Hi there!
As we move ahead of the pandemic and wait for our vaccine shots, let's not forget our great money takeaways from 2020. This year surely made most of us sit and think about what we want to do next and if we have sufficient funds to achieve our dreams. Here are a few reminders for you!
1. Save before you spend
If you are a regular here, you know that we just don't stop with this one. Because it is the MOST IMPORTANT thing to do, to create wealth. You can only invest what you save and if you keep your savings for the end of the month. More often than not, it will not be enough. So get saving first. Pay yourself first. Transfer a fixed % of your income to your savings each month and then, of course, convert that into investments.
2. Protect yourself and your loved ones
Get those Insurances. Life insurance by way of appropriate term insurance and health insurance. If you really want to be stress-free and not to worry about what will happen to whom, you must get that insurance to protect yourself. Incur that cost, pay that premium, it is the comfort that you are giving yourself to have enough insurance.
3. Reduce the unnecessary
The lockdown taught us we don't need everything fancy. Instant gratification is not always what we need. Hence, slowing down on your spending and saving every bit you can is the key. We don't want you to be a miser, but yes spending within your means is the most important thing to do.
4. Invest smartly
Know your goals and invest for them. Randomly investing as per google trends is not going to help you create any wealth but make a mess of your portfolio. Investing based on your goals, risk profile, and allocating your assets timely will solve the purpose. Our course explains all these in detail. You can also use the calculator - Savings calculator to compute the future value of your goals and how much you should invest from now to achieve them.
5. There is no fixed trend to the market
In March 2020 we all faced our first market crash and in June 2020 we saw the highest rise in the market ever since and the rally is still ongoing (as we write this) with no conclusion in sight. People who were fearful and sold their investments in the march are repenting today. Many others are wondering if they should invest now as the rally seems very promising. The solution to these questions is to do your asset allocation. You can do the same knowing your risk profile. Check out our Risk calculator here to know what is your profile and how you can invest for the same.
6. Educate yourself! LEARN MONEY
And lastly, it is very important to learn about your own money and take charge of it. Don't wait till your retirement to do that or it to be a eureka moment for you. Learning and investing money is a slow-paced process. Get started by reading newspaper articles on personal finance. It is the first step to get acquainted with money information and then invest your money.
To help you achieve this by investing and using your money smartly, check out our course 'Namaste Money', it is a completely online course to help you learn everything from A to Z of personal finance. You can attend these sessions anytime from anywhere. Register Now and get the course of 5000 for 1999 (USE CODE SAVE20) for your special 20% discount.
CLICK HERE TO REGISTER NOW!
Disclaimer: - The articles are for information purposes only. Information presented is general information that does not take into account your individual circumstances, financial situation, or needs, nor does it present a personalized recommendation to you. You must consult a financial advisor who understands your specific circumstances and situation before taking an investment decision.
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