Article by Boris Cleveland

Is there anybody in our society who wouldn’t like or want money? Don’t we all like the sound of money? But money and wealth seem to have a mind of their own. They choose the people they wish to visit and stay with. It is also true that we never know when the wealth and money choose to go out of our door and desert us. The larger picture of life teaches you that wealth and money comes and goes. So what do you think of wealth whether you are controlling it or you are being controlled by it?.As the saying goes money is only a means to an end. However this is not felt and understood by one and all. In fact if you look around you will see that most parents push their children to do well in study with the understanding that it will help them get a good job and earn lots of money.They step into the professional work and do the grid for a number of years.Soon enough they start running the race all the time. You will be surprise to see that they tend to focus on running the race not against anyone else but themselves. Such people cannot accept the fact if their earnings go down compared to their previous month’s earnings. In having to run the race they learn how to face all kinds of challenges having to continue maintaining their course of action. They do not think of job satisfaction as primary criteria to watch out for. Consumerism dictates our lifestyle today. At every step money is necessary and required. Centuries ago one did not have to pay for most of the natural resources like water. Look at us today, for every activity and reason for being calls for money. The fact that couples get into prenuptial agreement as a routine goes on to indicate that money has many shades and flavours. After a few years of working normally an individual decides to settle down, get married and start a family. Raising a family means having to look out and earn sufficient money to look after all the needs at home and fulfil our responsibilities. This is when individuals start getting into some long term goals and planned as well as sort term goals too . Long term goals will need to be planned in the form of home loan and saving for retirement as well as children’s education etc. Short term financial planning will involve vehicle loan as well as short term loans for buying various equipments for home use etc. Of course as you grow up and start facing life, all these things can be learnt. Financial planning assumes significance in your life with or without your inclination. Apart from savings and investments you will also learn about the taxation and how it applies to income tax as well as other tax liabilities.But there are two important areas that you may not normally come to know unless you are into finance related field. At such an important juncture in life, start believing that you are capable of creating and building wealth. Just by saving salary one cannot build wealth. Wealth creation can happen only when you learn to identify opportunities, invest your savings smartly and grow your investment. It helps you immensely to know how banks and other financial institutes work on providing you loans. As far as loans and banking is concerned, be rest assured that when it becomes difficult for you o perform, you can work with bank of refinance options, thereby save yourself. There may be cases when you are not able to repay some of your loans due to some exigencies, then you should know that you can approach your bank for refinancing option to help you pay the first loan. Not many people are aware of this. Banks can rework your loans and change the tenure, vary the interest and repayment amount as well as give you options to foreclose loans by repaying the same through a new loan.It takes one to be smart, dedicated and focused to invite wealth to be with you always.