The practice of training our self to obey the self-set rules and regulations to spend money is highly essential. This training is a financial discipline. There should be a proper financial discipline to have proper cash flows so that the funds are routed to focus on revenue-generating sources. Often we individuals do not save in a proper way. The savings are done to meet the emergency monetary needs and its purely short term. Savings did keeping in view for the long run yields good returns. To ensure a proper financial plan, there should be a clear cut vision or goal that is needed to be achieved. The financial plan changes in accordance with the change in the goals set. Once the goals are achieved the plan should be revised. The plan should be created, implemented, reviewed, and revised as per the need. This chapter focuses on personal savings and how the personal savings can be converted into an alternative income-generating source for a better life.
Patnaik, Deepti Assistant Professor, "Personal Savings and Asset Creation" (2020). Invited Talks. 14.