Get your actions in Personal Finance right by through our ‘Simple and Happy’ approach. It is our considered view that with the following actions, you can create simple and happy ways to be Rich:
1.Pay yourself first
This means “Save first and spend the balance”. Whenever you get your income, you need to allocate the pre-decided portion as savings and then only spend the balance
2.Invest in the education of the market
This is one of the best advices for a person entering the market. Today, there are excellent sources such as books (including eBooks), audios, videos, training programs on the basics as well as the higher aspects of the market.
3.Invest early
The principal rule of investing is to ‘start early’ to get the benefit of compounding
4.Adequate insurance
Decide the amount of cover for life insurance and medical insurance with the help of your advisor. Keep reviewing the adequacy every year. Today the term policy premiums have really plummeted to the real benefit of all of us.
5.Be smart in using credit card
Use credit card for safety and redeeming the points rather than a source of easy credit.
6.Play the game of Risk Management and not Risk Avoidance
“The greatest risk in life is not taking any risk”. Learn to manage the risk using the right tools. Of course for an investor, the longer the period that your money is available for you, the lower is the risk.
7.Utilise the services of an Advisor
The smart way is to work out a plan with the help of your Advisor & stick to the plan.
8.Have a Financial Mentor
We firmly believe in the concept of monthly reviews to ensure discipline. Have a mentor for this purpose.
We are optimistic that many of you will use the above simple steps and make us proud to write about you in our ‘Celebration’ page. This is not just our wish but our submission to the Universal Intelligence.
Add this page to your favorite Social Bookmarking websites
