10 Steps to Design your Financial Future
It is not a New Year resolution!
Remember you and only you have the right to design your financial future, you cannot design/change your past.
So where is the problem?
- Design your financial goals. Knowing what you want, only you know. So it is easy. If you do not know what you want, you will never get it. It is quite simple.
- Design your financial planning, don’t just think, but INK your savings. “I will start saving when I get my next salary hike” attitude will take you nowhere. When your financial goals are defined, you have to take steps to achieve them. It is like a roadmap which you have to start following. Otherwise you will end up nowhere.
- Discipline your investments, take help from a professional financial advisor. Yes, you are very intelligent, you can decide yourself where to invest , when to invest and can manage your portfolio. It is like sailing a boat into the wind and into the dark until a rising tide comes and engulfs the sailors. The financial advisor is an expert in this field and shall continuously advice you so that you fulfill your financial goals and do not run into a tide.
- Invest regularly & systematically. Design your investment plan such that you feel it as an inevitable expense and please stick to your plan.
- Design your finances in such a manner that some portion is always accessible to you just to meet an emergency.
- Considering inflation, you are actually losing money if it is kept idle in bank savings account.
- Do not believe that property and cars make you rich. It is what you save and invest, is important.
- Design your quilt to fit your legs. Do not use credit cards lavishly. Instead make a habit of using debit cards.
- Design easy-to-apply financial rules. Insure yourself and your health. Prevention is better than cure.
- Do design a will to avoid unnecessary problems for your heirs.