One thing that almost everyone does in the last week of December is to pledge a NEW YEAR RESOLUTION....And then by the end of January, 90% of this goes up in smoke!
After all, changing
habits is not easy it needs constant reminders, which explains the failure to keep up with the resolutions and subsequent BACK TO SQUARE ONE!
Hence it's prudent to have an EVERGREEN WEALTHY RESOLUTION rather than just a NEW YEAR RESOLUTION
We have seen
laymen getting into Resolution Pledging mode with huge
excitement promising
themselves they WILL stick to it.
But how many
do?
Less than
10%
Are you in
that rare 10%?
Great
If you are
not...it’s better, you get into the mode and scale up yourself.
Yes...
It's indeed
super difficult to CARRY through a new habit after a few days as so many tempting
things keep popping up.
Give it a
TWIST
Instead of
having a Resolution only for the New Year why not have a Resolution for a NEW
WEALTHY YOU!!
Yes. Just
change the track. Get into a habit of sticking to a resolution that you can
easily stick to throughout life and then see your life move from average to good
to better to BEST LIFE
So… Ready?
Here we go on the WEALTH RESOLUTIONS that you have to stick to throughout your life so that you #DontRetireRich but the #WealthOfWisdom that this article shares.. will elevate you to RETIRE WEALTHY
What’s
shared is SIMPLE AND VERY EASY TO FOLLOW
Something so easy that you will feel that I think I am already doing it.
But...you
are not!
Maximum miss
out
1. PLAN EARLY FOR BIG
SPENDS
Identify the
big-ticket spending and plan to save towards the same.
Yes... many
do plan for Big-Ticket spending like Marriage,
Owning House, etc
To simplify
your life even further, plan early for even the ANNUAL Big Spending like the
School Fees in April-May
Festival Spending in October-November
Annual Vacation
Insurance Premiums
This will
help you plan your cash flows and avoid selling your good investments and God
forbid...getting into loans
"With strategic planning, turn your goal pursuit from a mad dash to a joyful journey. Enjoy the journey, make wise choices, and get to your goal feeling confident and ready. 🚀
2. AVOID EMIs LIKE A
PLAGUE (rather like COVID!)
The
Buy-Now-Pay-Later is a scheme that is the BIGGEST hurdle in you moving up the
WEALTH scale.
Avoid the
EMI like a Plague (rather like Covid)!
Use CASH
always...this will straightaway keep you out of getting into an EMI trap.
Unless it’s
a Home Loan EMI, you have no right to get into an EMI and get yourself trapped
and shave off your wealth.
EMIs reduce
your cash savings and consequently, your money which was supposed to create
Wealth for you and your family is now going to service debt thus postponing
your Wealthy Retirement Life.
EMI kills
SIP thrills. Do REVERSE EMI by investing in SIP
Invest in Equity
Mutual funds via SIP (EMI in Reverse) and buy that Luxury Product with YOUR OWN
MONEY.
The satisfaction will be unparalleled
(Read this useful blog
DO REVERSE EMI TO BUY YOUR MERCEDES!
https://srikavimoney.blogspot.com/2022/11/do-reverse-emi-to-buy-your-mercedes.html)
3. GET COVERED BY
EMERGENCY FUNDS AND INSURANCE
Earlier I
had to take huge pains to explain the benefit of the Emergency Funds. The Covid
experience has now made even the layman understand the importance of the
Emergency Fund.
If you don’t
have an Emergency Fund, SET IT UP NOW!!!
Be prepared for Emergencies: Medical contingencies, job loss, and salary cuts
are some emergencies that you must be prepared for.
Sadly, the
layman continues to ignore the Insurance part (especially the Term Insurance
part).
Term
Insurance is a MUST, especially for a Bread Winner. Term Insurance offers the HIGHEST Life Cover at a Low Premium protecting your family from a financial crisis
in your absence.
4. Get an AMG
An AMG (Advisor/Mentor/Guide)
will help you scale up
the Wealth Ladder faster, quicker, and relatively stress-free.
The "I have Google"
approach has ruined the
finances of so many people and I have seen even the so-called highly literate
Tech Guys making blunders by investing in selecting funds and then losing HUGE.
The Internet
won't give you personalized suggestions. To build long-term wealth, always
follow your AMG…Advisor-Mentor-Guide
Having to
choose amongst 1000s of funds based on asset class, market cap, investment
style, etc, is indeed a herculean task
Selection
needs to be based on your risk profile, investment horizon, asset allocation, and
various factors as each fund serves a different purpose in a portfolio.
In such a scenario, advice from an AMG
(Advisor/Mentor/Guide) is a must
Don’t become
a #PAISA WISE RUPEE FOOLISH
5. AVOID PROSTICANATION... EMBRACE SELF DISCIPLINE
It is critical to address indifference and a lack of discipline when it comes to money matters. The key to success is defining your financial objectives clearly and methodically breaking them down into doable actions. Establish a reasonable timetable for completion and reinforce your commitment by closely monitoring your own progress.
Instead of a "kal karenge" cliche, turn your mindset into a "samridhi forever" story. One step at a time, one chai at a time, climb Mount Everest in finance. ☕️
6. OVERSPENDING (LIFESTYLE INFLATION)
Your income may reach the summit of Everest, but your spending should not! A bigger income is not a license to live like an Ambani!
That Extra Income could be your ticket to Financial Independence.
Ditch the "more money, more things" mindset in favor of long-term goals such as financial freedom over that flashy new gadget that will collect dust (and regrets) in a month. Remember that true happiness rarely comes cheap.
Invest your extra income wisely, whether it's in improving your talents, prioritizing your health, or supplementing your retirement fund. Today's strategic investments lay the path for a more resilient and prosperous future.
TO CONCLUDE ...
“Focus on these small wins so you can
make gradual progress,” Charles Duhigg, author of “The Power of Habit” and a
former New York Times writer, said. “If you’re building a habit, you’re planning for the next decade, not
the next couple of months.”
“No one's ever achieved financial fitness
with a January resolution that's abandoned by February”
The
resolutions shared here are not for a year...it’s a VEDA VAKYA (GITA
FOR INVESTMENTS) for LIFE-LONG
The ideas
shared here are Meaningful, Measurable, and DOABLE.
"No matter how hard the past, you can always begin again."- Buddha
https://t.me/joinchat/AAAAAELl4KUnaJzi-JJlDg/
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