Money can be cause of stress and anxiety for many. Planning can help us get over that uneasy feeling and make more informed decisions and save a lot of pain.
Better decisions also lead to outcomes that align with our version of ourselves. At least, that is how I see it.
On this World Financial Planning Day, I remind myself some of the important things. Sharing with you too.
- Earn, well!
- Save before you spend
- Buy protection via insurance (life, health & disability)
- Avoid debt
- Don’t use credit cards indiscriminately
- Know what you want your money to do for you
- Invest the surplus in a diversified portfolio
- Monitor and rebalance – Don’t try to time the markets
- Focus on earning and saving more
- Avoid tips and speculative bets
- Be a healthy skeptic!
- Use patience to let compounding work for you
- Don’t lose money, that is, your capital!
This is it.
No fancy talk. Plain, boring steps to ensure that your money works for you.
Happy World Financial Planning Day!
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Dear Vipin ji, on this world’s Financial Planning Day, we whole-heartedly thank you for being our Financial Planner and helping us reach our financial goals. Wish you all the success and glory.
Correction: I mean ‘glories.’
Great gist of what one should / should not do.
All of this looks so common sensical. Howver, when one gets to doing it, we realize that the ‘How’ part is tricky than we thought.
And that’s why the experts like you are required!
Simple and easy to follow points. But this will still take lots of dedication and patience to follow to the brim.