Money management - financial literacy: where to start? What is financial literacy and how to develop it in yourself? Learn financial literacy on your own

Discuss financial issues honestly and openly, without deviating from such conversations. Typically, one spouse is responsible for the finances, but that doesn't mean they have to bear the burden of financial planning alone. Both spouses should know how the money is spent so that they can share responsibility in financial matters. Of course, control doesn't mean you or your spouse have to account for every penny you spend. The main thing is that both of you are aware of the family's financial situation when participating in decisions about large expenses.

Find out the difference between good and bad credit. Debt obligations are different, and you need to look at the following points to determine the quality of loans:

1. Credit is considered good if it creates value that contributes to the growth of wealth. A good example is a mortgage. As you pay off the loan, the home's value increases and you create real estate assets for yourself. Another example is a student loan. In exchange for a loan, a person receives a diploma and education that will be useful in his life.
2. A sign of bad credit is an increase in debt obligations while simultaneously reducing the price of the purchased item. A typical example is credit card payments. The purchase quickly depreciates or is eaten up, and the interest on debt obligations increases. Bad loans include loans for the purchase of cars, since the value of the car falls faster than the loan is repaid.

Avoid the most common fund management mistakes. Income must exceed expenses. As a rule, this balance is upset by ordinary situations when a frivolous or spontaneous decision on expenses is made, depending on the person himself.

1. Life on credit. A person breaks away from living within his means when he begins to make purchases using a credit card or loans to purchase expensive items. This is how bad credit begins to accumulate, and the person gradually digs a hole of debt, from which he will then not be able to get out.
2. Lack of financial goals. This is a very important point. If a person has no need to save, the motivation to control financial flows is much less. A financial goal determines the future and also disciplines the present to achieve what you want.
3. Don't call luxuries necessities.

Take training in personal budget management. In any community there are organizations whose activities are aimed at increasing financial literacy. The form of assistance can be different - articles, lectures or special courses.

• Ask about training programs at banks and credit unions, non-profit organizations, courses for company employees, and religious communities.
• Be sure to check with your local college/university to see if they offer courses in personal finance or family economics.

Learn to identify sources of false information (including information from the Internet - the same basic rules apply here).

1. Sources of reliable information include colleges and universities, local/regional governments, prominent national organizations (eg, National Cancer Research Society), and industry journals and peer-reviewed publications. Trusted organizations' websites often end in .gov, .org, or .edu. These domains typically point to government, non-profit, and educational organizations.
2. Unreliable sources include self-proclaimed experts using blogs, personal web pages, social networks, online forums, and websites of unknown organizations. In general, use a double filter: information is unreliable if it is published in an unknown publication and/or the author is not an expert.

Keep learning. There is always something new to learn in personal finance. It is also very good to pass on the acquired knowledge to children and other descendants. You can find out how to teach children finances on the website of the tax administration or even at the Ministry of Finance. These organizations have even developed simulation games for children to teach about finances. Visit page

Financial literacy- this is a person’s ability to manage his own and borrowed funds. At a higher level, it also includes interaction with banks and credit organizations, the use of effective monetary instruments, and a sober assessment of the economic situation of one’s region and the entire country.

Possession basics of financial literacy allows you to set realistic goals and confidently move towards achieving them. The current level of wealth requires updating your knowledge in the field of money management in order to simply save what you have earned. For increase in wealth It is necessary to constantly introduce new tools for generating income.

Components of money management

Money management occurs at several levels. This is the management of actually available funds, planning of future income and expenses, using loans, launching new sources of income, investing. The more instruments are involved in circulation, the greater the chances of creating a powerful cash flow.

Disposal of own funds

• money saved = money earned

Treat your earnings not from a consumer perspective, but from a management point of view. They can be turned into a flexible tool for generating additional income. A safety net in the form of an amount equal to six months of expenses gives confidence in the future and allows you to boldly start a new business.

