21 Wishes for The New Year


new-year-animated-gif
Wish you a Very Happy New Year!

Issue-I January:1, 2016

Here are my 21 wishes for how you can make the most of your money in 2016:

While we take a new turn into the next year, my biggest hope is in “India Shining”. Each and every one of us as an Indian, is proud to be moving towards a great nation, moving towards progress, prosperity and happiness. How? Well, if you can get the following 21 things organised, you are on your way to a bright new 2016 as an Indian, be proud of yourself and your progress with the nation.

  1. You have known yourself so well that you also know how to bring joy, happiness and focus on things you can control! There is room to improve your personal finances and I am going to share some of these best ideas to implement in the new year! Yes, you can call this “The New Year Wish list” and start working on these ideas.
  2. The progress that will see in the next few days, will make you control, rather ask you to take control of your money.
  3. You should focus on what you can control, not what you cannot! Things like Greece, China, Dollar, Inflation are beyond your control today while you can control your expenses, savings and investments.
  4. Understand that every rupee that you save today will move you towards your goals, if clearly defined and being you more in control.
  5. Reduce your loans! Money going out of your pocket is someone else’s gain! Remember this first rule and then any other rule.
  6. Check your latest credit history by paying just Rs. 899/- on https://www.cibil.com and You can purchase your CIBIL TransUnion Score and Credit Information Report (CIR) by submitting the duly filled online request form and paying 500/-, You will then have to go through their online authentication. After you pass authentication, your Credit Score and CIR will be emailed to you. This will help you to know any kind of bad debts, mistakes and other things which you don't know about your credit worthiness.
  7. Get subscribed to all your mutual fund reports, bank statements, insurance policy for all their alerts by ensuring that you have aligned your email and current mobile number, with their help line directly. This will help you to know of any fraud instantly and bring more of confidence also.
  8. If you are a salaried employee, make your EPF contribution maximised and ensure that it is maximised, by your employer also. Earn tax-free returns on 8.75 % (current rate) and plan your retirement well.
  9. If you have a PPF account, contribute minimum ! Well later I explain why!
  10. Promise yourself never to loan anyone needing that help! Money going out of your pocket is gone and doesn’t come back so easily!
  11. Buying that dream car can be a great idea stored in your mind for the new year… postpone it for some time! If you really have to buy,  then plan perhaps a second-hand car or at least an EMI which you can afford.
  12. Get focused on long-term! Look at your long-term investment goals and continue your SIP for the same.
  13. Hiring a fee based financial planner for unbiased opinion, can be a great idea.
  14. Planning for your children’s education with long-term goal,  is a superb idea.
  15. Re-look at your retirement kitty and ensure you would have sufficient corpus built
  16. Perfectionism and procrastinating don’t go together… so start planning and start implementing together.
  17. Hope you have made your run away folders. If not revisit here.
    If you haven’t still made all your financial documents, this is a good time to make them now, more info…
  18. If there is a need to check all your insurance, this is the right time
  19. Your earnings,  minus your savings,  should be equal to expenses, is what you should be doing and not Income minus spending!
  20. Did you forget to make your will! Plan your estate planning and plan for transfer of wealth to the next generation
  21. Start believing in your financial dreams with the above 19 points progress made and look forward to implementing the rest.

Summary: You have sufficient progress in the above 21 points, if you have got 50% of the above 21 points covered.  Else,  you have the next 12 months to implement, at least, you have the above agenda in focus.

Rejoice and Celebrate the new year now! happy Investing 2016.bucket