6 mantras to achieve Financial Freedom
People go to the Himalayas to find inner peace.
But what about financial peace?Well, the good news is, you need not go anywhere in its quest. All you have to do is practice these financial mantras.
Mantra 1: Analyse your financial status
You yearn for peace when something starts disturbing you or when something is not right.
So: First find out what's wrong with your finances.
How: Take stock of your financial life.Qualify all your assets and liabilities. List down all your income and expenses. Don't forget to list down your financial strengths and weaknesses.
Mantra 2: Seek Financial Advice
When you are going through constant lows in life, you want someone to talk to you, to console you, & guide you. They could be be your friends, teachers, parents, mentor or even a counselor.
So: Look for someone whom you can talk to about your finances
How: Find out about Financial Adviser from friends, colleagues, on the internet etc. and do a thorough background check of the short listed ones. Next know about their qualifications and experiences. Also ask them questions about their success rates, tie ups with other things.
Mantra 3: Set Financial Goals
You meditate to improve your concentration, reduce anxiety & depression.
So: Your money has many ways out. You must set financial goals first.
How: Think of all big and small thing that you wanted but didn't have enough money for them. These becomes your goal. Next, decide the tenure of achieving it.
Mantra 4:Save for your Goals
The mountains are calling to give you peace , but do you have the energy to climb.
So: Now that you know what you want, start saving for them.
How: Keep aside a small sum each month for your goals & separate amount for emergencies. As a thumb rule, you must at least try to save 20% of your monthly income. The higher the percentage better are your finances.
Mantra 5: Invest
You invest your time & money to attain mental peace. Do the same for achieving financial peace.
So: Invest your savings to build wealth, save for your goals, emergencies, save taxes & have comfortable retired life.
How: Equity Mutual funds can help you build wealth in long run.You can also save taxes by investing in Equity linked savings schemes about 1.5 lakhs. For Emergencies you can invest in Liquid Funds.
Mantra 6: Review your Investment
Just how you try to ascertain if the mantras are helping you in any way, you must try to ascertain if your investment are helping you to achieve your goals.
So: Review your Mutual fund portfolio at regular intervals.
How: The Net asset value of your fund gives you an idea about its per unit market value. You can even approach Financial Adviser for help.
Courtesy : Live Mint Newspaper dated on 6th January 2020
Comments
Post a Comment