Total #Money MakeOver - 7 Baby Steps to #Financial #Freedom by Dave Ramsey
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POWER OF COMPOUNDING in Investing:
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The Total Money Makeover book summary in hindi about personal finance and financial freedom.. This book is divided into 7 steps as a way to becoming financially independent.
Step 1: Set up a Mini-Emergency Fund, so you won’t be in crises situation when you'll need emergency money.
Step 2: Start your “Debt Snowball”, i.e. your strategy to eliminate your debts (all type of loans except home loan), to regain control of your income and free up cash for wealth-building.
Step 3: Complete your complete Emergency Fund, so you have 3-6 months of living expenses if you lost your income. The riskier your financial situation, the more you should set aside.
Step 4: Build your Retirement Fund using 15% of your income. You can invest this 15% of your income via SIP (systematic investment plan) in some good equity mutual funds or index funds or pick good stocks of your choice for long term investment so you can take benefit of the power of compounding.
Step 5: Save Up for children's College. If you just invest 2-5% of your income for college then your kids will not have to spend 20-50% of their income in education loan. Use the power of compounding to your advantage.
Step 6: Pay off your Home loan completely. By this phase, you’re already financially fit and are ready to get ultra-fit. Once you finish this step, you will be totally debt-free. Remember, being debt free is also an asset. One of the most underrated asset that gives your peace of mind and kick starts the journey to financial freedom.
Step 7: Build Wealth. By now, you are debt free, in control of your finances and are systematically planning, saving and investing for your future needs and financial freedom. You become truly rich when the returns from your investments are higher than your regular income (in other words, when your passive income is more than your expenses). At this point, you’ll have money working 24×7 for you, regardless of whether you work or not. We call this, ultimate financial freedom.
Timestamp:
00:00 Intro
01:12 Step 1
04:04 Step 2
06:03 Step 3
07:10 Step 4
09:46 CoinSwitch Kuber
10:30 Step 5
12:11 Step 6
13:24 Step 7
15:03 Thank You
