This Diwali Shubhaarambh to illuminate the light of financial freedom.
You may find that two people work in the same office and get the same salary, but one of them is leading a comfortable life while the other is facing financial troubles. Why does this happen?
This is because of the difference in their economic decisions. So, in order to achieve financial freedom, it is very important to take the right financial decisions at the right time to lead a stress-free life.
Diwali will be celebrated next week. This festival of lights is celebrated with gaiety all over the country. When everything is lit up on Diwali, why should financial investing lag behind? This time on Diwali, do the Shubhaarambh of investing to achieve financial freedom and lead a happy life.
Invest money where it grows and works for you
Money lying useless is neither good for you, nor for your finances. You have to invest it for it to grow and for it to be effective for you. Depending on your goals and risk appetite, you can choose to make investments in the stock market in India. You are advised to invest your money in both these options for optimum results. For fixed Income, you can choose Bonds, etc.
On the other hand, for market-linked products, you can invest in a mutual fund scheme and stocks that have the potential to deliver inflation-beating returns over a long period of time.
The point to note here is that when you invest in market-linked products, you should continue investing for a long period to earn good returns. Hence, you should invest in fundamentally sound funds/stocks.
You can start a Systematic Investment Plan (SIP) in Equity Mutual Funds to earn interest on interest already earned. Even investing a small amount of Rs 1000 through SIP mutual funds every month, with an average return of 10 percent in ten years, can make you a corpus of more than Rs 2 lakh.
Revisit Your Budget
Diwali is the perfect time to look at your budget and give it the right direction as per your need. The budget of almost every household has been shaken by the pressure on income due to the pandemic.
Though things have slowly returned to normal, it will still take time to achieve the pre-Covid status. In such a situation, it is imperative for all of us to prepare a budget, in which more attention is given to needs than wants.
In such a situation, take a look at your budget and explore those possibilities where you can improve. Looking at today’s situation, it can be said that every rupee is important. At such times, you need to keep a check on your non-essential expenses in such a way that your financial condition improves and the budget does not deteriorate. Even small savings can prove to be very effective in the long run.
Everyone dreams of being successful and achieving financial independence and there is no sin in that, however, what many people believe is that wealth is related to luck or some kind of fetched strategy that only great entrepreneurs and investors have access to and that they keep under lock and key.
It is not true as wealth and abundance are about discipline and creating healthy financial habits. And it all starts with the basics!
With financial discipline and wise investment, you will be in a position to manage money efficiently. Make a fresh start and take one more step to achieve financial freedom this Diwali by making Lumpsum Investment in Mutual Fund.
There are so many options available right now for investments. Go and pick few but RIGHT investment options to make this Diwali a Khushiyon waali Diwali for you and for your loved ones!