BUILD YOUR WEALTH

 DIFFERENCE BETWEEN GOOD DEBT AND BAD DEBT Introduction : In the world of personal finance debt often carries a negative connotation. However not all debts are bad ,  some debts are good . understanding the differences between good debt and bad debt can be a game changer for managing finances effectively.  In this blog I will discuss about differences between good debt and bad debt. What is Good debt ?  Good debt is a debt by which borrowing money helps you to acquire asset or invest in something that is likely increase your wealth or generate income over time. It is a debt which  has potential to make you financially strong in the long run. For example: Home Loans(mortgage): Buying a home is one of the biggest financial decision people make. A mortgage allow you to own a property and the value of the property will increase over time. In future you can sell the property and make profit. Education loans : Borrowing loans for education is also considered a good de...

  TOP FIVE SOURCE OF PASSIVE INCOME   Generate passive income is most important in today’s life. If you want to build your wealth you must generate passive income. It is an enticing concept , making money while you sleep. Whether you are looking to pay off your debts , save money for vacation , save money for education ,or build long term financial freedom it is important to generate passive income. If you are a beginner how do you get started ? In this blog I am discussing basics of passive income and explore some beginner friendly ideas to start your journey toward achieve your financial goals. What is passive income ? Before discussing ideas of passive income let’s understand the meaning of passive income.   Passive income is earned money with minimal effort once the initial setup is complete (like 9 to 5 job) , Passive income continue generate money without constant work.   Now let’s explore some beginner friendly passive income ideas : 1.   ...

  NATIONAL PENSION SYSTEM   : THE SMART WAY TO SAVE FOR YOUR RETIREMENT Introduction : Retirement plan is very important in our life . We must take a financial decision for our retirement. One of the best government backed retirement scheme is National Pension System which was introduced by The Government of India in the year 2004 , It was initially designed for Government employees but from the year 2009 it has been open for all Indian citizens between the age of 18 years to 70 years .Now it is open for all Indian citizens. In this blog I am discussing all about NPS and also discussing how you can use it for your financial future. What is the National Pension System (NPS) ? NPS is the Government backed scheme which allows individuals to systematically save for their retirement . NPS is regulated by the Pension Fund Regulatory and Development Authority. In provides an opportunity to invest in a mix of debt and equity market , depending on their risk tolerance , helpi...

  THE ULTIMATE GUIDE TO BECOMING DEBT FREE Introduction : If you want to build your wealth it is important to pay off your debts . Debts can feel like a heavy burden   but it can be control with a clear plan and strategies. You can control your finances and pay off your debts faster than you might think. Whether you are dealing with credit card debt, mortgage loan , student loan , personal loan , paying off them is improve your financial health. In this blog I   guide to help you on your journey to becoming debt-free. 1.   Make a list of your total Debts : The first step in paying off debt is to make a clear understanding of what you owe. It’s means gathering all information regarding your total debts, Including: ·         Credit card outstanding balance ·         Personal loan outstanding balance ·         Student loan outstanding balance ·  ...