#moneyview

Everyone dreams of achieving financial success and finding ways to improve their personal finances. 

If you are someone who doesn’t want to be rich or live a lavish lifestyle, people might call you an ascetic! 

In this blog, I want to share with you a heartwarming personal story—the best money move I ever made.

Yes, it's a journey that transformed my financial situation and brought me the financial success I had always desired.

Through this tale, you will discover the challenges I faced in managing my finances, the best money move I made, and how it turned my fortunes, ensuring financial success.

How important is it to be financially successful in India?

Growing up in this country, I realized the immense significance of financial success in our society. Here are a few reasons why it holds such importance for every Indian.

1. Social and family obligations

In Indian culture, there is a strong sense of responsibility towards one's family and society.

Financial success is often associated with fulfilling these obligations, such as providing for parents, supporting siblings, and participating in community activities.

2. Rising cost of living

India, like any other country, experiences inflation and an increasing cost of living.

Being financially successful helps individuals cope with these rising expenses, ensuring a comfortable lifestyle and meeting their day-to-day needs without stress.

3. Education and career aspirations

Education is highly valued in Indian society, and financial success plays a vital role in providing quality education to children.

It also opens doors to better career opportunities, allowing individuals to pursue their professional aspirations and achieve long-term financial stability.

4. Retirement planning

In a country where social security systems are still evolving, financial success becomes crucial for retirement planning.

Building a retirement corpus ensures a secure and comfortable post-work life, free from financial worries.

Why do most Indians dream about financial success?

Yes, it’s true. Being rich and living the ‘billionaire life’ is a dream of almost every Indian. Why so? Let’s find out. 

1. Financial security

Financial success brings a sense of security and stability.

Since a huge fraction of the country is still below poverty line, Indians dream about being financially secure to protect themselves and their loved ones from unexpected challenges or emergencies.

2. Freedom to pursue dreams

Financial success grants individuals the freedom to pursue their passions and dreams without financial constraints.

It enables them to explore entrepreneurial ventures, creative pursuits, or personal interests without worrying about financial limitations.

We live in a country where most lucrative things are not accessible to the major part of the population because they are not financially resilient. 

Being financially stable gives us the wings to fly and pursue our dreams!

3. Enhanced social status

In the Indian society, financial success is often associated with a higher social status.

It brings respect, admiration, and a sense of accomplishment, allowing individuals to establish themselves and their families in society.

4. Providing a better future for the next generation

Indian parents dream of financial success to provide a better future for their children.

They aspire to offer quality education, opportunities, and a strong foundation for their children's success, ensuring a brighter tomorrow.

The challenges I was facing in Managing my Finances

Well, with all the hopes of being financially independent and having a big, fat account that would always help me pursuing my dreams, I had started my job. 

But, due to absence of financial know-how and proper awareness, I started facing the following challenges.

1. Living paycheck to paycheck

I found myself constantly struggling to make ends meet, barely able to save anything from my monthly income.

Expenses always seemed to exceed my earnings, leaving me with little to no savings for emergencies or future goals.

2. Burdened by debt

Personal loans and credit card debts had piled up, and I was caught in a never-ending cycle of high-interest payments.

It felt like a weight on my shoulders, limiting my financial freedom and preventing me from making progress towards my dreams.

But with a strong will, I started to hustle. I understood, it was only I that could help myself and save me from this vicious cycle. I knew I had to find a way, and I did.

The Best Money Move I Made

Looking back, I feel these can be counted as the best money move I ever made. They helped me overturn my fate and encounter a fortune!

1. Seeking financial education

I realized that to change my financial situation, I needed to equip myself with knowledge and understanding.

I started attending financial literacy workshops, reading books on personal finance, and following experts in the field. This decision was a turning point in my life.

2. Creating a comprehensive budget

I meticulously analyzed my income and expenses to create a realistic budget.

I categorized my expenses, identified areas where I could cut back, and allocated a portion of my income towards savings and investments.

3. Paying off high-interest debt

I made a commitment to pay off my high-interest debts as quickly as possible.

I prioritized these debts, directing any extra funds towards their repayment. I also explored debt consolidation options to streamline my payments and reduce interest burdens.

How It Turned My Fortunes - Ensuring Financial Success!

Where there is a will, there is a way! And yes, it wasn’t long - I started to notice the positives once I did the above.

1. Building an emergency fund

By consistently following my budget and making smart financial decisions, I was able to build an emergency fund.

This fund provided me with a safety net during unforeseen circumstances, eliminating the need to rely on credit cards or loans.

2. Embracing the power of savings

With a disciplined approach, I started saving regularly. I automated my savings, diverting a portion of my income directly into a separate savings account.

Over time, these savings grew, giving me the freedom and confidence to pursue my financial goals.

3. Exploring investment opportunities

As my financial situation improved, I began exploring investment options to grow my wealth.

I diversified my investments, considering avenues like mutual funds, fixed deposits, and stocks. 

I was mostly inclined towards stocks as they were giving me massive returns within a small period of time.

But my financial consultant friend made me invest in a few ELSS funds too, for emergencies. And I am thankful to her.

Through careful research and guidance, I maximized the potential returns on my investments.

4. Planning for the future

With a stronger financial foundation, I was able to plan for my future with confidence. I set clear goals for retirement, children's education, and other long-term aspirations.

I also invested in a few insurance policies like term insurance, health insurance, etc. I bought insurance for my vehicle too. 

I sought professional advice to optimize my investment strategies and ensure that I remained on track to achieve these goals.

Conclusion

My personal journey towards financial success can teach anyone the importance of taking control of my personal finances.

By seeking financial education, creating a comprehensive budget, paying off high-interest debt, building an emergency fund, embracing the power of savings, exploring investment opportunities, and planning for the future, I transformed my financial situation and achieved the financial success I had always desired.

Others can learn from this story by understanding the significance of financial literacy, taking proactive steps to manage their money effectively, and making informed decisions about savings and investments.

By implementing these lessons, you too can secure their financial future, experience financial bliss, and create a life of financial success!