Aamir Khan’s upcoming movie Dangal pays tributes to the Indian women and gives us a message how a woman in India can achieve her goal despite crossing so many hurdles in her life. Similarly, financial planning is not meant for men only. Anyone can have a financial plan for making proper investments and in a disciplined manner.
Most of the time we buy products on EMIs whereby we actually pay more than the actual cost of that product. Now, it’s time to turn the table on – let us make a resolution for the New Year 2017 that we won’t pay more than the cost of a product.
Break the boundaries:
If you have the desire to achieve something you need to have a 360-degree focus on that goal. In the movie, Aamir Khan’s main aim was to get a gold medal in wrestling, which unfortunately he was not able to get. So he thought that his son would get it, but ultimately he braked the boundaries and trained his daughters to win the gold for India. Similarly, one should understand the concept of financial planning. It’s not limited to investments and achieving goals only, but it actually helps in doing 360-degree management of funds. It not only helps you achieve your goals but also helps in protecting the same by providing a proper calculation of insurance cover you need to secure your finances. Financial planning is basically an ongoing process which helps in protecting, implementing, monitoring and reviewing your investments towards a particular goal.
Be focused towards your goal:
In the movie Aamir Khan taught his daughters to become a successful wrestler. The goal of making her daughters a wrestler was very much clear in Amir’s thought process which took years to make them successful at the end. Similarly, on same the ground, the purpose of your investments should have a vivid vision to achieve the financial goal which you are aiming for, irrespective of the goal duration whether the goal is for long term or short term. The purpose of your financial goals can be anything like – retirement’s goals, your children’s education goal or their wedding goal, etc.
Have a disciplined approach:
Hard work, dedication and practice towards your goal come from sustainability. It was the daughters’ long-term disciplined approach which made them successful. Thus, it is very clear that if you have invested your money for a certain goal, then you should keep an eye on its growth momentum by having a regular review despite getting worried about the market volatility and redeeming the money being in a fear state of mind.
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Lesser makes the bigger:
Just being a girl you think that you can’t fight because you do not have that strength. It’s a wrong perception because your strength comes from perfection in the field you are in and not from just gaining weight. Similarly, never think that if you are from a middle-class family then you cannot make crores of rupees. This is wrong again because a small amount of SIP can create crore of rupees in the future. For example, if you save Rs.2000 for the next 30 years for your retirement goal, you can make approximately Rs.1.4 crore.
Learn from the past performance:
You always need to review the mistakes made by you in the past. Get yourself acknowledged and start working on your mistakes to become successful. In context to choosing a fund for investments, you should study its past performance. Secondly, its historical background, numbers of sectors it is dealing with and so on. Investments should not be done blindly. Rather it should be analysed and prioritised according to your financial goal.