Whether we like it or not, for majority of us, our primary source of income is from our personal efforts - to keep up with our own demands as well as our families.
To supplement it - for combating inflation, societal pressures and retirement nightmares - we have to create additional streams of regular income as well as potential growth for future returns to achieve our post-retirement financial freedom.
Although difficult, it is not impossible, with discipline and some sacrifices during our active lifespan, if investments are planned with certain basic guidelines:-
1. Deciding your lifestyle's level of wealth required for financial freedom
2. Enlisting your starting list of assets, liabilities, incomes and expenses
3. Insuring yourself, your assets and loans against unforeseen circumstances
4. Ascertaining your risk profile as per age, commitments and current income
5. Setting realistic goals for the short-term, medium-term and long-term
6. Choosing simple investment products (not savings) for achieving goals
7. Remaining alert towards spending, taxation, interest, inflation and investment
8. Differentiating between good and bad debts and paying off bad ones on priority
9. Understanding and implementing the power of compounding
10. Believing that wealth creation is a slow and steady process.
To supplement it - for combating inflation, societal pressures and retirement nightmares - we have to create additional streams of regular income as well as potential growth for future returns to achieve our post-retirement financial freedom.
Although difficult, it is not impossible, with discipline and some sacrifices during our active lifespan, if investments are planned with certain basic guidelines:-
1. Deciding your lifestyle's level of wealth required for financial freedom
2. Enlisting your starting list of assets, liabilities, incomes and expenses
3. Insuring yourself, your assets and loans against unforeseen circumstances
4. Ascertaining your risk profile as per age, commitments and current income
5. Setting realistic goals for the short-term, medium-term and long-term
6. Choosing simple investment products (not savings) for achieving goals
7. Remaining alert towards spending, taxation, interest, inflation and investment
8. Differentiating between good and bad debts and paying off bad ones on priority
9. Understanding and implementing the power of compounding
10. Believing that wealth creation is a slow and steady process.