Did you sort out your … wardrobe?!

Published On: 27/10/2020

An article in partnership with Ognyan Guglev*

When was the last time you decided to sort out your life and … started with the wardrobe?

If you plan on doing this, the article here will not be useful to you and will not make you more organized, disciplined and responsible. If you even read it through to the end, what might happen next, and this is no small feat, is that you buy a notebook and a pencil: These two objects can be useful when dealing with life’s storms – those which await us.

Planning as part of personal financial literacy: have you already made your shopping list? have you scheduled your next dentist appointment? Have you planned the summer family vacation? How about your financial plans?

In order to plan our financial goals, we need to be aware of our current financial balance. Yes, the financial balance, i.e. we need to regularly take note of monthly income and expenditures. This can help us avoid being surprised by events such as the future eduction of our children, retirement, unexpected health-related expenses. We present you a more detailed list:

Financial literacy enables us:

  • To plan our future – what we want to be;
  • To achieve our goals;
  • Not to change our way of life during a financial crisis and under unforeseen circumstances.
  • To use our income in the most reasonable way;
  • To turn into successful people and not survivors;
  • To improve various aspects of our life – relationships, career, hobbies, family life;
  • To manage correctly our business;
  • To be free to be ourselves and to do what we love to do;
  • To be successful.

Financial literacy helps us prepare better, to set an example for our children, to pursue our dreams, all of which cannot be achieved without literacy and planning.

On the way towards improving our financial knowledge, with a notebook and pencil in hand, we meet people, who can benefit us. The information provided in the form of needs analysis, financial plan, and personal consultation, is information currently not taught at educational institutions as a compulsory subject, however it is still available in Bulgaria through better life insurance companies without prior investment.

The opportunities to save and get some profit vary between investments in real estate, shares, gold and low-risk instruments such as Unit-Linked Life Insurance, etc. The correct approach is that which allows you to feel good and the factors for this can be:

/ your investment raises your adrenalin all the time because share prices “dance” every second;

/ your investment makes you feel modern and in control;

/ your investments give you a topic to talk about with friends;

/ your investment takes away time which should be devoted to chores and other family activities … and in reality allows you to avoid them;

/ your investment gives you peace of mind without risk because you trust your consultant.

Before you select the type of investment, consider carefully why you are doing it and when you want to achieve this, how important it is for you and how responsibly you would act on your decision…if nothing else, because usually the decision to sort out our lives starts from wardrobes. The bad news is that they also end there.

*Ognyan Guglev is a young and industrious man from Plovdiv, who likes to inspire. He has acquired the knowledge he shares with his students and clients in a corporate environment in Bulgaria and abroad, from books, articles and discussions. For him, financial literacy is a key element in everyone’s life and he makes an effort to make it more popular in Bulgaria.

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