2018 has been a year that taught me a lot. From interacting with investors at a couple of Elite Club Conclaves to explaining others on why long term equity investment is probably the only way to create wealth, 2018 was one pleasant experience to say the least.
There have been a lot of learnings all throughout the year. Saying this, what better time to implement a few of them?
Here are 5 Financial Resolutions I take this New Year:
- Adequate Savings: I will plan my spending patterns in a way where I can save and invest a certain amount by the end of the year. This is extremely important if I want to ensure me & my family to lead a lovely life in the future and never have to adjust for anything.
- Systematic Investing: I will ensure I invest my savings wisely. I will not just trust anyone into putting all my savings in 1-2-3 baskets. I will spread them across well across systematically. I will read, do my bit of research and only once I am satisfied will I commit to invest my money there.
- Avoid Speculation: Being it going for speculative investing or being speculative about some rumours or investing based on gut, I will completely avoid all of it. I will surely ensure I do not fall into this trap.
- Investments don’t need 24×7 surveillance: I shall invest wisely and also keep a track on my investments, but I shall not monitor them minute-by-minute. Just because there is technology available to do so, doesn’t mean I abuse it that way.
- Invest in Health & Life Insurance: Medical bills are rising by the day. I am extremely healthy today, but I do not want to speculate about it for tomorrow. I neither want my health to be a burden or especially a financial burden for anyone. Plus, just in case if something bad has to happen to me, I need to have enough money for my family not to at least worry about money.
Being a long term investor implies that you are happy to accept a specific amount of risk in pursuit for higher rewards and that you can bear to be patient for a longer period of time.
I am sure you are thinking on why I am sharing them with you! Because I urge you as well to take them up. And what is a better time to start improving your finances than now, the start of a New Year?
Read more: How Long-term investing helps create life-changing wealth – TOI.