Sanil P.’s Post

🌟💸 Your most powerful wealth-building tool? Your INCOME. 💸🌟 Let's talk about the real superhero in your financial journey—your income. It's the engine that drives your financial stability, the key player in your journey out of debt and towards building lasting wealth. Until you gain control over this powerful tool, achieving your financial goals might feel like a distant dream. Here's why your income holds the reins to your financial success: 1️⃣ **Foundation of Financial Stability:** Your income forms the bedrock of your financial stability. It's not just about the amount you earn but also about how effectively you manage it. Controlling your spending in relation to your income is crucial. Without this fundamental understanding, even higher earnings might not translate into financial security. 2️⃣ **Debt Freedom:** If you're shackled by debt, increasing your income can be a game-changer. However, simply earning more isn't always the solution; it's equally important to manage and allocate those earnings wisely. Using your increased income to strategically pay down debt can accelerate your journey to financial freedom. 3️⃣ **Building Wealth:** When you have a grip on your income, you open doors to wealth-building opportunities. Investing, saving, and creating multiple income streams become feasible. This isn't just about making money—it's about making your money work for you. 4️⃣ **Empowerment and Choices:** Having control over your income provides you with a sense of empowerment. You gain the ability to make choices that align with your long-term financial goals. Whether it's pursuing further education, investing in your passion, or planning for retirement, a healthy income stream can make these goals achievable. 5️⃣ **Mindset Shift:** Understanding the value of your income sparks a mindset shift. You start viewing it not just as a means of survival but as a powerful tool for growth and financial independence. This shift in perspective is often the catalyst for significant financial transformation. Remember, increasing your income doesn't necessarily mean finding a higher-paying job. It could involve upskilling, investing in yourself, starting a side hustle, or even renegotiating your current salary. Take charge of your income. Understand it, leverage it wisely, and watch how it transforms your financial landscape. It's the cornerstone to sculpting a future where financial worries take a back seat and opportunities thrive. 💪🚀 What do you think?? 👇👇 #FinancialFreedom #IncomeIsKey #WealthBuildingJourney 🌟💰

🌟💸 Your most powerful wealth-building tool? Your INCOME. 💸🌟 Let's talk about the real superhero in your financial journey—your income. It's the engine that drives your financial stability, the key player in your journey out of debt and towards building lasting wealth. Until you gain control over this powerful tool, achieving your financial goals might feel like a distant dream. Here's why your income holds the reins to your financial success: 1️⃣ **Foundation of Financial Stability:** Your income forms the bedrock of your financial stability. It's not just about the amount you earn but also about how effectively you manage it. Controlling your spending in relation to your income is crucial. Without this fundamental understanding, even higher earnings might not translate into financial security. 2️⃣ **Debt Freedom:** If you're shackled by debt, increasing your income can be a game-changer. However, simply earning more isn't always the solution; it's equally important to manage and allocate those earnings wisely. Using your increased income to strategically pay down debt can accelerate your journey to financial freedom. 3️⃣ **Building Wealth:** When you have a grip on your income, you open doors to wealth-building opportunities. Investing, saving, and creating multiple income streams become feasible. This isn't just about making money—it's about making your money work for you. 4️⃣ **Empowerment and Choices:** Having control over your income provides you with a sense of empowerment. You gain the ability to make choices that align with your long-term financial goals. Whether it's pursuing further education, investing in your passion, or planning for retirement, a healthy income stream can make these goals achievable. 5️⃣ **Mindset Shift:** Understanding the value of your income sparks a mindset shift. You start viewing it not just as a means of survival but as a powerful tool for growth and financial independence. This shift in perspective is often the catalyst for significant financial transformation. Remember, increasing your income doesn't necessarily mean finding a higher-paying job. It could involve upskilling, investing in yourself, starting a side hustle, or even renegotiating your current salary. Take charge of your income. Understand it, leverage it wisely, and watch how it transforms your financial landscape. It's the cornerstone to sculpting a future where financial worries take a back seat and opportunities thrive. 💪🚀 What do you think?? 👇👇 #FinancialFreedom #IncomeIsKey #WealthBuildingJourney 🌟💰

19 hard-hitting perspectives on money: 1. The true role of money is NOT to buy things. The true role of money is to grant us freedom - over our time, our choices, and the way in which we lead our lives. 2. Wealthy people are wealthy because they don’t build their lives around a salary. They use their time and ideas to create multiple income streams. They work for money. But they also put their money to work. 3. Professional degrees help you earn a living. Financial literacy helps you build wealth. 4. Ultimately, the biggest asset you have is yourself. Eat well. Exercise. Learn. 5. Before you let emotions in, let your rational side take over. Run the numbers first. Because emotions will eventually come in, irrespective. 6. If you’re just “saving”, it’s a random number. If you don’t hit it, you don’t care. 7. Saving = Needs minus Ego. Your needs: Rent, groceries, electricity, and other can’t-avoid-it essential bills. Enter your ego:  The new iPhone that you want, the Starbucks coffee you must have every day to look cool, those cool sneakers, the high-end gym membership, etc. 8. DON’T go through life focusing only on a savings mindset. There’s a limit to how much you can save, but not how much you can earn. Find ways to increase your income — this will help you build wealth faster. 9. True financial independence comes: When income from your investments pays for your needs and expenses. For life! When you work because you want to, not because you have to.  10. Risk can’t be eliminated. It can only be understood and managed. 11. Financially smart people take loans, even if they can afford it, to save money. Financially weak people take loans, knowing that they can't afford it, to spend money! 12. Everybody can build wealth. It doesn’t have to come at anybody's expense. 13. Don’t forget that the only thing you actually wanted was happiness - that’s the reason you were chasing money in the first place! 14. Money will not change you. It will reveal you. 15. A lot of things that we think take courage actually just take money. 16. In a status-driven rat race, you can never win. There’ll always be someone who has bigger, shinier, and more expensive things than you. Spare yourself from this. 17. Having less doesn't make you poor. Always wanting more does. 18. Saving is hard. Being broke is harder. Learning about investments is hard. Suffering from bad investments is harder. Choose your hard. 19. Whenever you’re in doubt, bet on the only thing you can bet on. Yourself. #money #wealth #perspective #warikoo

