We all have different dreams, goals, obligations, troubles. But no matter what we experience, the solution starts with our financial health first.
Financial health defines the state of being financially well-off regardless of income level, that is, maintaining the balance of income and expenditure, the ability to make smart financial decisions, and the state of being prepared for sudden expenses.
Jeton believes that living a good life in every sense comes from having good financial health. For this reason, it works so that everyone can create a financially secure, free, healthy lifestyle.
There is no universal formula for financial health. Just as everyone’s goals, difficulties, and opportunities are different, so the methods of achieving and maintaining financial health should be different. Jeton monitors the financial health of its customers by using technology to jointly create a unique roadmap for each customer.
Jeton believes that everyone should learn to monitor and analyze their financial situation and make it a way of life. It also provides consultancy that will make its customers competent in controlling their financial health.
So, what can be done to improve your financial health?
1-Don’t wait to retire to start saving
It is sometimes stated that it is never too late to begin saving for retirement. True, but the sooner you begin, the better off you’ll be in your retirement years. Compounding is the practice of reinvesting profits in order to increase their value over time. The bigger the value of the investment and the larger the earnings will be the longer earnings are reinvested.
2-Know what you need
Unless you’re extremely wealthy, you need to be aware of the fine line between needs and wants. Needs are things you need to have in order to survive. What about “wants”? It’s all the things you want to have but can live without. For this reason, we recommend that you buy something after thinking about whether you need it or not. This will greatly improve your financial health.
3-Knowing your net worth is everything
Rather than neglecting your money and leaving them to chance, playing with the numbers may help you examine your present financial health and figure out how to fulfill your short- and long-term financial objectives.
It’s crucial to figure out your net worth as a starting point. Make a list of all of your assets and obligations to start calculating your net worth. To calculate your net worth, subtract obligations from assets.
4-When you have more money, don’t try to spend more.
When people have more money, they are more likely to spend it. As people improve in their jobs and earn better wages, their spending tends to rise in lockstep. Even if you can pay your payments, lifestyle inflation can be detrimental in the long term since it restricts your potential to accumulate money. Every additional dollar you spend today means you’ll have less money later in life and retirement.