This Independence Day, pledge to take good care of your wealth as you care for your health After all, assuring the well being of your wealth through continuous discipline and effort is as important as keeping yourself healthy.
CHECK YOUR HEALTH CHARTAND SETAGoal
So you weigh more than you should? Or are your cholesterol levels a little high for comfort? Whatever your problem is, you make it your Goal. Similarly, set a Goal for your finances too. A ?5 crore Retirement Fund, ?30 lakh down payment for your your College Fund-it could be anything as long as you attach a realistic figure to the Goal.
GIVE YOUR SELF A DEADLINE
You cannot become healthy overnight, can you? No, it takes time for you to achieve your target. For example, you can aim to shed 10 kilograms in three months. This way, you can break up the target shed 35 kilos every month. Makes it easier, right? Your financial Goals too need time Whether you are investing for the short term or ionger period of time affects how your money grows.
APPROACH A DIETICIAN
Almost everybody on the path to good health refers to an expert. This could be your gym instructor, a dietician or any other specialist. The bottom line is clear you need guidance. Why then, do you proceed without any help in managing your finances? There are plenty of good financial advisors available today who can help you grow your money.
CUT DOWN YOUR JUNK
The first advice almost any health expert gives is to avoid Many also suggest cutting down portion sizes. In financial parlance, this could refer to your extra or unwanted expenditures. Find ways to spend less. This can automatically help you save more. Alternatively, you can invest first and spend whatever remains.
GOOD FOOD v/s BAD FOOD
Different health Goals involve consuming various types of food. For example, you would ra ner increase protei if you want to build muscle. If you are diabetic, you wou prefer food items with low sugar content. Apply this concept to finances too. There's no point in investing in Bank Deposits if you want 13% returns every year. Equity would be the way to go. Learn asset allocation.
MONITOR REGULARLY WITH HEALTH CHECKUPS
You need regular checkups to monitor your health. How would you find out if your cholesterol or levels are normal? Similarly, conduct regular checkups for your finances too. his could be as simple as looking at your portfolio returns. That said, you should meet your financial advisor regularly for an in-depth check of your finances
REVIEW EVERY MILESTONE
When you are working out to lose weight, every kilo you shed is a milestone, This makes the whole process less arduous and more exciting. In the same way, set milestones for your investments too. This serves wo a purposes. One, it tells you that you are inching closer your Goal and motivates you further. Second, these milestones can help you measure your performance.
RE-PLANIN CASE OF HITS AND MISSES
Not every plan is successful right away It's a constant case of re-planning and changing strategies. So gym didn't work? No worries, try kickboxing! At every milestone, see if your portfolio of investments is working for you, If not, it may be time to rethink your strategy. Sell a few Mutual Funds and buy a few others that may help you achieve your Goal.
USE SAVVY HEALTH TOOLS
Diabetics use sugar testing strips. The health conscious use apps like 10,000 steps, Fitbit etc. In fact, most smartphones come with their own Health apps. The financially savvy have a wide range of such kits too to monitor savings and investments. Some examples include the SIP Calculator Career Planner, the Financial Health Check, the Goal Calculator, etc.