Do you want to be a statistic? Do you want to be a victim? Do you want to permanently ruin your personal finance status? If the answer is yes to these questions then you need to join a pyramid scheme. We have been told hundreds and hundreds of times that the pyramid schemes do not work but we are determined not to listen. You listen to all the stories of the people that have been fleeced time and time again but you still continue joining the pyramid schemes. I then pity those that are taken in by the branding of these ...

There are plenty of myths of personal finance. People generally try to avoid saving or investment. People basically have many false beliefs regarding this as in the beginning saving or investing is bit difficult but when it comes to routine it becomes very simple and easy. Renting or Loaning One should always avoid renting as it is similar to throwing away the money. One should never get things on EMI or interest as paying interest is like wasting the money. For example if you buy a house on loan then you will have to pay some amount as interest and that whole ...

Personal finance key components are financial planning. It is a dynamic process which needs the regular monitoring. Basically, it has 5 steps: Assessment Setting goals Creating a plan Execution Monitoring As suggested by Financial Planning Standards Board 6 key areas of personal finance are: Financial Position Financial position is basically concerned with the understanding of the resources available with people by the household cash flow and net worth. Net worth contains an individual's balance which is calculated by adding all the assets which is held by an individual's control minus all the liabilities held by them in their house during that time whereas household cash flow contains all ...

There are thousands of question which basically comes in most of the people mind like “why do people earning good money become bankrupts?”, “Why does people come down to nil after few months pay in spite of working hard?” etc. Some of the reasons for the same & also for reversing the trend for themselves are mentioned below. Inability of differentiating between Needs & Desires Yes, everybody wants to live a good & healthy life but at the same one should have the ability of differentiating between needs & desires. Needs are the basic necessity of every human so one has to ...