Elixir Strategist

9. Update Your Will

90% of us don't have a will. If you have dependents, no matter how little or how much you own, you need a will. If your situation isn't too complicated you can even do your own with software like WillMaker. Protect your loved ones. Write a will.

8. Review Your Insurance Coverages

Very few people are fully insured. Insurance is nothing but tranferring very high risk for a very small premium.
One must consider inflation , increased income and liabilities too.
Too many people are talked into paying too much for life and disability insurance, whether it's by adding these coverages to car loans, buying whole-life insurance policies when term-life makes more sense, or buying life insurance when you have no dependents. On the other hand, it's important that you have enough insurance to protect your dependents and your income in the case of death or disability.

7. Maximize Your Employment Benefits

Employment benefits like pension, flexible spending accounts, medical and dental insurance, etc., are worth big bucks. Make sure you're maximizing yours and taking advantage of the ones that can save you money by reducing taxes or out-of-pocket expenses.
Also ask employer if he allows additional contribution towards PF, then think for it. Avoide withdrawal of PF.
Invest Leave encashment in equity market directly with advice of your financial consultant.

6. Invest!
Investment gives one a weapon of cumulative returns. Systematic, regular and focused approach is the important key to beat inflation and make manifold money.
If you're contributing to a retirement plan and a savings account and you can still manage to put some money into other investments, all the better.

5. Have a Savings Plan

We have heard it many a times before- Pay yourself first. However we wait until we met all our other financial obligations before seeing what's left over for saving, pretty chances are there, we will never have a healthy savings account or investments. Resolve to set aside a minimum of 5% to 10% of your salary/Business income for savings BEFORE you start paying your bills and other expenses. Better yet, have money automatically deducted from your paycheck / business current account and deposited into a separate account for savings purpose.

4. Contribute to a Retirement Plan

If you're already contributing to retirement plan or cover under pension plan, try to increase your contribution. If your employer doesn't offer a retirement plan, consider an pension plan/ whole life plan offered by reputed insuurance company.
It is always advisable to ask financial adviser about in-depth, focused, financial plan

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Any debt used for creating an asset, asset that will give you income more than interest out go, is a good debt, otherwise it will be a burden.....

3. Pay Off Credit Card Debt

Credit card debt is the number one obstacle to getting ahead financially. Those little pieces of plastic are so easy to use, and it's so easy to forget that it's real money we're dealing with when we whip them out to pay for a purchase, large or small. Despite our good resolves to pay the balance off quickly, the reality is that we often don't, and end up paying far more for things than we would have paid if we had used cash to purchase.

2. Stick to a Budget
It is very important check what comes in and how it goes out. Giving preferences in spending allocating specific amount for every expenditure head and then keeping check on it, is possible through proper budgeting.
One of my favorite subjects: budgeting. It's not a four-letter word. How can you know where your money is going if you don't budget? How can you set spending and saving goals if you don't know where your money is going? You need a budget whether you make thousands or hundreds of thousands of rupees a year.
Start budgeting and keep a proper record of it, very essential to elevate on financial success ladder.

I have received queries regarding 10 steps, mainly every one wanted some elaboration or more light on each step , hence I have decided to elaborate each step every day. Today to start with first step...

1. Get Paid What You're Worth and Spend Less Than You Earn: -
Whether we are in job or doing our own business, it is ones prime duty to increase own worth and also get paid according to it.
Make sure you know what your job is worth in the marketplace, by conducting an evaluation of your skills, productivity, job tasks, contribution to the company, and the going rate, both inside and outside the company, for what you do. Being underpaid even a thousand dollars a year can have a significant cumulative effect over the course of your work life.

Saving a penny is always easier than earning.
No matter how much or how little you're paid, you'll never get ahead if you spend more than you earn. Often it's easier to spend less than it is to earn more, and a little cost-cutting effort in a number of areas can result in big savings. It doesn't always have to involve making big sacrifices

Sales and service of various financial products.