Mad_About_Money_final Mad About Money_Dec 2016 - Page 2

MadAbout Money MadAbout Money Issue no.3 Content 12_Making money by selling time vs. making money work for you 14 _Is investment in assured returns the right thing to do? 26 10 Debt is a two -way bridge that connects poverty to wealth Forgive yourself For your financial Mistakes 16_YIs it okay to sell your home to pay off your debts?e 20_Stop trading time for money and start trading value for money 22_Not having liability is a great asset 24_Banks will never 18 Someone can get rich without taking money away from others Debunking myths about buying a house I think there is hesitation in sharing information honestly. However, I don’t understand it all. It might be possible that I came from a family where talking about money matters like “about my current salary”, “about my expenditure” and “about my plans to save money” are just normal and absolutely ready for discussion topics between my family and friends. 30_ When you buy 32 Hence, why cannot we be more candid and honest in our money talks with best friends? 28 _ You can adopt, if not afford the rich man’s ways 06 Talking about money is still a forbidden subject even in this present age of clearness and frankness between coworkers and friends. Somewhere or the other, we all really want to know how much money everyone else is making and spending, however we can never go upfront and ask. make you rich COVER STORY: Editor’s Note without a plan, emotions dictate your spending _ Is your financial mindset about prosperity - or scarcity? Neither this publication nor any part of it may be reproduced, stored in a retrieval system, or transmitted in any form of by any means electronic, mechanical, photocopying, recording or otherwise, without the permission of MadAboutMoney magazine. All information in MadAboutMoney magazine is checked and verified to the best of the publisher’s ability, however the publisher cannot be held responsible for any mistake or omission enclosed in the publication. It will feel uncomfortable to mention the topic of salary, but it will be well worth it. For some people, talking to your friends about money could be even more awkward than speaking with your professional counterparts. However, if the topic is forbidden out of jealousy or comparison, then it is best to stay away. Nevertheless, if you have such people in your life with whom you can talk about money then it is so favorable. Here is best example explaining why communication between friends about money is favorable: Say for an instance, you and your friend usually hang out by going out to bars and restaurants. Or if you have a friend who consistently proposes vacations that you cannot afford. But you have decided to get on the way to save money and get debt free, thus you are spending less everywhere you can. Your friend invites you everywhere and you give a polite but firm negative response. If you will ignore him often, eventually, he will stop inviting you. However, if you would have mentioned your problem to your friend, your objective to pay off your loan, he would have understood and might have supported you by some cost-cutting social alternatives. You must have a calm and openminded talk with him. He might get inspired by your dedication and follow your money saving decision. With your revelation with money related talks, another friend dealing with debt may now feel comfortable in talking about money with you. He can find relief in this shared journey of saving money. Your friend is your support system, hence he can help you in staying committed towards your aims, and sequentially, you can help him. One of the most important factors of money discussions is to be tolerant with each other. You must share opinions as per your budget or financial goals. You must always keep in mind that discussion about your money should not become a game of comparison or a source of argument. You can also share your money allied problems and learn from those who are handling their finances better. Sachin Mittal