Financial planning and accounting

Planning takes your future income and expenses. It is important to plan a personal or family budget in order to prevent the funds you earn from being spent too quickly, and also to be able to accumulate them. Accounting allows you to correctly calculate your strength if you want to buy something expensive.

Use of borrowed funds

Learn the difference between “bad debt” and “good debt.”

Financial Literacy Considers relationship with banks, as an important aspect of personal well-being. Banks offer a range of services for the accumulation and storage of funds and the issuance of loans. The better your credit history, the more convenient the terms of cooperation will be.

• borrow other people's money, give yours
• CREDIT (translated from English) - debt

It is worth borrowing money from outside only if you invest it in more profitable enterprises. This is convenient when large funds are needed at the beginning, but the income from their use will cover the cost of servicing the debt. If you take out a large sum at high interest rates to buy a luxury item, your financial literacy is not up to par.

Search for sources of income

For most people, their main source of income is their job - and it is the most ineffective. Modern realities offer large number alternative options. In addition to your salary, you can receive passive income, or build own business. Having multiple sources of income reduces the risk of money problems.

• own business is the door to a new world of limitless possibilities

Construction skills profitable business remove the limits of possible income. Correctly configured processes bring money at any time, whether you are resting or working. Moreover, the business develops even without your direct participation.

Investment

Investment is the blood supply to the economy of any state. If residents and foreign citizens actively invest, the state develops quickly and ensures the well-being of its citizens. This is financial literacy of the highest level, often extending beyond the borders of one country.

Investment skills provide an understanding of how to properly use your own and borrowed funds in order to receive significant profits in the future. A sophisticated investor achieves his goals using virtually no personal funds, minimizing possible risks.

World of business and investment

Mastering the skills of building a business and investing helps you break out of the vicious circle of financial problems. This is a different reality, but you can get into it if you follow certain rules. By taking responsibility for your life and managing risks, you can achieve significant success in managing your money.

By remaining in the reality of living on a salary and pension, you set your own ceiling personal financial literacy. Transforming your mindset towards entrepreneurship is painful, but vital to improving your quality of life. The child does not stop learning to walk, even after a dozen falls. So why do we stop ourselves from developing when we start working?

In the information age, knowledge in the field of money management has become publicly available. To improve financial literacy, you can use different methods:

• independent education
• special courses
• personal consultant

Self-education

There are many resources on the Internet that publish articles on the topic of money management. Books are a good source of financial knowledge. Self-education requires serious effort and time. Personal experience has the highest value, so there is no need to be afraid of mistakes along the way. Correct conclusions will teach you to achieve new results with less losses.

Financial literacy courses

Paid seminars allow you to master the skills of a narrow topic in a short time to achieve practical results. It is important to understand what good knowledge you have to pay. By paying once, you acquire an income-generating tool that will subsequently pay for itself many times over.

You can also find free courses, but the value of such training is questionable. More often, free courses offered by those organizations that aim to attract listeners to their ranks or make your clients. They also talk about the importance of financial independence, but they don’t always mean your independence.

Information business - many good and bad opinions are associated with this concept. We believe that in each case the outcome will depend on your personal context. If you are not looking for manna from heaven or a field of miracles, then you will find something useful for yourself in any training. The best trainer cannot simultaneously be the best businessman in another field, because... his business is teaching other people how to make money. Most of the time is spent on improving the skills of a coach. When choosing a trainer, look not at his business, but at the audience being trained, at the success of his graduates.

Personal financial advisor

A personal financial advisor is one of the most effective options improving your own literacy, as he will always answer the necessary questions and tell you what to do. A recognized specialist costs a lot of money, but the practical benefits of his services are always higher than the costs. All wealthy people have a staff of the best specialists in their field, including in the field of resource management. You don’t have to hire such a person on staff; a monthly one-time consultation will be enough to get started.

General recommendation for those who want to financial literacy has increased - don’t look for easy ways and free advice. This is the bait that most people fall for. View all learning through the lens personal growth and creation own systems receiving income.

