Not all resolutions are meant to be broken. There are some that are pretty easy to follow throughout the year. While working with our clients, I found myself saying the following statements over and over again. These are so important to follow that they can definitely be resolutions. Before buying my next latest gadget I will not make an impulsive decision to buy, nor will I take too long. I will take a day or so and decide to buy or not and stick with my decision !! 2. I will set a reminder to payoff my credit card bills atleast 4-5 days before the due date, and will make the full payment and not the minimum balance… 3. I will maintain 4-6 times of my monthly expenses as reserve/contingency fund, I no longer want to be under prepared like the year gone by… 4. I will look at equity investing only for long term: I will not indulge into short term trading, and will place a buy order only if the money is not required for a minimum of 5 years plus period. 5. I will invest only in debt instruments if I need the money for shorter term. 6. I will protect myself, my family and my assets with properly calculated risk covers. 7. I will take help if needed to recalibrate my loan portfolio: I will get my rate of interest reduced if possible and avoid personal and costly loans. 8. If needed, I will take help from a consultant/financial planner to understand the taxation structure and make changes in my savings/ investments to get maximum tax relief and benefits. 9. I will try to inculcate the new formula: “Income – Savings = My Expenses”, thus I will have a will define mathematically how much I need to save for my future goals and live a really worry free life. 10. I will get all investments under one view/login so that I will be able to track and review my investments from time to time – quarterly or half yearly. 11. From now on, I will make financial education for myself a habit. Reading, following financial experts on social media, exploring new investment avenues, taking help of professional financial consultants, and so on. Well, reading it twice is only 10 % of the work done.. This year we will actually stick on to it and make a world of difference in our OWN lives…Happy New financial life Author: Mr. Nirmal M Jain | Mr. Nirmal M Jain is a Co-Founder at HappyWise Financial Services. He has over 15 years of experience in the Financial Planning Sector. He has been a mentor to several people, and has helped them to understand investments, stocks, mutual funds, financial planning, personal finance and above all his favorite term “The Power Of Compounding!”. Post navigation Are Derivative Options an option for retail investors? Financial Planning- The Revolution The World Needs!
