Inability of Managing Finance(IMF)==???

Like we said in our last post we have provided the reasons below of having been infected with the titled disease and thoughts which will cure us from it...

1. Handicapped Education System
India's present education system can be explained in a one-liner as "Keep your mouth shut and eyes open". It lacks the basic funda of learning to have our Finance planned. Hence the common man lags in gaining financial knowledge on planning his future needs and has to depend on a Financial planner or other instruments in that regard.
2. Employee mentality
We have been taught since ages to get up every day and go WORK FOR MONEY rather than let our Money work for us. Every month we end up getting our consistent paycheck which is exhausted in paying our debt/expenses like loans, premiums, credit card bills, rents etc. Here we have a minimal amount left which only suffice to live hand to mouth. We are surrounded by a crowd from the same environment and so keep following the breed without understanding its limitations!!!
3. FEAR
The layman is afraid of taking risks. It takes contacts, access to information through blogs/magazines which requires investing time that most people simply do not have or are unaware of. They tend to be satisfied with their day to day lives and are accustomed to live in their comfort zones clueless of the upcoming Financial misfortunes!!!
4. Taxes
We only focus on higher wages, job switch and continuous hikes but are unaware of the gigantic amounts deducted in the form of taxes. Do we know just how much is really coming out of our pocket while we’re not looking?
Its not just higher salaries but well managed income, good financial planning which will help us preserve our hard earned cash. We also need to learn how to have taxes saved to the optimum level!!!
5. Early starters
Lack of Financial IQ never lets us start early investing. It has been proved that early starters alongwith regular investments always creates a handsome corpus to fulfill our future needs as well as sort out our retirement worries!!!
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This blog is an initiative to help the middle class community to ignite the Financial genius within them and motivate them to achieve Financial Freedom