However, at times, we lack the proper motivation, the right information, and the plan required to reach our financial goals.
There are some golden rules that will always be relevant to your wealth management irrespective of your financial goals.
Spend less than your income
It sounds like very old advice, but as they say, old is gold.
To create wealth, you must have surplus funds to invest in the market.
We are not suggesting you be overly frugal, but have a cautious approach while spending your hard-earned money.
Don't put all your eggs in one basket
This is an old saying, yet it is very appropriate while investing.
The illiterate surgeon of Cape Town, Mr. Hamilton Naki, who could not read nor write a single English word, who had never seen the face of school in his life, was awarded the honorary degree of Master of Medicine.Let's see how this is possible...?Hamilton arrived in Cape Town as his father fell ill.After the day's work, he used to send the amount of money he would get home and shrink himself and sleep in the open ground.The professor saw that he was a healthy young man of strong stature.While working in the operating theater, he began to understand the human body more than the surgeons, so senior doctors entrusted him with the responsibility of teaching.He now started teaching surgical techniques to junior doctors.He was unfamiliar with the terms of medical science but proved to be the most skilled surgeon.
• A home • A car • An education • A comfortable retirement • Your children • Medical or other emergencies • Periods of unemployment • Caring for parents Make your own list and then think about which goals are the most important to you.Decide how many years you have to meet each specific goal because when you save or invest you’ll need to find a savings or investment option that fits your time frame for meeting each goal.A mutual fund or ETF is a pool of money run by a professional or group of professionals called the “financial planner.” Financial planning advisor in Nagpur- In a managed fund, after investigating the prospects of many companies, the fund’s investment adviser will pick the stocks or bonds of companies and put them into a fund.Investors can buy shares of the fund, and their shares rise or fall in value as the values of the stocks and bonds in the fundraising and fall.Investors may typically pay a fee when they buy or sell their shares in the fund, and those fees in part pay the salaries and expenses of the professionals who manage the fund.Even small fees can and do add up and eat into a significant chunk of the returns a Fund is likely to produce, so you need to look carefully at how much fund costs and think about how much it will cost you over the amount of time you plan to own its shares.
67 crore Indians may get coronavirus by end of 2020: Nimhans Doctors at the National Institute of Mental Health & Neurosciences (Nimhans) believed that after the Lockdown 4, COVID-19 cases will increase further and India will enter the phase of community transmission.It, however, said that 90 percent of these people will not even know that they are coronavirus positive because most of the people do not show any symptoms, and only 5 percent in critical condition are admitted to hospital.If merely 5 percent of the 67 crore people in India fell seriously ill, this figure would be around 3 Crore.So, if you will be one of them… Are your financial planning will be able to handle this COVID-19 situation?The hospital expense of it may be around 3-10 lakhs in a private hospital depending on the facilities….So, it’s time to recheck the following things- Are your current Health Insurance policy (Individual/Group) covers Covid-19?Is the Sum Assured is in the range of a minimum of 5-10 lakhs?Are your parents are covered under Health Insurance policy?