Thread by @askWealthWagon, Would you like to improve your financial health? Let's do it by [...]

Would you like to improve your financial health? Let& #39;s do it by reminding ourselves basics of financing & investment.
Follow this thread for daily valuable tips for next 21 days.

(A thread)

#investing, #financegoals, #financialfreedom, #personalfinance, #WealthManagement

1/21

Don’t run behind returns, rather safeguard your initial investment. Markets are volatile more than ever & your principal is at risk especially during bad times. First remove the risks & then start gaining profits.

#investing, #financialfreedom, #WealthManagement

2/21

Increasing your income is equally important. Plan your yearly income goals + strategy & then start taking all possible actions to achieve them. Do this irrespective of your plan to change the job or to stay in the same one.

#investing, #financialfreedom, #WealthManagement

3/21

Pay attention to investment costs like entry/exit loads & agent commission. They may look tiny when you are getting started, but over the period of time compounding would work, costing you a big sum.

#investing, #financialfreedom, #WealthManagement

4/21

Pay your future-self first. That means allocating/moving money to your savings & investments before paying your bills/taxes. Secure the future & simultaneously make your present enjoyable.

#investing #financialfreedom #WealthManagement #financegoals #personalfinance

5/21

Try to avoid bad debts/loans wherever possible, even though that means deferring your purchase. This will save you a huge interest payment to the bank & on other hand your money would grow, giving you greater purchase power.

#investing #financialfreedom #WealthManagement

6/21

If you have debt/mortgage, make sure to get a term plan/ life cover to handle unforeseen situations for your family. Usually getting 10x of annual income would cover most of the necessities for your family.

#investing #financialfreedom #WealthManagement #financegoals

7/21

Keep your insurance / term plans separate from investment, avoid buying ULIPs as pure insurance/term plans are usually cheaper & separate investment would have a greater potential to earn better return than ULIPs.

#investing #financialfreedom #WealthManagement #financegoal

8/21

Know your net worth because not knowing equates to not having. Knowing your current corpus would also help to plan better and be realistic while achieving the future goals.

#investing #financialfreedom #WealthManagement #financegoals #personalfinance

9/21

Try to spend less than your earnings. It doesn’t mean you should cut down on your meals & necessities but spending sensibly would secure your future and give you peace of mind.

#investing #financialfreedom #WealthManagement #financegoals #personalfinance

10/21

Best time to get started on investing is TODAY. The longer you wait, the harder the journey. Start designing your retirement life and take baby steps to achieve it.

#investing #financialfreedom #WealthManagement #financegoals #personalfinance

11/21

Track your expenses & spending for at least next few months. You would be amazed to see a few unnecessary expenses which are avoidable & can save you a few bucks every month. These small savings when invested would return you huge sum.

#investing #financialfreedom

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