11 August 2018
Wealth Creation is a process not an event. A journey not a destination. Some pointers to what we need to do to move forward on our path to financial freedomÖ
The best time to invest was yesterday. The second best is now. Worst is tomorrow. Best time is gone and worst we donít want! So letís get started ASAP. Delaying investments harm us more than we can imagine. The world is coming to India to invest; what are we waiting for? Start small, but start now! Compounding is a magic which just grows our money exponentially with time. However small we invest, it is for how long we invest in the correct asset class that matters more in the long run. Remember, the Asset is Time because, TimeÖis Money!
Remember always, that NO one can ever be more bothered about your money than yourself. No one can love your more than yourself. Never trust anyone when it comes to money. Be aware always about your decisions which you are making for your investments. One should at least know, that the mediator is not cheating. To check others, you need to be well equipped yourself first. Remember, offense is the best defence and prevention is better than cure. Once you are cheated and you have lost your money and time, then what is the use in being vigilant? Stay alert now and always.
How is our thought process?
Income Ė Expenses = Investments
What should be correct way for it?? Income Ė Investments = Expenses Donít delay your planning for investment. Starting might be small or with very less amount but starting is important. Also think about stopping unnecessary expenses. This may lead to leakages of your wealth. It does not make any sense to fill the tank with leakages, because any ways it will take extra efforts to fill it fully.
Be a risk taker. Assess your risk taking capacity and also the returns which you need to generate to achieve your goals; and once that is done, start taking calculated risks. Taking no risk is probably the biggest risk. Whether you like it or not, accept it or not, inflation affects everyone. So, it is best to proactively manage this risk and keep its negative effects under control.
For any small illness, we can avoid going to the Doctor. But if medicine from chemist does not work properly then it may take us to death bed even. We should always go to Doctor for curing the illness as well as to have guidance for being healthy. First we should know basics about investments, securities markets and mutual funds and then secondly we must go to the correct person/ organisation for professional advice. While it is true that a Chemist can never replace a Doctor, equally important is to go to a correct Doctor.