As we celebrate Gudhi Padwa—the beginning of a new year and a fresh start—I wish you and your loved ones joy, prosperity, and financial strength. To help you make the most of this auspicious time, here are five essential financial tips to set the tone for a secure and successful financial year.
Gudhi Padwa is the perfect time to revisit your financial plan. Make sure your asset allocation aligns with your goals and risk appetite. For short-term goals (within three years), prefer bank RDs/FDs or debt mutual funds. For long-term goals, use only hybrid/equity mutual funds, direct equities, and gold. Getting this mix right will ensure that your money works efficiently for your future.
1. Do Sufficient SIPs
Systematic Investment Plans (SIPs) are a disciplined way to build long-term wealth. Aim to invest at least 25–30 per cent of your in-hand monthly income through SIPs in mutual funds, stocks, and gold to stay on track towards your financial goals. This disciplined approach ensures steady and sustained wealth creation. Regular contributions can grow significantly over time with the power of compounding.
2. Make Lumpsum Investments
Whenever possible, top up your investments with lumpsum contributions in long-term assets. These can accelerate your financial goals and help take advantage of market opportunities. Periodic surplus amounts can be smartly deployed to complement your SIPs and strengthen your portfolio. Don’t ignore the power of making lumpsum investments.
3. Increase Your SIPs Annually
As your income increases, so should your monthly SIPs. Let your investments grow in proportion to your income—aim to allocate 30 per cent or more of your monthly earnings for the future. Increasing SIPs is necessary so that they match your standard of living, as expenses would increase simultaneously.
4. Stay Invested
Avoid using your investments like a savings account. Unnecessary withdrawals can break the compounding effect. Let your investments grow uninterrupted. Redeem only when you reach your financial goal. Staying invested with patience and discipline is often the biggest differentiator between average and exceptional returns.
5. Consult a Financial Advisor
A skilled, full-time financial advisor can guide you with a structured plan, keep you accountable, and help you avoid emotional decisions. Gudhi Padwa is a great time to take this professional step towards achieving your financial goals and financial freedom. A well-qualified financial advisor has the necessary education, wisdom, experience, and expertise to help you build a sound plan and avoid costly mistakes. Don’t go the do-it-yourself (DIY) route when it comes to wealth creation and financial planning.
Wishing you a financially rewarding and prosperous Gudhi Padwa!
(The author is a Chartered Accountant and CFA (USA). Financial Advisor.
Views personal. He could be reached on 9833133605. )
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