Financial literacy of the population

In many developed countries ah financial literacy of the population is targeted government policy, for which considerable funds are allocated. As surveys and studies show, even among the population of economically developed countries with long traditions, such as the USA, Japan, Great Britain, France, Germany, Switzerland and others, money management skills are at a fairly low level. In developing countries this level is even lower.

Vivid evidence is the report of the Global Center financial literacy research. Among people under 35, only 38% of American men and 22% of American women were able to obtain a perfect score on the test. Among people over 35, the numbers were even lower, with only 26% of American men and 12% of American women receiving the highest score.

In Russia the quantity relatively literate in terms of money management of the population is 38%. In the EU countries and the USA this figure is at the level of 50-60%.

What is the reason for such low indicators? First of all, this lack of financial literacy lessons at a school desk. There is not a single subject at school that is devoted to this important topic. We also note the poor performance government programs in this area. Thirdly, this is general reluctance of the population deal with the management of your own funds. Talking about money makes people feel sad and want to quickly change the topic.

1. Not taught in school
2. Weak performance of government programs
3. Reluctance of the population

One can trace such an alarming trend as the state’s disinterest in such education of its citizens. State corporations in conjunction with commercial structures are increasingly directing their efforts to raising a generation of consumers than self-sufficient residents of the country. talks about the introduction of so-called financial literacy lessons in Russian schools. In these lessons, among other things, children will be taught how to take out loans correctly.

No one will make you rich except yourself. To take control of money into your own hands, you must first of all take full responsibility for your life and the lives of your loved ones. The first step to a prosperous life is to draw up personal financial plan.

This is an instruction that helps a person achieve his goals in money management. It takes into account all cash flows, actual and expected: increasing income, saving, spending and investing funds.

Such a plan is necessary for every person, regardless of income level. It is a mistake to think that only those who have money need it. On the contrary, money appears from those who have learned correctly plan income and expenses. Buying an apartment, car and other expensive items requires thorough and thoughtful use of financial instruments.

A personal financial plan includes the following components:

• step-by-step achievement of the task, taking into account real time costs;
• use of investment products, calculation of probable risks, timing, and amount of income received;
• insurance investment plan, taking into account risks, timing and necessary funds;
• use of borrowed funds, taking into account their repayment terms and cost of servicing

Allows you to select the most suitable configuration of investment, insurance, pension and credit products, which will lead to the goal within the specified time frame or even faster than expected. Any planning is not ideal; on the way to the goal, new circumstances always arise that hinder or accompany the achievement of what is planned. Therefore, it is necessary to periodically adjust your goals.

Basic rules of financial literacy

Finally, here are a few basic rules of financial literacy, which will tell you which direction to follow in order to understand your resources and establish effective money management.

Earn more than you spend

One of the most important rules of any economy is that you need to earn more than you spend. If you don't follow it, debts quickly accumulate and life becomes significantly more complicated. Instead of investing available funds, the debtor is forced to spend time of his life covering obligations and expenses for servicing loans.

This basic rule seems obvious, but not everyone is able to follow it. It doesn’t matter how much money a person earns if he systematically upsets the income-expenses balance towards costs. This is a fundamental mental attitude from the field that distinguishes wealthy people from poor people. A financially literate person follows the attitude “in order to spend more, you must first increase your income.”

Setting realistic goals

Dreams are necessary for people; they emotionally motivate us to work on ourselves and earn more. Each dream can and should be specified for a finite number of realistically achievable goals. Correlating your capabilities with specific actions within a set time frame allows you to subjugate almost any goal and make your dream a reality.

Real the goal sets the direction actions. This is a guideline that allows you to weed out unnecessary things. What does not lead to the goal is not worth wasting time and money on. Otherwise, at best, you will mark time, at worst, you will move away from what you planned. Spontaneous spending, as a result of unclear aspirations, can wipe out months and even years of life.

