20/04/2024
India accomplished freedom quite a while back. How would you feel when we say you can likewise be financially independent too? Meaning, that you don’t need to work till you live. We keep working for money throughout life just to meet our day-to-day expenses & some goals. . Yet, If we manage our money with a disciplined approach, we can retire early and be free from all the financial worries.
Allow us to show you a 7-step financial freedom process that can make you monetarily free so you won’t need to work for cash till you live.
Simply envision how you managed your first salary. Probably purchased a cell phone or a fantasy bike, right? Or then again likely some stuff for your loved ones. However, you will scarcely believe that the primary thing to purchase once you begin earning is Insurance. Let us, deep dive, into this.
- Insurance – The rescuer in Emergency
Think about Covid 19 Pandemic. Hospital bills ran into lakhs.. Imagine a scenario in which some of them were not insured. In such cases, they need to either get cash to take care of bills or pay from savings. If they would have been sufficiently insured, their savings or investments would be safe. Buying health insurance should be an utmost priority.
The saviors in the Emergency- Emergency Fund.
Consider the possibility that a circumstance comes where you don’t have some work for couple of months. All things considered, how will you pay fixed month-to-month fixed costs? To avoid such kinds of situations, accumulate a fund with the size of your six-month fixed expenses and park them in either a liquid fund or a separate savings bank account.
Good Loans and Bad Loans
At the point when you purchase a car, it accompanies a lot of costs alongside higher interest rates. A vehicle is a depreciating resource so its worth will continue to diminish. In a perfect world, we call it a bad loan. As a matter of fact, car loans, credit cards, Personal loans, etc are examples of bad loans.
On the contrary Loans such as home loans, property loans, etc are considered to be good loans. They are good because they come with lesser interest rates and we enjoy the tax benefits also.
Preparing a Great Investment Plan.
If you are done with the above stages, now it’s time to prepare strong investment plans that can help you achieve your future goals. Investment tools like Mutual Funds, Debt Funds, Bonds, and Equity shares can help you to reach your goals. You can take help if your financial advisor to prepare a plan.
“Resign from work, yet not from life.
Retirement does not mean stopping work. It is actually to stop working for money. But if you want to stop working for money you need a good cash flow post-retirement. How will you achieve this? A good retirement plan provides the equal amount of cash flow that you need on a monthly basis to meet expenses. If you are investing for retirement, take the help of financial advisors at goldmine stock broking who will help you create a strong retirement plan.
Record what you do
Indeed, even a little investment of Rs 1,000 should be recorded someplace. Each of your investments & insurance plans shall be recorded in a single place & one of your family members should be aware of this. In such a case, your family members would not have to run here and there for a claim if something happens to you.
In this 75th Year of independence, follow these seven steps to enjoy financial freedom.
Goldmine Group can help you prepare all sorts of plans and execute them as per your need.
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