New Year Resolutions are the perfect fuel to get you motivated, driven and more focused on the aspects of your self-growth that need your maximum attention.It is Important to be Rich But it is Important that You Enjoy the Wealth – Wealth Here Refers to Financial Wealth,Social Wealth,Fitness Wealth & Spiritual Wealth.
Personal finance is an indispensable part of life that you can never pay enough attention to. Whether it is about your relationships or your finances, there comes a time in life when you must stop and evaluate your blessings and how to make the most of them. The beginning of a new year serves as a perfect opportunity for you to look back and make improved adjustments to your life from the mistakes of the year gone by. This is precisely why “resolution” is an overused term at the end of a year.
If you are keen on making significant modifications to your financial circumstances, read on to find out seven personal finance resolutions in 2019 to make you wealthy! Even if you follow just one or two of these, you will be pleasantly surprised by the massive difference it makes in your life.
- Health Is the Real Wealth – Invest in It!
” पहला सुख निरोगी काया दूजा सुख हाथ में माया “
In the quick-paced lives that we lead today, it is common to see individuals compromising on their lifestyle. Our health has quickly plummeted down the priority list and now suffers from a severe lack of attention. Immense work pressure, as well as daily responsibilities, are key factors that take away the required time and effort that we must put into our health. In this aspect, it is important to realize that if money is gone, you can always work hard to get it back. However, if you lose your health, you lose everything. You will also not be able to enjoy all the physical wealth that you have accumulated over the years through constant neglect towards your well-being. Therefore, resolve always to put your health first and adopt Ayurveda and ancient sciences to improve your health this new year.
2. Track Your Time – Precious Wealth Once Gone Gone Forever
A smartphone practically comes attached to a person’s hand these days. People prefer spending time on their mobile phones than with their loved ones. We are so immersed in technology, that we are so much involved in our online world that we forget to give proper time for our family and Friends. It is pertinent to understand that we are not slaves to the technology we have invented but vice versa. We should invest our time and wealth in the things that really matter – our family and friends.
3.Focus on Your Financial Goals
This is one resolution that can go a long way in making your personal finances significantly smoother. Every Individual has different goals like Child Education, Retirement, Foreign Trips etc so It is essential that you pay more attention to your personal finance goals than excessively relying on the performance of the equity market.
Link Your Equity / Mutual Fund Investments with your goals ,you will see amazing Results in terms of Growth and not just Superior growth, Your Targets will be achieved manifolds. Bear in mind that your finances are unique to your own lifestyle and so, the sentiments of the equity market have no sway over your financial objectives.
4.Provide Proper Insurance Protection to Your Family to Combat the Rising Medical Expenditures and Changing Lifestyles
There is a massive disparity between the supply and demand in practically all industries today. The ever-rising medical expenditures, as well as quickly changing lifestyles of people, have necessitated ensuring proper insurance protection for you and your family. Just as you are more likely to buy a car or the latest Apple device on getting a promotion, you must consider securing your family and investing in Term Insurance,health insurance and various New options in Health Coverage are neccessary to protect you a big hole in your Pocket. Child Investment plans in India is also a major prospect as you have to make sure that your young ones can get the best Education.
5.Invest in Your Passion
Our jobs and our professional careers usually take up the most amount of our time and attention today. We prefer working days and weeks without a break to fill our bank accounts than spending time in one of our talents. In this case, you must understand that if you are really passionate about a hobby or a skill that you possess, you can exploit that talent and earn a living from it if you smartly start & invest in it at the right time. This is where Self Education plans come into the play. Investing in these will help you to get the best out of your favorite skills and hobbies.
6.Put Some Money into Your Retirement
While living in the moment is crucial to our happiness, there is something to be said for future planning. Most people are not sufficiently concerned about their finances once they retire. In this regard, you must remember that even if your personal finances are good today, they will not stay good forever. You must put some money aside into your retirement to ensure that your tomorrow is as good as your present.Ideally, You should at least Put 15% of your income into Retirement Kitty depending on your Retirement Goals and changing Pattern of Employment.
6.Think & Analyse Before you Spend – Amazing Study
Being rich is part and parcel of a luxurious lifestyle. If you have an amazing job that makes you a lot of money, it is natural for you to get careless with it and spend it on things that you might not need for your everyday survival. It has been observed that things which we like immediately once we are shopping it,if we delay it for one day & then we think of buying the item than we start feeling that we actually don’t Require It . Analyze your consumption habits and resolve to save the money that you would otherwise spend on useless commodities.
7. Follow Budgeting
Stop stalling and make a budget this year. You have probably been explained the significance of budgeting ever since you were in high school. Stop putting it off and lay out a spending plan to avoid unnecessary expenditure this year.
Ideal Proposition is to Invest First and than Spend instead of following the usual habit of Spend First and whatever is Left is to be saved. So, make sure to look out for the best mutual funds to invest in SIP as it will help you to save a great amount of money, that too without E
Bottom Line
It is perhaps overly ambitious to adopt all 7 of these resolutions in 2019. Therefore, choose two or three that you feel passionate about and see the difference it makes in your personal finance as well as your outlook towards life!