Airbag

It is necessary to have the so-called cash airbag, which can be used in the event of loss of basic income. Save 10% of your monthly income into a personal savings fund until the figure reaches 6 months' expenses. These funds can be kept in a closet or made a deposit in a large bank, with the possibility of early withdrawal without loss of interest.

These funds should not be considered as a source of investment and should not be expected to yield high returns. It will be enough that the interest on the deposit will partially cover inflation. With such a cushion, you won't have to go into debt. There will be time to calmly establish a new source of income and survive difficult times with minimal losses.

New sources of income

Try to have several sources of income, as this will allow you to diversify your risks. The best view income is passive - it brings money at any time, even when you are not working. Types of income that are available to everyone: earned, passive and portfolio. Wealthy people tend to have all three types of income.

Building a personal financial plan

Have personal financial plan, designed for at least the next 5-10 years. Don’t forget to adjust it if the situation changes, if the need arises. All wealthy people have such a plan. Accordingly, you simply cannot achieve success by ignoring this need.

Reasonable savings

Whatever your level of income, reasonable savings are always appropriate when shopping. Of course, we must avoid extremes - you can spend a lot of time trying to buy everything at a discount. Isn't it better to invest this same time in earning even more? Smart economy indicates that a person really knows the value of money.

Poor people and the middle class are being held captive by marketers. It seems to them that having expensive things somehow brings them closer to high society. In fact, the ability to find a good thing at a reasonable price is an important skill for gaining financial independence. Ability to bargain and get discounts does not humiliate a person at all, but indicates his high leadership qualities. Truly rich people buy luxury goods last, when their income level more than covers these expenses.

Increasing the value of time

Be respectful of your own time. You can always calculate how much an hour of your work costs. Try to keep this value constantly growing. Keeping this parameter in mind, you will no longer want to waste your life on empty activities. Earned income has its limits. Hiring employees can increase the value of your time endlessly.

Changing the environment

Calculate the average income of the 10 people with whom you communicate most - this will be your financial ceiling. Without changing your environment, you have virtually no chance of increasing this number. You need to become the one fresh cucumber who will put himself in a jar pickles to become the same over time. If you continue to lie in clean water, you will certainly become faint.

Try to meet a rich person who was able to build a business. To do this, you will have to make an effort to make such a person interested in talking to you. His advice, behavior, attitude towards money can significantly advance you on the path to financial independence. In this context, you can participate in one of his projects for free. The experience gained will be many times more expensive than the possible salary.

Development of financial intelligence

Never stop at development of financial intelligence. The more time you devote to mastering this issue, the higher your income will be and the more free time you will have for yourself and your family. Those who work hard for a salary are lazy people in the bad sense of the word. Instead of working with their heads, they prefer to spend all their energy repeating the same mistakes throughout their lives. Become lazy in a good way - make your income such that you don't have to work hard until retirement, and then barely make ends meet.

I’ll tell you this: if at the age of 18 someone had shown me this article, and most importantly, if I had implemented everything that was in it, then now I would have a very decent capital.

Financial literacy where to start: I will tell you everything in detail in simple words and with a minimum of steps.

What separates you from becoming a financially independent and successful person is just 5 steps – here they are:

Financial literacy where to start: a 5-step checklist on how to become a financially independent and successful person

If you like the video more, please:

Changing attitudes and beliefs

I wrote in more detail about the transformation of beliefs and limiting attitudes here.

The first thing you need to accept and what you need to imbue to the marrow of your bones is that there is a lot of money in the world.

Lack of money is easy false belief. If a person does not have money, this does not mean that there is no money in the world.

There is plenty of money, but to get it... you need to offer something in return. The amount of money you have is determined by the value you can offer to the world.

Think about what you can offer the world? If the answer is nothing, then... something needs to be done about it. Go to study, for example.

And then launch your own information business: read how to do it

A quote from Zig Ziglar comes to mind here:

If you want to get what you want, help others get what they want.

