Planning for finances is an indispensable activity for businessmen, student, self employed, professional etc. However planning becomes all the more critical for a salaried person. The reason for this is the limited and fixed resources for generating a flow of income. Not only that the resources are limited, the major share of contribution comes from the salary.
The need for financial independence is a commonality across most of the salaried class people. One has to be pro active in taking steps towards this financial independence. It is important to understand the spending and saving patterns. One has to fill the gaps by spending frugally for the purpose of consumption and saving more for a productive activity – income generating activity. Being productive alone is not sufficient, it is critical to be more efficient and effective moneywise. This will inch you closer to financial independence!
Read the full article here