Creating a framework is good for me to keep track where my money comes from and where it goes. You can see from the diagram, I have stated what are the things to be done in each of the five core areas namely Income, Expenses, Saving, Buying Asset and Passive Income.
Income:
I will concentrate on increase my monthly income and find other income sources.
Expenses:
I will identify what are the necessities and try to reduce my liabilities.
Saving:
I will split my saving into two portions. One portion will go into my investment, and the other portion save inside the bank.
Buying Asset:
I will identify what shares or ETFs to buy, and plan out a strategy on when to buy.
Passive Income:
I will use the dividends for reinvestment.
1 comment:
Interesting stuff man...
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