The Total Money Makeover

Jun 2023
3 min read
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.

PGIM India Asset Management Private Limited
(CIN - U74900MH2008FTC187029)
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Email: care@pgimindia.co.in
This is an Investor Education and Awareness Initiative by PGIM India Mutual Fund.
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