Two things that can really set you behind the 8-ball... When it comes to your financial independence... If you're not careful. 1. Upgrading cars like you might upgrade your cell phone... 2. Lifestyle creep... They are both very much related, but turning over cars frequently will destroy wealth in big chunks at a time (even if you can afford them). Every time you trade in a car, you lose thousands of dollars in value. You're trading in at the "wholesale" price, which is often times much less than the car is actually worth. So the dealer can make a healthy profit. And then you are buying another car that's been marked up. Yes, you can negotiate, but you'll still lose real value. It's a hidden thief which robs you of the opportunity to grow your hard earned money. And in the present environment with car prices starting to crash, it can be even worse. If you like to drive different cars every few years, or see a pattern of trading cars in often, you should consider leasing. Even though leasing is much more expensive overall and I generally don't recommend it in most cases, it is much better than trading in a financed car or one that you own. If you can fit the payment into your budget without sacrificing savings, it's likely going to be a much better option for you long-term. However, sticking to a vehicle that you own for a decade or more, will help you get to financial independence even faster if you redirect the wasted funds toward your long-term goals. Lifestyle creep happens over time and can potentially be even more harmful to your desire to make work optional. As you experience increases in your income, you loosen your expense belt and don't increase your savings. You start buying nicer things. You buy more things you want but don't necessarily need. You take more expensive trips. There's absolutely nothing wrong with enjoying the fruits of your labor. But there's a tradeoff in doing so that a lot of people don't recognize until it is too late. One, you condition yourself to a new lifestyle that costs significantly more over time... Two, your "financial independence fund" must now be that much greater to accommodate this new more expensive lifestyle. It's easy to let your lifestyle creep toward the more expensive version. It can be extremely painful to be forced to go back the other way. Be aware of how you're spending your hard earned money if you're worried you aren't "on track" for the future you say you want. See if there are areas that may have "crept" their way out of control. Reign them back in and redirect the money toward savings. Stay vigilant moving forward... When future income increases come, earmark half or more toward savings. You'll be amazed at how much more confident you'll become about your future. And with the decrease in stress, you'll be happier too. #personalfinancialplanning #lifestylecreep #tipsforsuccess #yourewelcome

Excellent perspectives.. should be understood / imbibed by all and specially by youngsters who are starting their career journey 👍

The Cost of Overspending: A Lesson from "MONEY MAGIC" by Laurence J. Kotlikoff In his thought-provoking book "MONEY MAGIC," Laurence J. Kotlikoff highlights a sobering reality that we all need to reflect upon. He writes, "People's greedy present selves were ripping off defenseless future selves by overspending and undersaving." This statement encapsulates a critical issue that many individuals and societies face today. Imagine a scenario where your current self is indulging in lavish spending, perhaps on items that bring temporary pleasure or status but offer little long-term value. This behavior often occurs at the expense of your future self – the one who will need financial security, stability, and resources to thrive in the years to come. Overspending today without adequate saving is akin to robbing your future self of opportunities, peace of mind, and financial freedom. It's a classic case of instant gratification taking precedence over responsible planning. This is a trap that many fall into, whether it's overspending on unnecessary luxuries or failing to save for retirement and emergencies. It is rightly said taking a loan is like spending tomorro’s income today. So, what can we learn from this profound insight? Balance is Key: Striking a balance between enjoying the present and preparing for the future is essential. It's perfectly fine to enjoy the fruits of your labor today, but whther it is to be at the cost of your future financial well-being? Think and act !! Financial Literacy: Educate yourself about personal finance. Understand the power of compounding, the importance of budgeting, and the significance of saving and investing wisely. This knowledge empowers you to make informed decisions that benefit your future self. Goal Setting: Set clear financial goals for yourself. Whether it's saving for retirement, buying a home, or starting a business, having concrete objectives can help you stay focused and disciplined. Delayed Gratification: Embrace the concept of delayed gratification. Sometimes, saying "no" to immediate desires can lead to more significant rewards down the road. For example saving up for a goal like buying a vehicle instead of buying a vehicle on loan . Seek Professional Advice: Consider consulting with professionals who can provide personalized guidance to align your financial decisions with your long-term goals based on your current income and projected professional growth. Remember, financial responsibility is not about depriving yourself of happiness today; it's about ensuring that your future self can also enjoy the quality of life you desire. Let's strive to break the cycle of overspending and undersaving, ensuring that our future selves are not left defenseless in the face of financial challenges. #FinancialPlanning #MoneyManagement #FutureSelf #PersonalFinance #financialprudence