Money comes only in EXCHANGE for something that you give to the world - some kind of value. If you have nothing to give, blame yourself and don’t complain.

There are still many negative attitudes about money ( money is evil, money comes from hard work, etc.) – you need to squeeze them out drop by drop.

Because how can you want something that deep down you consider evil? The desire to get rich will be subconsciously sabotaged - after all, we don’t want harm to ourselves, right?

Cost optimization

Notice I didn't say saving. I said cost optimization. I can confidently say that 10-20% of what you currently spend can be saved without losing your quality of life.

In general, success in finance is... it's how you spend it.

And here popular culture tripping us up again. A fashion for success has appeared (look through social networks) and now we are trying to LOOK rich, which leads to unnecessary spending: we buy what we don’t need.

Note: Not all rich people look like the “rich” people on Instagram.

Well, okay, but how can we optimize expenses for what we regularly spend money on?

The easiest way is to start discount and discount cards in various stores. And also cashback cards.

For example, I couldn’t persuade one of my friends to sign up for a discount card at a gas station. He told me: What am I, some kind of beggar?!

He just forgets about this math: if you put the money saved from a discount in the bank at interest, then in a year you can buy car insurance with it. It's a small thing, but nice.

And such little things come up so many.

The trouble is that people don't think about the long-term “consequences” of saving. They do not count on the long shoulder.

Now, if you were told that all the money you save on discount cards would be deposited in the bank at interest, that in 20 years you would be able to buy a new car - would you make such cards?

Most would say that 20 years is a long time. I'll say this: deferred compensation this is one of the main qualities of successful people.

There are hundreds of ways to optimize your expenses: just ask Google and you will get a long list. Choose what is right for you and act.

The trouble is that you have to “bother” to do something there... As for me, it’s worth it. Moreover, this leads to an increase in the quality of life.

There is one more thing that people really don't like: This is an accounting of expenses and income. But without this it is very difficult to optimize something.

Can you imagine a business that doesn't keep track of expenses and income? One day he will simply go bankrupt. So why then don’t people keep track of their income and expenses?!

Because it’s broken!

Although in reality such accounting takes at most 5 minutes a day. Sometimes even less. Especially in our time, when a whole bunch of different applications and services have appeared.

For example, I use the coinkeeper.me phone app. Here's what it all looks like.

Here you can even link a card and record all SMS with debits. Damn, you don’t even need to enter the amounts manually - how can it be a mistake if it’s only a matter of 1-2 minutes of time.

In short, it's a matter of habit.

Revenue growth

I'll say the obvious. The more sources of income you have, the better. It is very unwise to rely on just one trickle.

And now, more than ever, is the right time (the Internet era) to create another source of income for yourself. Why don't most people do this?

The answer is banal: laziness and habit.

Do you want additional income? Just set yourself this goal: to find a source of additional income in the near future.

State your intention to the Universe and you will receive an answer. I'm serious. Many people want to have sources of additional income, but do not focus their energy (at least in thoughts to begin with) in the right direction.

I don’t know ANY person who set himself the goal of finding a source of additional income and did not find it.

Learn, try, keep trying - and the goal will be achieved. I re-read the last sentence: banality is banality in the spirit of Captain Obvious. But, damn it, THAT’S SO IT IS!

Saving and Investing

I am sure that most of you know about the basic law of how to become a financially independent person.

It reads: pay yourself first.

Withdraw some money from any income and do not spend it. What should we do with them? Invest. Even at a small percentage.

Because taking money out and investing it in something will not only cause you to accumulate a decent amount over time, but also cause you Train yourself to live on less than your income.

And that's what all rich people do.

The main thing in saving money regularity and discipline: To When you quit this game, you lose. All!

Where can I get money to save?

They will appear when you optimize your expenses. You don’t even need to earn money anymore - optimize your expenses and invest them at interest.

And if you add an additional source of income and invest from it, that’s absolutely cool.

How much to invest?

