Let us celebrate this momentous occasion by adopting the 75 life and personal finance lessons enumerated below for attaining the elusive financial freedom that we all crave:
1) A penny saved is a penny earned.
2) Follow the hierarchy: Earn—->Save—->Spend.
3) Accord due to importance and devote time to money management.
4) Earning is easy, it’s making the earned money work for oneself which demands attention.
5) Invest the savings in financial instruments based on your needs and temperament.
6) Understand your risk appetite.
7) Draw out specific financial goals.
8) Remember – Mutual Funds, there is one for everyone.
9) Attach timelines to goals be it short term, mid-term or long term.
10) Allocate investments to different asset classes to diversify.
11) Nothing happens overnight, be patient.
12) Do not underestimate the magic of compounding.
13) A mutual fund SIP of Rs.1,000/- only per month started 15 years back totals to a whopping Rs.840,000/- today (Based on historic data)
14) Systematic Investment Plans are the best EMI’s one pays.
15) An SIP initiated now will ensure a comfortable future in most cases.
16) Yesterday was the best day to invest, today is the second best.
17) It is never too late to invest in the financial markets.
18) The sooner one starts, the more time one gives to the invested money to produce results.
19) Don’t let your hard earned money get eroded with time due to external factors, instead use it to generate more of it.
20) Life is full of risks and so are mutual funds.
21) Managing one’s risks smartly is the key to financial success.
22) Understand risk vs the return of each asset class before investing
23) Higher the risk, higher the return is the principle in all investments, as in life.
24) Do not follow others, make your own investment path.
25) Your needs are different from your friend’s, do not follow anyone blindly.
26) Learn from the mistakes of others and try to avoid making the same ones.
27) Everyone makes mistakes, it’s how quickly we learn from those that makes the difference.
28) Not trying due to the fear of losing is the biggest mistake one makes.
29) Life isn’t infinite, use time judiciously.
30) Goals keep changing and so should the investment strategy.
31) Dream big and work towards achieving those dreams by investing appropriately.
32) Reading is a habit that will always pay rich dividends.
33) Inculcate the habit of saving in kids.
34) Kids are smart. Teach them early and they will turn out to be better investors than you.
35) Invest time and effort in gaining knowledge in general, it’s benefits are multifold.
36) Attending school is important but learning from your surroundings is critical.
37) Time heals all wounds, have faith.
38) Smile and motivating words when given to others, offer great returns.
39) Spirituality and meditation helps. Give it a try.
40) Health, both physical and mental need regular check-up.
41) Investing in one’s health is of utmost importance. Start today.
42) Choose relevant advise wisely from amongst the noises surrounding us.
43) There is no free lunch, so be prepared to pay the price for freebies on offer.
44) Positive attitude and humility are attributes that will take one far in life.
45) None is perfect but not working towards achieving perfection in whatever one undertakes should not be an option.
46) Time is the biggest asset and is equally possessed by all of us.
47) Our minds are attuned to calculating simple interest, however both investments and relationships work on the principle of compounding.
48) Give time and nurture both of these and the returns will amaze you.
49) Change is the only constant, so change your investment habits and asset classes with time.
50) Understand the concept of time value of money.
51) If savings are not put to work, you will have to work for life.
52) Plans do not always work out but not planning is a sure shot recipe for failure.
53) Keep an emergency fund handy to take care of unplanned expenses.
54) Liquidity in investments is as important as the returns.
55) Haste is waste, but hastening investing will bear sweeter fruits.
56) Debt is one’s enemy. Reduce your debts immediately.
57) Stress reduces efficiency. A debt-free life is a stress-free life.
58) Identify and acknowledge the difference between needs and wants.
59) Be materialistic, but not at the cost of being happy.
60) Inculcate good habits and follow them regularly.
61) Exercising daily and investing regularly is of paramount importance.
62) Honesty in your deeds will reflect in your returns.
63) Time moves faster than we can imagine. Be prepared for the future.
64) Plan for your retirement today.
65) Ensure life in the golden years is financially comfortable.
66) Do not depend on others to help you through the later years in life. Be self-sufficient.
67) Create a corpus for at least 40 years of post-retirement life.
68) Illiquid physical assets might not be the best companions in old age. Plan accordingly.
69) Try and create alternate income sources.
70) A passive income stream is a blessing beyond words.
71) The right to financial freedom is for us to attain. The sooner, the better.
72) Long-term wealth creation is a by-product of disciplined investing. Go for it.
73) Monitoring the value of your investments daily is akin to watching trees grow. Plant the seed, water it regularly and have patience.
74) Taking advice on any subject from a professional has never been a bad idea. Do not shy away from it.
75) Visit a doctor for health issues, a lawyer for a legal opinion and a financial advisor for investment advice.