Thou Shalt Plan and then Act
- Start with setting financial goals and creating a financial roadmap with timelines to reach those goals.
- Learn the value of compounding
- Follow the Budget
- Review it periodically
Though Shall Save and Invest Wisely
- “Pay yourself first”
- Make sure money is set aside for emergencies
- Understand “how”, “where”, “when” to invest
Thou Shalt Not Overspend
- Don’t spend more than you earn
- It is not simple to practice and demands great deal of restraint
- Don’t be driven by temptations or what your neighbours are doing
- Learn when to Buy OR Lease OR Rent a home to live / car
Thou Shalt Plan to Neutralise Inflation
- Inflation is a reality of every economy
- It eats away a part of your earnings
- Prudent Investments can negate inflation impact
Thou Shalt Limit Debt
- Limit your debt
- Best way is not to have any debt with exception for buying a house
- Take out loans, pay off bill and credit card balances on time
- Delayed payments would impact credit score and make future debt costly
Thou Shalt Teach Thy Children about Money
- Good parenting would always include teaching your children about the value of money and how to save, invest and spend wisely
- Parenting goes beyond providing support, food, home and school education to your children
Thou Shalt Buy Insurance
- Protect yourself and your family from economic ruin
- Hedge and provide insurance cover against medical emergency, auto loss, home loss, and above all, sudden loss family head’s life
Thou Shalt Plan For Retirement
- You may not be earning regularly for your whole life
- Determine how much money is needed for expected years in retirement
- Investing is only one part of planning for retirement
Thou Shalt Have a Will
- Provide comfort and happiness to your loved ones
- Protect the assets you have created and ensure your wishes are followed when you die
- Making a Will or Trust is important
- It can save your heirs considerable time and expense when you are not around
Thou Shalt Donate
- Think beyond income-tax deductions
- It creates goodwill and satisfaction of contributing to your community
- You can also donate your Time, Energy and Skills
- Achieve a sense of accomplishment and satisfaction which are priceless