A dream home, foreign vacations, world-class education for children, and secure retired life, that’s all married couples always ask for strive towards.
Here’s how a salaried couple can achieve their long and short-terms dreams through proper investment planning:
Track where your money is going
As a couple, you’re the ones who earned you money by sweat and toil. Thus, it is pivotal for you to track your hard-earned money. If you do not have a clue of where your money’s going then who else will? Please note that if you don’t know where your money is going then by the time you know, it could be little too late to get that back. Thus, it’s vital to plan your monthly expenses and ensure that money spent tallies with the budget while ensuring you can save where possible. Getting complete control over your spending habits is the major part of financial planning.
Ensure strong monetary discipline
Like in daily life, discipline is crucial even in financial planning. Many people draw up financial plans, but only a few execute and track them regularly and effectively. This is where monetary discipline come in. For instance, let’s say you have planned a budget of Rs.250,000 for a foreign vacation, which you want to accumulate within the next 6 months. Once the day arrives, it is crucial that you use only the budgeted amount and don’t overshoot your budget for the vacation. If you get a better destination at Rs.300,000, don’t fall for it since the Rs.50,000 excess will have an impact on your overall objectives in the future. This is where monetary discipline comes in. Just imagine the bright future that you planning for your loved ones, you will derive all the motivation in the world to maintain monetary discipline.
Seek expert advice
Please note that although we are good enough to plan our finances, expert investment advisors will make a huge and much bigger difference to our investment portfolio. Investors generally tend to get swayed by market short-term market trends and emotions. These are very dangerous for your investment plans. Moreover, most investors feel that the decisions they took for their portfolio are the best and correct ones, which is obviously full of bias. An experienced investment expert will provide you with the following benefits:
- Understand your long and short-term goals based on your risk appetite
- Make appropriate suggestions in terms of investment options
- Help you in building a well-balanced and diversified investment portfolio
- Provide you with all the latest updates and investment trends
- Assist you in maximising your invested corpus
- Give you access to in-depth market research
- Provide you with timely investment tips and stock recommendations
- Help you with an unbiased financial guidance to achieve your financial goals
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