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The Total Money Makeover

Jun 2023
3 min read
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1. No one is born with the knowledge of how to read and write; we are taught how. None of these are innate skills; all must be taught. Likewise, no one is born with the knowledge of how to handle money, but we AREN’T taught that!
2. Peer pressure, cultural expectations, “reasonable standard of living”— we all need to be accepted by our crowd and our families. This need for approval and respect drives us to do some really insane things.
3. Beware not to rationalize the use of your emergency fund for something that you should save for and purchase.
4. Whether the emergency is real or just poor planning, the cycle of dependence on credit cards has to be broken. A well-planned budget for anticipated things and an emergency fund for the truly unexpected can end dependence on credit cards.
5. Staying away from car loan EMIs by driving reliable used cars is what the average millionaire does; that is how he or she became a millionaire.
6. Your financial process and principles must work in good times and in bad times—otherwise, they don’t work.
7. Wealth is not an escape mechanism. It is instead a tremendous responsibility.
8. Only if you mix knowledge with attitude, character, perseverance, vision, diligence, and extreme levels of work will your college degree produce for you.
9. Investing for retirement doesn’t necessarily mean investing to quit your job. If you hate your career path, change it.
10. An obvious step to working the Debt Snowball is to stop borrowing. Otherwise, you will just be changing the names of the creditors on your debt list.
11. If you didn’t have a car payment, a student loan, credit cards out your ears, medical debt, or even a mortgage, you could become wealthy very quickly.
12. Your most powerful wealth-building tool is your income.
13. Some of you might inherit money or win a jackpot, but that is dumb luck, not a proven plan to financial fitness. To build wealth, YOU will have to regain control of your income.

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PGIM India Asset Management Private Limited
(CIN - U74900MH2008FTC187029)
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The information contained herein is provided by PGIM India Asset Management Private Limited (the AMC) on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. However, the AMC cannot guarantee the accuracy of such information, assure its completeness, or warrant such information will not be changed. The information contained herein is current as of the date of issuance* (or such earlier date as referenced herein) and is subject to change without notice. The AMC has no obligation to update any or all of such information; nor does the AMC make any express or implied warranties or representations as to its completeness or accuracy. There can be no assurance that any forecast made herein will be actually realized. These materials do not take into account individual investor's objectives, needs or circumstances or the suitability of any securities, financial instruments or investment strategies described herein for particular investor. Hence, each investor is advised to consult his or her own professional investment / tax advisor / consultant for advice in this regard. The information contained herein is provided on the basis of and subject to the explanations, caveats and warnings set out elsewhere herein. The views of the Fund Manager should not be construed as an advice and investors must make their own investment decisions regarding investment/ disinvestment in securities market and/or suitability of the fund based on their specific investment objectives and financial positions and using such independent advisors as they believe necessary.
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