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6 Mantras to achieve financial freedom
Published On , 6 Jan 2020 By Business Line
6 MANTRAS TO ACHIEVE FINANCIAL FREEDOM
People go to the Himalayas to find inner peace. But what about financial peace? Well, the good news is, you need not go anywhere in its quest. All you have to do is practice these financial mantras.
Analyse your financial state
You yearn for peace when something starts disturbing you or when you know something is not right.
SO: First find out what’s wrong with your finances. HOW: Take stock of your financial life. Quantify all your assets and liabilities. List down your income and expenses. Don’t forget to understand your financial strengths and weaknesses.
Seek financial advice
When you are going through constant lows in life, you want someone to talk to you, console you, and guide you. They could be your friend, teacher, mentor, parents or even a counsellor.
SO: Look for someone whom you can talk to about your finances. HOW: Find out about Financial Advisors from friends, colleagues, on the internet, etc. and do a thorough background check of the shortlisted ones. Next, know about their qualifications and experience. Also, ask them questions about their success rate, tie-ups among other things.
Set financial goals
You meditate to improve your concentration, reduce anxiety and depression.
SO: Your money has many ways out. You must set financial goals first. HOW: Think of all the big and small things that you wanted but didn’t have enough money for them. These become your goals. Next, decide on the tenure of achieving them.
Save for your goals
The mountains are calling to give you peace, but do you have the energy to climb?
SO: Now that you know what you want, start saving for them. HOW: Keep aside a small sum each month for your goals and a separate amount for emergencies. As a thumb rule, you must at least try to save 20% of your monthly income. The higher the percentage, the better it is for your finances.
You invest your time and money for attaining mental peace. Do the same for attaining financial peace.
SO: Invest your savings to build wealth, save for goals and emergencies, save Taxes and have a comfortable retired life. HOW: Equity Mutual Funds can help you build wealth in the long run. You can also save Taxes on investments up to Rs.1.5 lakh annually by investing in Equity Linked Savings Schemes (ELSS). For systematically building your retirement fund, you can invest in Solution Oriented Retirement Funds. Moreover, for boosting your emergency savings, you can invest in Liquid Mutual Funds.
Review your investments
Just how you try to ascertain if the mantras are helping you in any way, you must try to ascertain if your investments are helping you achieve your goals.
SO: Review your Mutual Fund portfolio at regular intervals. HOW: The Net Asset Value of your Fund gives you an idea about its per unit market value. You can even approach Financial Advisors for help.
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