Top 12 Golden rules - Financial planning for Beginners - USA

Top 12 Golden rules - Financial planning for Beginners - USA

Financial planning is a process that provides you with a framework for achieving your life goals

It has goals such as determining capital requirements, developing financial policies, and ensuring that scarce financial resources are used as efficiently as possible.

However, when they volunteer to plan their finances, they have no idea where or how to begin, Here are 10 golden rules to follow when planning one's finances.


Money management does not have to be boring. It's not rocket science, and you don't have to come from a financial background to do it. You only need to be a little bit committed.


Before you spend, it is critical to understand your income. Keeping track of your expenses will give you a better idea of your spending power.


A personal balance sheet can help you understand what you own and what you owe! It's a very effective tool for taking your finances to the next level.


The most important step in developing a great financial plan is to create a budget. This enables you to comprehend your income and expenses.


Setting a goal will help you understand where you want to go in the allotted time. It will motivate you to make the best use of the resources and funds at your disposal.


Saving money entails saving a single penny! It's critical to keep track of how much you spend so that you can devise a savings strategy.


This is regarded as one of the most popular and secure ways to save money. You must save a large sum of money all at once.


Because it is a government investment scheme, this is another safe investment option. It has a 15-year commitment period.


Investment options such as Fixed Deposits, Liquid Funds, and Corporate Bonds. This initiative was launched to encourage people to save for their post-retirement lives.


This is yet another government-backed safe investment option. This is primarily for investors with low to moderate income.

The first step toward increasing wealth is financial planning. You can invest your money as an emergency fund, but you should be able to withdraw it if necessary.