2016 was a year of change for all of us. On a personal level, some of us may have been busy with making Personal Loan or Credit Card payments, but the world witnessed some events that will certainly reshape the way the entire planet operates over the next decade or so. These include events like Brexit (where Britain exited the European Union), the election of Donald Trump as President of the United States, the interest rate hike in the US and of course, demonetisation in our country.
Most of the time, we tend to believe that change is hard. However, strangely enough, the world seems to have coped with these changes remarkably well.
So, the big lesson to take away from 2016 is to believe in the ‘Certainty of Uncertainty’, and focus on one’s financial health. The financial health of each individual will be the single biggest factor in determining how well we cope with this ‘Certainty of Uncertainty’.
Are there any ground rules that you can follow to make 2017 a great year for you (financially, that is!)? Yes! And remember, if you are financially fit, other things will eventually fall in place.
So, here are the rules to follow in 2017:
1. Build an Insurance cover: Both Life Insurance & Health Insurance are crucial. Get yourself adequately and smartly covered. Keep in mind that just purchasing either one of them may not be enough at all.
Bonus Reads: 10 Popular Life Insurance Plans In 2016, Heath Insurance Plans in 2016
2. Build a wealth creation corpus: Always invest. Wealth is created through Investments. Investments are the way to go if you want to beat inflation. And while you are at it, don’t forget taxation.
Know More: Tax Saving Investments To Grow Your Wealth
3. Build a corpus for the future: Have goals. Invest to reach your goals. Investments such as Mutual Funds can certainly help.
4. Know How: Set Your Goals Before Investing In Mutual Funds
5. Build a corpus for a rainy day: Remember, there’s no science to prediction. Allocate smartly so that you can fund yourself during rainy days, without having to run for cover.
Additional Reading: How To Build An Emergency Fund
All other resolutions can follow these!
Wish you a very Happy 2017! Stay smart! Keep Investing!