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How to be friends with your finances
Published On , 8 Aug 2019 By TT Connect
Imagine you have to stay for a few months at a place where English is not the first language. Despite this, you will try to reach out to people around you. Over some time, you will get familiar with the language, the culture, the norms, and eventually, you will make new friends there.
For many, personal finance is also a new place. To befriend finances, they need to understand the basics clearly. Here’s something that will help.
STEP 1: LEARN THE ESSENTIAL ASPECTS OF THE LOCAL LANGUAG
Say, you have to stay in France. The first thing you will do is get the hang of the words used frequently – Bonjour (hello), Oui (Yes), Non (No), and so on. Likewise, to manage your finances well, you must first learn the basic terms used in economics – Assets, Liabilities, Capital, Inflation, Mutual Funds, Stocks, etc. Remember: The financial world is vast; be patient while learning.
STEP 2: MAKE THE MOST OF TECHNOLOGY
The internet has answers to all your questions. Just like everybody writes a blog on their trip to Paris, there is a lot of material on the web about personal finance. You can look up for knowledge centres, e-books, articles and the like. You can even download financial apps on your mobile to enlighten yourself. Remember: Not everything up there will be true; trust only reliable sources.
STEP 3: INTERACT WITH PEOPLE WHO STAY THERE
Who would know France better than the French? Similarly, people who manage their finances or those who do it for others (Financial Advisors) would help you navigate the personal finance world. Regularly interact with such people to understand the nuances of finance. With years of experience, they can teach you things which even the internet can’t. Remember: Emotions can lead to wrong decisions; don’t let them influence your interactions.
STEP 4: DISCUSS WITH YOUR FRIENDS
While your friend in India may have only a basic idea about France and its culture, but it is always better to bounce some ideas off them – even for finances. Talk to them about financial planning, ask them about their investment experience, exchange your financial Goals. Maybe you can take some hints from their approach. Remember: You and your friend have different financial state, Goals and risk profile; do not follow their moves blindly.
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