Wednesday, 6 January 2016

When savings are just not enough anymore!

If we look at a normal individual today there are plenty of reasons that one works during his/ her life, earns and saves. This is to achieve some of the lifes goals set out for him/ herself.

Without any order of priority these goals (generally) include:

1.       Marriage

2.       A good honeymoon overseas or in India

3.       Buying a good family car

4.       Building a house (or two these days!)

5.       Childs education

6.       Childs marriage

7.       Yearly vacation for family

8.       Some luxurious purchases to make your spouse happy!

9.       Parents health expenses (if you are in a joint family)

10.   In some cases, starting your Own business (with the startup culture around)

11.   Early retirement

12.   Probably a good tour with spouse post retirement

13.   Retirement expenses

14.   And lastly, though not very common, pre booking of funeral expenses

So you have been planning, budgeting and saving for a while for achieving one or more of these objectives?

However, there always comes a point where you feel its not possible and that the savings are not enough to achieve the goals set out for yourselves. The reaction to this situation then is to simply reduce your expectations or try to work harder to earn more and hence save more!

The trick is to not do either of the above, rather it is to make sure that your money is working harder than yourself!

Regular and diversified investments in the right instruments can lead you to achieve each of your goals.

As per the famous billionaire Warren Buffet Never depend on single income. Make investment to create a second source

Creating and having multiple source of income is one of the best way to step up the ladder and achieve your financial goals. We can study and learn how to invest to grow our money and create passive income on the side.

Get up and start investing today for creating and achieving the right set of goals is always in your hand!

                                                              ----------------------------------------------------

Rohan Hazrati (@HazratiRohan) is the Founder of Rupaiya Exchange. 
@RupaiyaExchange is a virtual market place for Peer to Peer Lending. rupaiyaexchange.com

Subscribe via email

Like the post above? Please subscribe to the latest posts directly via email.