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  The highest paid countries in the globe usually involve nations with high living standards, sound economy and well developed social services, usually in terms of average gross income or PPP.  Here are a few of the highest-paid countries:  #1 Switzerland:  Average Gross Salary: up to $80 000 per year  Key Industries: Banking and finance, pharma, civil engineering and IT.  Living Standards: Switzerland takes the lead in all the rankings because of its strong economy and low unemployment rate besides having high standards of living.  Lack of affiliations to any political bloc and stringent banking secrecy laws have placed the country among the world’s leading financial centers.  High paying jobs are accompanied by high costs of living especially so in places like Zurich and Geneva.  #2 Luxembourg: Average Gross Salary: $65,000 – $75,000 annually  Key Industries: Finance, steel, technology and EU institutions.  Living Standards: Luxembourg is one of the smallest states but it is one of t

  Money management is very important in the financial wellbeing of an individual.  It entails the ability to manage one’s money and resources, which include income and expenditure, as well as making right decision in the use of money.  Here are some key concepts that are fundamental to financial literacy:  #1 Budgeting: Definition: It is a process of formulating a plan on how one is going to use his money within a certain period, particularly a month.  Purpose: It assists one to balance his or her income and expenditure so that one does not borrow unnecessarily.  Steps:  State all the income streams.  Divide and approximate spending (rent or mortgage, groceries, etc. ) for a given month.  The most effective way to be disciplined with the amount of money one spends is to give himself or herself a specific amount to spend on each category.  Keep your budget under check and do not hesitate to make changes to it frequently.  #2 Saving and Emergency Funds: Importance of Saving: Savings are

  Creating a solid financial plan is a very important aspect, which if well implemented and followed will lead to a good financial future.  Here are detailed steps and strategies to help you get started: #1 Set Clear Financial Goals: Short-Term Goals: As for the short-term financial goals, the concentration should be made on creating an emergency fund, paying off high-interest debts, and saving for urgent needs.  Long-Term Goals: To finance major expenditures such as planning for retirement, children’s education, a home or any other major investment.  The following goals should be defined using SMART criteria:  #2 Create a Budget: Track Income and Expenses: Track all the income streams and classify the expenses into necessary, sometime and never expenses.  Identify Savings Opportunities: Find the spots where you can reduce your spending and put the money towards the savings or paying off the debts.  Budgeting with the help of simple tables in MS Excel, creating a personal budget with t

  #1 Set Retirement Goals: Determine Your Retirement Age: Determine when you wish to retire to calculate how many years you have before you retire and commence saving.  Calculate Retirement Needs: Try to forecast how much money you will require in a year while you are in retirement, factors such as food, healthcare, traveling, and other forms of entertainment.  #2 Assess Current Financial Situation:  Analyze Income and Expenses: It is important to assess your financial position; thus, check the current income, expenditure and savings.  Evaluate Debt: Eliminate high-interest debt so as to increase the funds available for retirement.  #3 Make a Retirement Plan: Start Early: Saving brings compound interest into play and the more time one have to save the more his money will grow.  Set Up Automatic Contributions: Contribute to retirement accounts in a regular manner so that you do not forget to save money for your retirement.  #4 Utilize Retirement Accounts:  Employer-Sponsored Plans: Save