Patience and Discipline

 

Whenever we have a hearty meal, it seems so enjoyable but afterwards the feeling is 'full' and sometimes very unpleasant. One feels very lazy and lethargic. On the other hand if one does an intense workout that leaves you sweating like a pig, the 'feeling' that follows is almost always so pleasant. One feels energetic and lively.

Similarly when one invests with discipline and patience, it may not seem pleasant in the beginning but as you invest with discipline and patience over a period of time you start to feel energetic and confident as you experience the formation of wealth. But if you were to spend your money on goodies and things of pleasure, the immediate feeling may be nice but later on, one feels the misty and pain of poverty.

Clearly making wealth demands discipline and patience. It does not come easy.

www.nextportfolioindia.com

7 Steps to Secure Financial Future

 

Every responsible person thinks about a secured financial future for his or her family. However, acting to secure the financial future one has to plan in advance. Here are some steps that could help you towards financial freedom in the future.

1. Manage expenses: Financial Distributors say expenses are the backbone of an individual's financial planning. To spend judiciously, learn the difference between needs and wants. Once you know the difference, it becomes easy to control unnecessary expenses. Remember, as you manage your expenses, your savings would increase which could be invested smartly for wealth creation in the long run.

 

2. Identify financial goals: Zero in on financial goals and set deadlines for each of the goals. The next steps are to measure those goals and regularly check your progress. Be flexible for course correction in case of any divergence from the planned course. 

3. Buy risk covers: Have adequate insurance to protect those who are dependent on you financially. Buy a life insurance plan. Also have health cover for the whole family and insure your house. 

4. Take calculated risks, not blind ones: You should not be afraid to take risks but should not invest based on tips. Aversion to risks could also be due to lack of understanding of investment products. So try to understand the basics of investing and finance. 

5. Don't fear numbers: Often women are found to be fearful of numbers, which eventually leads them to depend on others for their financial decisions. Women should not fear numbers but should be in-charge of the situation and take decisions about what they really want financially. Number crunching could be delegated to someone else. 

6. Ensure inflation-plus returns: Always ensure that your investments give you returns which can beat the inflation rate. Else you would end up with a negative real rate and in the long run you will not create wealth. 

7. Get a good Financial Distributor: Choose a Financial Distributor after proper due diligence because if you get a good person to handhold you with your financial plan, the advisor, like a friend, will remain with you for life.

www.nextportfolioindia.com