Strive For Financial Freedom With Determination, Consistency & Discipline
"Everyone has a general desire for financial freedom, but that's too vague a goal. You need to get specific about amounts and deadlines. The more specific your goals, the higher the likelihood of achieving them," say experts
Mumbai: Financial freedom which means returns on investment/savings are enough to take care of all your needs for the rest of your life is something everyone dreams about. Unfortunately, too many people fall far short of financial freedom. Early planning, determination, consistency and discipline are required in attaining financial freedom as we celebrate 78th Independence Day.
We may not be anywhere near achieving financial freedom as we celebrate our freedom from British rule but we can secure it for the next generation by planning early. Imagine getting insurance cover for your daughter who has just gone to college while it looks very costly for yourself, that way you will be killing her future worries. Voluntary contribution over and above employer's retirement plan can help build a solid retirement corpus as compounding works overtime as you approach retirement age.
"Everyone has a general desire for financial freedom, but that's too vague a goal. You need to get specific about amounts and deadlines. The more specific your goals, the higher the likelihood of achieving them," say experts.
The Union Budget announcement of NPS-Vatsalya, a plan for contribution by parents and guardians for minors which will be started is a right step in securing financial freedom for the next generation. "On attaining the age of majority, the plan can be converted seamlessly into a normal NPS account," the Finance Minister said.
"Are you wondering what to gift your sister this Raksha Bandhan? As a brother, one of the most useful presents you can give your sister is a financially secure future. If your beloved sister has an interest in the equity market or wants to explore the world of investing, gifting her stocks this Raksha Bandhan can be an exciting and meaningful present. Stocks represent ownership in a company, allowing her to become a shareholder and potentially benefit from the company’s growth and profits. Consider choosing stocks from well-established companies with a solid track record and growth potential. It is essential to consider risk tolerance, investment horizon, and financial goals before selecting stocks. The finest present you could give your sister this year would be long-lasting financial stability," said Master Capital Services.
"Every step towards financial empowerment is a milestone worth celebrating," says a campaign - AzaadiKaRaasta launched by Angel One which highlights the importance of determination, consistency and discipline in attaining financial freedom. "By advocating for smart investing across a diverse range of financial products, we aim to equip every Indian citizen with the tools and knowledge necessary to achieve true financial freedom," said Prabhakar Tiwari, chief growth officer, Angel One, while highlighting this unique campaign’s objective.
"Financial independence requires persistent effort and smart decisions, by those who strive for it," says Angel One campaign.