Start with what is comfortable for you and gradually increase it to 10%, and then further. Up to 20-30%. The amount is not so important here, but the regularity is important.

Where to invest money?

The answer is simple: there what you understand. If you don't understand something, don't invest money in it.

Don't give in to mass hysteria and don't chase big bets. Where there are big stakes, there is always a big risk of losing everything.

Lately I have probably received hundreds of offers to invest in Bitcoin. But I didn't do it - because I don't understand how it works.

By the way, when the cue ball collapsed, everyone who colorfully told me about its charms disappeared along with it 😉

I'll say it again: Don't chase big profits. Do you know what Warren Buffett, one of the richest investors in the world, thinks about this. He says this:

The basic rule of investment: the amount you invested should not decrease.

Notice that he didn’t say look for the largest percentage, no. The main thing is that it doesn’t get smaller.

Here is the structure of my investment portfolio.

I don’t play on the stock exchange, I don’t buy shares, I don’t invest in cue ball, I use the classics.

First. Airbag.

This cash amount is equivalent to 6 months of my monthly expenses. If something suddenly goes wrong, I will have 6 months to fix everything and I will not need anything.

Before you invest in anything else, build up your cushion. This pillow also gives emotional calm– you don’t worry so much about money when you know that there is a cushion.

Second. I'm investing in my information business.

And guess what? Over time, every ruble invested brings me 5 rubles or more.

I don't know ANY OTHER INVESTMENT IN THE WORLD that would give such a profit. Therefore, if all your business processes are structured correctly, then invest in traffic and you will be happy.

About traffic for information business I

What if I don’t have a business? Read more...

Third. Accumulative pension insurance in foreign currency.

This is a small percentage, but I estimate that you can save $1,000,000 by the time you retire.

Don't let this number scare you. If you started saving some money for retirement at age 18, even if you worked a regular job, you would have a million bucks by the time you retired.

Time and discipline will make you a dollar pensioner 😉

$1,000,000 in your retirement fund means you'll receive almost $5,000 every month after retirement for 15 years.

Do you know what else is the additional benefit of such a large pension? Like it or not, you will have to live longer, at least another 15 years after retirement 😉

There is no need to rely on the state - take the accumulation of your pension into your own hands.

Fourth. Bonds.

This is an investment, but only in other businesses. Even in our country, which is not at all an investment country, there are bonds at 10% per annum in foreign currency. This despite the fact that the bank has only 1.5%.

Find the bonds you need and buy them. Then you sell over time and receive your percentage on top.

That's it, nothing more. Bonds, information business, pension insurance and airbag.

There is one more thing where I invest money, but I don’t know what type to classify it as:

Charity.

I have been donating money to charity for over 2 years now. The amounts vary - there is no fixed percentage, but regularly.

Most often I donate to various children's funds, sometimes I just go to churches and donate to them. Because part of the money is must be returned to God.

And you know what's surprising? When I started doing charity work, the money increased. Most likely this is how they work invisible laws of the universe.

Ecology of consumption. Business: As a rule, one comes to financial literacy through a huge number of mistakes and trials, gradually gaining experience...

By managing your finances wisely, you can not only significantly reduce expenses, but also significantly increase the thickness of your wallet. As a rule, one comes to financial literacy through a huge number of mistakes and trials, gradually gaining experience and ignoring the wise advice of financiers.

Here are a few key points to consider on your path to financial literacy.

1. "Airbag"

The overwhelming majority of people believe that any savings are completely useless: you will lose everything anyway, so why save if you can spend everything now and buy some necessary thing?

Perhaps, for a specific moment in life, this decision may seem correct, but after some time you may need a certain amount for unforeseen expenses: minor repairs in the office, increased prices from suppliers, etc.

How to pay these expenses if there are no savings at all? The loan may not be issued, and it often takes several days or even weeks to receive it, and you may not have this time.

That is why it is important to remember the first rule: You should always have savings of 3-6 monthly expenses for emergencies.

