Make your surrounding conducive for Investments-

Proud to be an Investor
Proud to be an Investor
April 20, 2023
How to develop the habit of SIP
How to develop the habit of SIP-
April 21, 2023
Make your surrounding conducive for Investments

Make your surrounding conducive for Investments

Few practical tips which should definitely help you save and invest more-

1) Fix a day of the month as the investment day- For example you may choose the 10th of every month as your SIP day. Mark this day in your calendar as the investment day. Subsequently the 10th of the month will be designated in your system as an investment day and you will try to make this day continuously greater in terms of investments.

2) Fix a day of the month as no expense day- On this day, say no to each and every expense. The idea is not just to save some bucks but to have a small victory over instant temptations. These small victories create a huge sense of satisfaction and take you towards creating a judicious balance between savings and expenditures.

3) Create an atmosphere of investments- Have some time when all the family including children are discussing savings and investments. By explaining to kids the miracles of compounding, you will not only set the tone for achieving important financial goals but also prepare them as responsible investors in future.

4) Surround with people who are positive towards savings and investments- Talk to friends who take interest in investments and savings. There may also be people who ridicule the idea of investments through a distorted logic that enjoy and splurge in the now and don’t worry about the future. Such people who have a negative mindset for investment may pollute your thinking as well. So beware of them.

5) Find attractive reasons to invest- Investment is wonderful because it provides you financial freedom. But you may have some immediate fascinating reasons to invest as well. For example you may set a vacation plan and start investing for that goal. When you find a beautiful reason to develop a certain habit, it likely stays forever.

6) Change your language of investment- When you say ” I have to invest because otherwise I will not be able to meet the future expenses”, you categorise investment as burdensome. You may change it into ” I am getting into investment because this will provide me with my dream family vacation and beautiful feeling of financial freedom”. What you say to yourself is a very important ritual and makes a huge difference to your actions.

7) Have a trusted advisor- As we discussed in point number 4, surroundings have a very significant impact on you. So besides doing all the things mentioned there, choose a trusted investment advisor who would have a very positive influence on you. He/she will not only assist in your portfolio management, but even more importantly, he/she will have a great effect on your savings and overall investment discipline. Good advisor not only help you achieve your financial goals but also make the whole journey so much more beautiful and enjoyable.

Manoj Pandey