1. Financial Growth :
How to define “financial growth”? is it only having more and more money? or a huge accumulation of money? or getting paid a large amount per month? or something else?
Most popular Definitions are :
- Growth is an increase in the value of an investment over time. Unlike investments that produce income, those that are designed for growth don’t necessarily provide you with a regular source of cash.
- Capital accumulation.
- Increase in Assets that generate more income.
- Increase in income
- Increase in Property.
- Having high bank balance.
The actual Financial Growth implies regular Growth in Income/Property/Assets/etc. with Financial Knowledge and improvement in Financial Management Skills so that the growth can sustain for a long time/forever.
2. Importance of Financial Growth:
- The development of any country depends on the Financial/Economic growth the country achieves over a period of time. Economic growth deals about investment and production and also the extent of Gross Domestic Product in a country. Only when this grows, the people will experience growth in the form of improved standard of living, namely economic development.
- Financial Growth help in growth of capital market: Any business requires two types of capital namely, fixed capital and working capital. Fixed capital is used for investment in fixed assets, like plant and machinery. While working capital is used for the day-to-day running of business. It is also used for purchase of raw materials and converting them into finished products. If peoples are financially strong there will be a better flow of money in the market.
- Employment Growth depends on the Financial Growth of a country
- Financially Fitness Insures Physical and Mental Fitness also.
3. What You Need For Financial Growth?
- A Better Education : Here Education means a Better and Practical Financial Education not a school certificate only.
- Skills are equally important for a better financial growth.
- Management knowledge and skills.
- Financial Innovations
- Money flow handling skills.
4. Ways To Financial Growth:
- Don’t Waste Your Time
- Recognize What You Love To DO: Your Passion
- Get Enough Skills to Become Expert
- Plan Properly
- Start The Venture
- Get Paid What You’re Worth :
- Spend Less Than You Earn
- Stick to a Budget
- Have a Savings Plan
- Contribute to a Retirement Plan
- Keep Good Records