A guide to choosing liabilities
In this article we will discuss on a very ignored topic “choosing liabilities” although it is very important because it plays a major role in the financial aspect of our life. If we able to made ourselves that smart so that we can choose our liabilites on practical or true factors then we can surely be successful in our financial plans. so lets dive into it and dig out some great information.
First of all two things you have to understand deeply if you want to choose your liabilities smartly and efficiently. first is spending and the other one is investing if you able to choose your liabilities with considering these two factors then this will be the first step towards choosing a right liability. spending is something for which you get no return it is just used for livlihood and necessities in day to day life. Investing is something that for which you get a higher return after some time. so you have to think deeply that whatever you are buying or when choosing your liabilitiy, in return what value you are getting, if it is a necessity then spend on it but if it is something like egoistically motivated or you are just buying it for flaunting or you are buying that because people near you having that then simply just drop that idea. Now you will think it is very easy but in real it is not because practically most of the times we purchase things which in real not meant for us we just buy because of external factors. Here I will give you a single example so that you can understand deeply.
Lets say you are a fresher and working in a MNC with a salary of 60-70k per month. surely there will be a competitive and flaunting environment where most of the people has a expensive phones and cars so it will automatically feed in your subconscious mind and you will prone to buy an Iphone or samsung which costs 50-60k if you are not at that maturity level for which I was talking above. you will think that it will cost only one month salary and I will manage easily. But lets now think in different way or deeply that the phone you purchased really give the true valur to your life. surely you will flaunt it but what you will do on that phone, at the end of the day you will only take calls see messages, click some pics surf the internet which you can easily do in a 10k phone and you can save 40k which you can further invest it and it will give you a higher return. so see the situation practically and try to figure out your needs smartly and it is totally depend on your understandings. when you start earning then don’t just spend too much on liabilities try to save and invest as much as you can because at the end of the day money matters. think twice before spending on any item that it is really a necessity or it is just motivated from external factors because most of the people doesn’t able to realize this thing and keep on spending which in reality they don’t need. you can read my other article on”Important things to do when you start regular earning“. you can also see a video to understand how subconcious mind affects our decisions here ( note- this is not my video but I learned very much from this video so you have to see it).
You can also read other awesome articles like this on my website just click on blog section in the upper menu.they are on very simple topics but they have a very deep understanding and learning.If you like this article then do share it wih your friends and do leave your thoughts inn comments section down below it will be highly appreciated. keep visiting for awesome blogs