Finance

What is your biggest asset? It’s your ability to earn !

Managing your income well from a young age sets you firmly on the road to a secure financial future. Start with a budget; track your income and expenses to better understand your financial situation. Have an emergency fund so that you are prepared for emergencies. Protect your family from unexpected contingencies; get adequate insurance. Create a will and an estate plan with good legal and financial advice.

Debt may seem inevitable at some time or the other. Ignoring it will not help. It’s important to take charge of your debt and set up a solid and realistic debt-repayment plan. Also, by changing how you structure your debt, you can get better control over your cash. Steadily reduce what you owe and become debt-free more quickly.

Start investing early. You can set up an automatic savings plan, even if it's only a small amount each week or month. Once it's set up, it's automatic, so it's a disciplined savings habit. Stay invested, because the power of tax-sheltered, compound investment growth over a longer period of time can help you towards achieving financial security. Pay yourself first; it’s a matter of priorities, and then budget for your other expenses.

Prepare for a long retirement and ensure that your nest-egg is large enough to take you securely and with peace of mind through that phase and beyond…….