The Importance Of Financial Security
Financial security is a most desired kind of security in life ,right from the very first moment a person begins to know what money is and he/she begins to take financial responsibilities, the person begins to desire a financial security in life.
Financial security doesn't just come by wishing ,or because am working or I have a good job sometimes doesn't guarantee financial security.There are lots of factors that must be considered and things to put in place that will give you financial security.Continue reading to find out what will guarantee your financial security in life.
What is financial security?
Financial security can be best defined as the kind of peace you have when you don't have to worry about how much money that comes into your
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The reasons for budgeting is to prevent unnecessary spending ,it helps you to spend within your plan and you won't run into bankruptcy at the end.
What are your NEEDS?
These are essential things that you cannot do without, if you don't do them your life may be miserable and it can cause a lot of discomfort to you and your family.These are basic things of life which include shelter, foods and security.Hence these things must be included in your budget and cut your cloth according to your size,don't do more than what you have not budgeted for,this is wisdom.
What are your WANTS?
These are completely different from your needs,they are things that you spend money on with out any implications if you don't do them.These include clothes (latest in town),going to best restaurants, lodging in a five star hotel,buying the latest car ,all these things don't have adverse effect on you if you don't do them.If you are working towards financial security in life ,you have to be careful in spending unnecessary on your
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4) INVOLVE IN INSURANCE SCHEME
Insurance is one of key ways to be financially secured.There are basic things that you should insure which include health ,then you can insure your car(s) ,house and others ,some even insure their pets and then doing life insurance is also good.
Insurance of health can actually be done by yourself or through your employer, if your employer don't provide this scheme for you ,you go ahead and do it by yourself and for your family.You can actually look out for insurance companies around you or you search online to locate one for yourself .Other insurance mentioned above such ,car ,houses,pet etc mostly are done by individuals not by your employer.
What are the benefits of being financially
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