D D D

Lets learn some alphabets related to Personal Finance & Investment Management. After yesterday’s AAA, today we will read about Three D’s of Personal Finance. What it takes to excel in managing our personal finance or budget, though we have lot of websites or applications to manage out day to day expenses and find out where the leakage is, unless and until we have a strong base or understanding about the subject we cannot use it in our practical life. Once we understand the below concepts and put it in use, it will be a game changer in our Money Management skills.

 a. Discipline: How do you master your emotions when it comes to handling money? Do you usually give in to impulse buying?

Discipline is as simple as controlling your impulse to buy things just because it is on sale or to own the latest gadget just because it is the latest craze. This is happening in the real world, apart from gadgets, the craze is on Watches, Shoes, Accessories and even Four Wheeler’s.

Remember that discipline is a trait you need to adopt to become wealthy.

 b. Dedication: Your journey to reach your financial goal won’t happen in a just a couple of weeks. It is a long and rough path that has a lot of distractions, obstacles, challenges and temptations in between that will test your patience, endurance and perseverance. With that, dedication is staying focused and being consistent with your actions despite all the hurdles one will need to overcome.

 c. Delayed gratification:

Practicing the art of Delayed gratification simply means sacrificing something good now for something better later on, giving up immediate rewards for bigger gains in the future or deferring short-term pleasures for long –term happiness.  It is a trait that a lot of successful people abide by, but beginners fail to understand. Many wealthy and successful investors are strong believers in the importance of this trait.

If you know any other traits someone should follow to master Money Management, please do write.

Happy Investing!

R♥Vi