Whether you want to start trading or investing in assets, you need only a few days to learn the basics. Once you are into the play, you will keep improving your game. You can easily start trading with Infinox Minimum Deposit.

To be honest, the financial situation is not going to get better in only 3 days but you will surely have the skills to improve your financial situation after this.

The key to doing this is controlling your money and knowing exactly what you’re doing at any given time. It can be a daunting task if you have no financial education, but it’s not impossible to master. If you follow the steps below, it will take only 3 days to know the basics of these steps. You can build a budget and manage your money to reach financial independence.

1. Create an emergency fund

If something goes wrong with your car, job, or health, you’ll need some cash to survive until you get back on your feet. Set aside enough funds for three to six months so that if the worst were to happen, you’d be able to keep from going into debt or selling off property just for money.

2. Build an investment fund

You’ll need a little extra cash flow in case anything happens with your investments at work or retirement plan (e.g., stock market crash). The goal is to minimize the impact of such events on your standard of living. Start with an emergency fund and develop an investment fund that will generate an annual return equal to your desired replacement rate or “outliving” factor. That is, whatever is left over after living on a certain basic level should be invested in the stock market.

3. Pay off debt

Don’t put anything else into credit until you’ve paid down your principal balance owed. This can take several years, but it’s important because it’s easy to get bogged down in debt if you don’t put a limit on the amount you’re willing to spend each month.

4. Save for a home down payment

Homeownership is an important step in building wealth. Once you’ve paid off your debts, save at least 15% of your after-tax income and work on paying down the mortgage principal until you have enough to make a down payment. 

If you haven’t yet saved for retirement or a new car, then this is where you should put the money as well. Don’t borrow against your house to do so – it’s called “negative amortization” and it can cause significant problems with mortgage payments and taxes in future years.

5. Start an emergency fund for your children

Children need a safety net just as much as you do, so start an emergency fund for them too. Put aside money for at least one year of college expenses, and generate more from investments or part-time work.

6. Save aggressively for retirement

Most people don’t save enough to support their lifestyle at retirement. Even if you have a lot of savings, it doesn’t mean you’re free from worries about outliving your resources. Set aside about 20% of your pre-retirement income to start with and then set a target amount of money that will be saved in each year after the first one (e.g., your “replacement rate”).

Conclusion

No matter how much you try to avoid financial difficulty, it’s bound to happen at least a few times throughout your life. The key is overcoming it as quickly as possible and protecting you from another crisis.