One way to think about financial IKIGAI is to consider what brings you joy and fulfillment in your financial life. This could be anything from having financial security and stability to being able to afford
the things that you love, such as travel or hobbies. It could also be about finding meaning and purpose in the way you use your money, such as using it to make a positive impact on the world through charitable giving or investing in socially responsible companies in sectors you feel for. I personally do angel investing only in sectors around Health and Wellness as I am passionate about this subject.
To achieve your financial IKIGAI in 2023, it will be important to set clear financial goals for yourself.
This might include saving for a down payment on a house, paying off debt, or building up your emergency fund. It will also be important to create a budget and stick to it, so that you can make sure you are using your money in a way that aligns with your values and goals.
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In addition to setting goals and creating a budget, there are several other strategies that you can use to improve your financial well-being in 2023.
● Building up your emergency fund: Having a healthy emergency fund can help you weather financial storms and avoid going into debt when unexpected expenses arise. Aim to save enough to cover at least three to six months’ worth of living expenses.
● Paying off debt: If you have high-interest debt, such as credit card debt, car loan, home loan or student loans, it can be helpful to focus on paying it off as quickly as possible. This can free up more money in your budget for other goals and reduce the overall cost of your debt.
● Building a diverse investment portfolio: Diversifying your investment portfolio can help you mitigate risk and increase your chances of long-term financial success. This might involve investing in a mix of stocks, bonds, and other assets, as well as considering different investment strategies, such as index funds or individual stocks.
● Investing in your education and career development: Investing in your education and professional development can help you increase your earning potential and build a more secure financial future. This might involve taking courses or getting a degree in a field that interests you, or simply staying up to date with industry trends and best practices.
● Giving back to others: Giving back to the community or to causes that you care about can bring joy and fulfillment to your financial life. I personally do not believe in donating money as much as volunteering my time and skills for causes close to my heart.
In conclusion, financial IKIGAI is about finding joy and fulfillment in your financial life and aligning your money with your values and goals. To achieve your financial IKIGAI in 2023, it will be important to set clear financial goals, create a budget, and implement strategies such as building an emergency fund, paying off debt, investing in your education and career development, building a diverse investment portfolio, and giving back to others. By following these steps and remaining committed to your financial well-being, you can create a sense of purpose and meaning in your financial life and work towards a more secure and fulfilling future.
Remember, your financial IKIGAI is unique to you and what brings you joy and fulfillment and one way to reduce stress in your life.
(By Rajiv Bajaj, Chairman & MD, Bajaj Capital Ltd)