be settled.

 He had a hard time arranging the funds on an emergency fundament. He was fortunate to have good acquaintances and relatives who lent him the money. But not everyone has such great admirers or relatives to bail them out at such short notice. I'm sure no one wants to be in the same shoes.

 Therefore we have to be organized for such a situation. How? By sustaining an emergency fund!

 Let's examine how much money is adequate. Here is where the basic solvency ratio comes in handy.

 The numerator of the basic solvency ratio formula, cash (near cash), would commonly comprise the following things:


•           Savings account

•           Bank fixed deposits

•           Liquid funds

•           Cash on hand

The above elements are liquid assets that come in handy at the first possible hint of financial problems. Liquid funds may be delivered immediately. The same goes for fixed deposits as they may be broken and liquidated at once in case of an emergency.

Monthly expenses:

 Only the mandatory fixed and varying expenses are taken here for ease. Any amusement outlay shouldn't be taken as these expenses can be quashed.

 Mandatory fixed expenses include the income you pay for, loans, insurance premiums, and rent.

 Mandatory varying expenses, on the other hand, comprise food, transit, clothing/ personal care, medical care, utilities, education expenses, and assorted compulsory expenses (the above expenses can vary depending upon individuals).

 The total of the above divided by 12 (that is 12 months) helps you attain the monthly average as your variable expenditure might change. Assuming that you've cash of 60,000 and median monthly expenses of 25,000 your basic solvency ratio would work out to 60,000 / 25,000 = 2.4.

But is it great?

Not quite. An Ideal ratio should come to 3.

What does the number 3 mean?

 It means that you must have money equal to or at least 3 months of your mandatory expenses in a contingency or emergency fund. 

 How come just 3 months? This is because research shows that 3 months is enough to emerge from any type of financial pinch. As individuals near their retirement age, they should make certain that this fund is kept up to six months of their required expenses. The fund should be divided and kept in the form of cash, fixed deposit, or liquid fund.

 You should understand how to prioritize your financial goals so that you'll stay pleased and financially stable as you get older in life. This doesn't mean that you don’t consider the future of your kids but you're just setting your financial priorities in order.


Set an amount monthly for food, water, and shelter as these are your primary needs. You need to think about buying various healthy foods and attempt to avoid unneeded snacks that are unhealthy. You likewise need to do your best in your present job as it's your source of income to pay for your utility bills, home mortgage or rent, and groceries. This is where you start setting your priorities straight.

 A few individuals are so frugal in their grocery shopping, they disregard their health needs just to buy expensive gadgets or airplane tickets for leisure time. Observe that attending to your own daily needs is your duty and priority to prevent evading the rent or house mortgage, utilities, and other crucial matters for your well-being particularly if you have a family.

Occasionally this could be the cause of disagreement between man and wife for they've different views when it comes to income management. The other mate wants to spend most of the money and isn't afraid of financial debt while the other one prefers to save something for the rainy days or an emergency. Be a good role model to your youngsters as they think highly of you as a parent.

 Pay your charge card debt if you have any. Paying off the charge card with the highest rate of interest then followed by the ones with lower rates of interest is the best thing that you can do to eradicate your entire charge card debt. Purchase things or goods with cash as much as possible and contain your spending habits.

Prevent overusing your charge card so that you'll be able to continue to have access to your accounts if you truly need it. Some individuals, who were working and never bothered to save for an emergency fund and overused their credit, now have nothing. You don't want to be in a spot where you've no earnings and can't even access your credit cards because your accounts are closed.

 Center on saving enough cash for your emergency fund particularly when all of your credit card debt is paid off. This is really crucial in case of a job loss or other major unforeseen things that might happen to you or anybody in your family. Avoid the enticement of purchasing things that you can just live without and center on building your emergency savings.

 Setting your financial priorities should be your principal ambition. Have a clear list of the crucial things that will cover your monthly expenses and finances and number each item from the highest to the lowest with regards to their importance and need.

 Step up your 401(k) or a 403(b) contribution and retirement savings if you already have enough cash savings for your emergency fund. Try to save 15%-20% of your salary for retirement.

Try to save for your retirement before saving for your youngsters' college education. When your youngsters grow up, they can use student loans, get scholarships or attend a good community college or state university where it's more affordable. As you consider their future, you likewise need to think of your golden years.

 Capitalize on free training opportunities. Attending free seminars and training to advance your knowledge is a very good investment for your future. Setting career goals in life is really crucial as the job market is highly competitive.

 Revise or update your will to make certain that your wishes are secure and accomplished. You need to have estate planning regardless of how small your estate is. Some individuals will just assume that their assets and possessions will automatically pass to their family but without a legal will, the State might step in and allocate your property or estate.

 Valuate your insurance coverage. Check whether your car and homeowner policies are updated and whether their deductibles are fair. You might seek life insurance particularly if you're the head of the family working full-time. You may likewise think about buying long-term-care insurance, to aid you in paying for nursing care or assisted living when you get old.


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