You learned in school that there is no point in crying over a spilt milk. Time to apply it to your finances! Here are three homework that you must absolutely do for topping in the next term, regardless of your scores so far.
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Get, set, go prepare for your financial marathon
Published On , 14 Aug 2019 By TT Connect
When you think of a marathon, you map the distance. It is a lengthy, well-determined, strategic and disciplined approach to your long run. In personal finance, you do it for your retirement planning Goal.
Let’s discuss ways you can prepare, strategise and win this financial marathon.
TEST YOUR FINANCIAL FITNESS
Before starting any fitness regime, you measure your BMI, Cholesterol and other health indicators. These indicators tell you about the areas where you need to work more. In personal finance also, you need to identify your problem areas. The better you know your finances, the more you can prepare for your financial marathon. How? You can record your expenses. After that, you segregate them into necessary costs, luxuries and Goal-based spend. That will help you, know your finances, curb impulse purchases, and prepare for your long-distance (retirement planning) Goal.
GET A COACH
Once you know the areas you need to work out, it’s time to get an expert! Similarly, you need Expert advice to work on your financial problem areas, as well. How? You can seek financial advice! A Financial Advisor is a Market Expert. They can help you prepare for your Goals and overcome your economic weaknesses. They can also help you determine your optimum retirement corpus.
PREPARE A PLAN
How do you want to strategise your marathon? Do you want to start slow; or gain momentum by running ahead in the first round? Similarly, in personal finance, you need to decide your investment strategy. It involves the way of Starting, Expanding, Diversifying, and Completing. How? You can plan your spends. That involves shopping with a list, budgeting your expenses and curbing impulse buys. Further, you need to plan which Goal comes first, Diversification, and how do you segregate your investments.
You can’t prepare for a marathon with just one day of practice! You need to continually work towards improving your stamina, by reaching several performance milestones, one after the other. In personal finance, you can improve by gradually increasing your investment capacity. How? Initially, you can start from a SIP (Systematic Investment Plan) as small as Rs.500. You can make investment milestones to increase your investment capacity gradually. If you started with Rs.500, your next aim could be Rs.1,500, Rs. 3,000, Rs.5,000 and so on.
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