We all want to follow our passion and spend time doing the things that we love. However, if you don’t be one of the chosen few born with a silver precious metal spoon in his/her mouth area, you are constrained by having to spend time and energy focusing on stuff that is essential to put food up for grabs. So, how is it possible to stop working early and at last have the ability to follow your heart and your passion? Most of us arranged investment goals but just how many of us actually established specific goals for specific goals?
Goals could range from buying a new home, a new car, a vacation out of the country, education, and marriage of children, and yes establishing a corpus for retirement apart. If we specify a certain goal and then aside a certain sum every month for that it can be a powerful incentive to stick to the target.
Want to splurge on that absolutely gorgeous 4k TV? Thinking about taking a loan and paying EMIs? Why not do the change. Place the EMI amount in a repeating deposit and continue saving until the whole sum has been kept? Chances are the price of the gadget may come down anyway as newer devices are launched. So, what exactly are the constraints one faces in investing? That is an extremely common problem.
Whenever we receive a bonus, a raise, or a certain windfall we rush to spend it on some gadget or vacation immediately. We complain that we have no investible surplus Then. The easiest trick to investing is not to invest what we should be left with after spending. The trick is to spend what we have left after trading.
A simple thumb guideline is to invest at least 15% or better still 20% of our monthly income. The remaining 80-85% can be sufficient to look after our home loan EMIs/rent, household costs, commuting, kid’s college fees, credit card bills, etc. There are umpteen ways to control our expenditure. One particular question one must ask oneself is not what one can do with in life.
Ask yourself what you just cannot do without. However, if you can commit one does not always make investments even. That is a common enough problem that is hardly insurmountable. Your friendly neighborhood relationship manager banks on the fact that you are not proficient in personal finance to sell you those products, which give him maximum commission without caring for your financial needs.
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The very first thing to do is to obtain insurance for yourself which range from life to medical. While it does not sound sexy or path-breaking a straightforward term insurance is still the best insurance that provides you with maximum life cover anyway premium. Also, it is best to truly have a medical care insurance plan from the one your company offers you apart.
This is because it is possible your future employer may give you insurance cover at much worse conditions. Hence, it is advisable to buy yourself personal medical care insurance. That this is done Now, how can one proceed to increase one’s wealth? Okay, so I have covered by insurance myself how do you increase my prosperity now? Given that you have freed up a lot of your cash by going with term insurance policies you should put it to good use by investing it in the equity markets. If you do not have any knowledge of the stock markets, it is much better to invest in equity mutual money.
You pay your fund manager to manage your money and if he could be good at his job you’ll be able to multiply your wealth easily over time. It is always easier to stagger your investment by means of simple investment programs (SIPs) to avoid timing the marketplaces and viewing your wealth get destroyed in a market crash. In fact, market crashes are excellent opportunities to invest in the markets and easily multiply your wealth.