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Time to make some new year resolutions
Published On , 3 Jan 2019 By ET Wealth
BE A DISCIPLINED INVESTOR, HAVE AN EMERGENCY FUND AND A HEALTH POLICY
A New Year is also the time to make resolutions for the year. Although a lot of the resolutions are often not met, but that shouldn’t be an excuse for not making some. Here are some investment-related New Year resolutions that would make you a better long term investor:
HAVE A HEALTH POLICY
It’s important to have a health insurance policy in place, again, to avoid any financial setback.
CREATE AN EMERGENCY FUND
Always have an emergency fund in place so that you can avoid any major finance setback. One of the preferred ways of creating a contingency fund is to invest in a liquid scheme of a good mutual fund house or FD.
INVEST WITH PATIENCE To quote billionaire investor and philanthropist George Soros: If investing is entertaining, if you’re having fun, you’re probably not making money. Good investing is boring. Don’t buy stocks with the objective of making some quick bucks. Develop this habit of being a patient and regular investor. Give time to your money to grow over years.
I’LL TRY TO SAVE MORE BY SPENDING LESS To quote billionaire investor Warren Buffett: Don’t save what is left after spending, spend what is left after saving. Remember to follow the advice of the Oracle of Omaha not only through the coming year, but it’s a lesson for a life time. So always try to pay yourself first, that is invest for your future, like through SIPs, on the day the money is credited to your account. Spend what’s left after all the investments are done.
PREFER SIP OVER LUMP SUM INVESTING
Invest through the SIP route which would bring in discipline in your savings and investment process. Think of it: Like you get your salary every month, try to invest in a manner which matches the regularity of income. SIP in a mutual fund is that simple process.
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