2. Savings “under the mattress” instead of a bank

In Russia, less than 50% of the population uses bank deposits and up to 5% are investors in the stock market. And all for the reason that few people trust any financial instruments, preferring to keep their savings at home under a pillow/mattress/bedside table, etc.

In fact, this type of “investment” provides a guaranteed income of minus 10-13% per annum! The reason is simple - inflation. So, your today's 500 thousand rubles, put in the nightstand, in 5 years will turn into 310 thousand rubles. with inflation of 10% per year.

Therefore, rule two: you should not store your savings in the nightstand - it is better to place them at least on a bank deposit to save them from inflation. Are you afraid of bank bankruptcy? Please note that when placing in one bank up to 700 thousand rubles. if his license is revoked, you are guaranteed to return your deposit safe and sound thanks to the deposit insurance system.

3. Incorrect loan parameters

Having decided to take bank loan, it is important to remember that it must be in the currency in which you receive your profit. Most often these are rubles. If you succumb to the temptation to take out a loan in foreign currency at a lower rate, you can then see an increase in your monthly loan payments by 30-50% due to the fall in the ruble exchange rate.

Not to be too big: take out a loan not “with a reserve” just in case, but exactly for the amount that you need. Please note that if you take an extra 50 thousand rubles. on credit, you will have to repay the bank 75 thousand or more.

Therefore, it is better to take out a loan in rubles, for the most necessary amount and for minimum term so that the loan payment is up to 20-30% of your income.

4. Investments without a deadline

It is impossible to invest wisely if you do not know for what specific purpose it is being done. At the same time, “earning money” is not the goal. The goal must have a deadline, cost, and priority. Only by clearly defining it can you competently select the right investment instruments for you.

So, if you are investing with the goal of saving up for some important goal in 1-3 years, then it is better to prefer bank deposits and highly reliable bonds or bond funds.

If we are talking about a goal in 3-10 years, then, in addition to deposits and bonds, you can add up to 50% of stocks or equity funds to your portfolio. Well, if you invest for 10 years or more, then you can increase the share of shares to 70-80%.

5. Take smart risks

If your colleague or neighbor invests in stocks and enjoys returns of 20% per annum or more, this does not mean that you urgently need to buy them. The fact is that each person has his own level of risk appetite. And if your neighbor is sometimes ready to tolerate a drop in the value of his shares of up to 50%, then you may not be ready for this, you will sell shares at just the most inopportune moment, receive losses and be disappointed in your investment.

That's why It is very important to correctly determine your risk appetite: If you are not prepared for significant drops in the value of your investments, place most of funds in deposits and reliable bonds. If you are ready for sharp fluctuations in the size of your savings, you can place a significant part of them in stocks.

6. Financial plan

If a person only thinks about buying a car in a year, buying an apartment in 3 years and does not plan to pay for his son’s education in 10 years, then he will buy the required amount for a car, but will be left without a down payment. Due to large loan payments, he will not be able to save the amount necessary for his son’s education, and he will not enter the best university in order to get into the free department. There is no need to talk about retirement. This entire unfavorable scenario was realized because the person had one goal in front of him, and not a full-fledged financial plan.

7. Neglecting insurance

In Russia, insurance of apartments, cars, and especially life, is unpopular, because... most believe that nothing can happen to them. The costs of renovating an apartment, compensating flooded neighbors downstairs, and restoring one’s own health are in most cases unexpected and require significant expenses, which not everyone is prepared for. Therefore, property, liability and life insurance is the key to confidence in the future of every person.

8. Start saving for retirement a couple of years before retirement.

You need to think about retirement at least 10 years in advance.

9. Neglect of tax benefits

Not many people know and use all types tax deductions. Meanwhile, anyone can receive up to 15,600 rubles annually into their account if they paid for education, treatment, invested in their pensions or did charity work. If you bought an apartment or house, you can receive up to 260 thousand rubles into your account. plus additional compensation for interest on a loan for the purchase of real estate. published