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It's that time of the year when we take stock of the resolutions that we had made at the same time of last year and also think of the new ones. It's common not to have executed a few of the resolutions, for some reason or the other, but that should not be the excuse for resolutions related to your financial health and financial goals. So you should have a New Year resolution and stick to it.
A great starting point for 2014 would be to truly think about what you envision your financial life to be. For a very large number of investors, it is probably their families' financial security, and being able to fulfill financial commitments as and when the milestones approach. The challenge though is to move these items from a nebulous form of financial security and meeting financial commitments, to an actionable list that will truly enable us to transform our financial lives in 2014.
One of the most common reasons that hold us back from meeting these objectives is the notion that financial stability will come over time. And also thoughts like 'I don't have time now', and 'will address this later', or even 'this seems to be a complex process'.
According to Dhawan, there are three main actionables that can help one execute the resolutions to his/her satisfaction. First, this holiday season you should take out some time and write down your financial goals in a clearly defined manner. Secondly, have a comprehensive financial plan which will help you understand your risk appetite, where you stand today as far as your goals are concerned and most importantly, what is it that you should do to hit your financial goals. And lastly, you should diligently execute the plan.
There are six easyto-keep New Year resolutions that you could adopt which uses various mutual fund products and which can also help make you and your family financially independent in the long run. These are...
1 I will start an emergency fund: Make 2014 the year that your family is financially secure. Build three to six months' worth of expenses in a liquid fund. These funds are a safe place to park your money, and are an appealing alternative to bank deposits because they aim to provide liquidity and slightly higher interest rates than banks do. These funds are ideal for your emergency cash requirements as you can redeem them whenever you like without any exit loads.
2 I will not be scared to invest in equity: Many investors avoid stocks because of worries about the economy and several other factors. Rather than investing directly in the stock market, a better alternative is a diversified equity mutual fund since equities always tend to outperform most asset classes over long run.
3 I will start saving today itself, no matter how small the amount: It is very important to start investing early so that your money gets time to compound. A simple way to start is to invest in a systematic investment plan (SIP) of an equity mutual fund. SIPs smoothen unpredictable market movements and one can start investing even with a small amount like Rs 500 per month.
4 I will stay focused on my goals and invest carefully: Don't let your emotions and the emotions of the herd carry you away. Markets will rise and fall and stay volatile - don't try to ride those waves. Don't speculate, don't gamble away your savings. Do your research and determine which category of fund you are investing in - equity, fixed income, balanced, hybrid and within them the various subsets like sector, theme, gilt, income, short-term, liquid etc.
5 1 will save for my retirement: Doesn't matter if you're 25 years old or 45 years. Most people chronically under-save for their retirement. There is always room for everybody to save more for retirement this year than they did last year. You can invest in equity funds for capital appreciation, debt funds for regular income or gold funds for securing your future.
6 I will make a difference: Make 2014 the year that you give something back and help those in need. Consider donating to a charity or cause that you hold dear. It's good for mankind, it's a useful way to spend your money, and it has tax benefits, too.
For further information on the topic you can CONTACT Prajna Capital on 94 8300 8300 by leaving a missed call.
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