HomePersonal Finance10 Snakes and Ladders of your personal finance life

10 Snakes and Ladders of your personal finance life

Snakes and ladder is a very famous game & most of us have played this game in childhood. This game is played on a game board containing a print of snakes and ladders.

In this game, the player will throw numbered gridded square and navigate their position based on the number on this square. If they end up on snakes their position is eaten away and if they end up on a ladder they step up in position. This simple game has a lot of resemblance to our personal finance life. 

To reach our financial goal in life we have to cross all snakes and use maximum ladders to achieve the goal.

Let’s discuss in life we deal with what types of snakes and ladders.

snakes ladders personal finance life

5 Snakes of our life

#1 Inflation

Inflation is the most dangerous snake it is like “king cobra” the most poisonous. You cannot control inflation it is an integral part of the system for which you don’t have any control. Today Inflation rate is around 7% and the interest offered by a bank is just 3%.

#2 Loan  

Another snake in our personal finance life is loans. Interest rates of loans pull you down in life like a snake. Take a loan only if is mandatory and yes make as much as prepayment you can! 

#3 Tax

The third snake in life is Tax. You are already aware that we pay multiple types of taxes in India. Direct and Indirect Taxes. You cannot avoid tax fully but you can use tax saving instruments to save tax.

#4 Medical Expense

Another uncontrollable snake in our life is a medical expense. This snake may trap us at any time and bleed us like anything. You can prepare yourself against this snake by taking a mediclaim policy.

#5 Education Expense

Education expense is another snake. The cost of education is increasing like anything. If you don’t plan & make investments for child education, this snake may pull you down in financial life.

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5 Ladders of our life

#1 Multiple Source of Income

Multiple Sources of Income are ladders that you can use to step up to your financial goal. Keeping multiple income sources or passive income will always help you achieve your goal faster.

#2 Return from Investment & time

The second and most important ladder to achieve your financial goal is the return achieved from your Investment & time.

In a snake and ladder game long ladder in a short time will take you nearby a winning position similarly investment offering a higher return in less time will take you nearby your financial goal.

#3 Education & Knowledge

The third ladder is education & knowledge. Life gives you better prospects if you possess higher education & knowledge.

#4 Skills & Qualities

Skill and qualities are other ladders in life that can help you to achieve your financial goal. You should advance your skillset as much as possible. 

#5 Luck

Last but not least ladder in life is luck. You can plan many things but the ladder of luck should be at your side else you will be eaten away by a snake anytime.

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Shitanshu Kapadia
Shitanshu Kapadia
Hi, I am Shitanshu founder of moneyexcel.com. I am engaged in blogging & Digital Marketing for 10 years. The purpose of this blog is to share my experience, knowledge and help people in managing money.