Tag - Financial Planning

February 2018

Smart Goals, Achieve ,Success, Financial Goals

How to Achieve Goals? The SMART Way…..

How to Achieve Goals? The SMART Way…..

SMART ways to realize goals … (applicable to Life / Health / Financial Planning/ Career …. )

Specific Goals, Success Mantra

S – Specific. Be Specific . For example, “I want to lose weight.” Or “I want to become rich” This is wishful thinking. It becomes a goal when I pin myself down to “I will lose 10 pounds in 90 days.” Or “I will save 3 lacs in 1 yr” etc

Peter Drucker Quotes, What gets Measured Gets managed.

 

M – Must be measurable. Something which cannot b measured cannot be achieved. Measurement is a way of monitoring our progress. For example, 10 pounds/90 days  or achieving a savings of say 3 lacs/ year etc….is measurement.

Be Flexible, Adjustable for Successful achievement of goals

 

A – Must be adjustable.  Goals are not meant to be win or lose situations. Goals are just goals. You can achieve them 100%, or 85% or 50%. You can achieve them early, or late, or if things go exactly according to plan – right on time. …. Often people make the mistake of setting goals that are too rigid, where any unforeseen event can throw the goal off course and destroy the goal achiever’s motivation to keep going …..

Be adjustable and realign , refocus and start afresh when thrown off track … so make your goals adjustable according to new situations as all goals should be …Smart Goals, Achieve ,Success, Financial Goals

• R – Realistic. We’re an achieving generation. We want to take care of our families, to do well in our careers, get Best education for children ,to have fun, to travel. We want to buy the new car, wear the new watch, check out the new holiday destination…..etc…. Have your priorities, know your capabilities, and stretch yourself a little bit to get that extra edge.

But remember, don’t take risks where you can’t afford to, and don’t set yourself up for disappointment. Don’t wet unrealistic goals e.g.:: Losing  30 pounds in 30 days is being unrealistic. Doubling investments every year….. is unrealisticTime Quotes, Success Mantra , Achieving Goals

• T – Time-bound. There should be a starting date and a finishing date. With no time frame, there’s no sense of urgency, or yardstick to measure your progress.

Your goal must be achievable. You must have the mental and physical capacity to reach the goal. It would, however, be important for your goal to cause you to stretch beyond normal self-imposed limits. You will find a goal that causes you to stretch and grow will be the goal that gives you the most satisfaction. Don’t be afraid to challenge yourself to go beyond old limits! Let Success be yours….

financial planning, financial freedom, Bad investment products to avoid, Retirement Planning, Child Plans

 

January 2017

Resolve to achieve Financial Freedom in your life!!! #Replug

Money and Happiness, Financial Freedom, Financial Planning, Retirement, Child Education

#Replug

Martin Seligman author of ‘Authentic Happiness’ and research psychologist has said that there are three parts to happiness : Pleasures, Engagement and Meaning.

Pleasure is the feel good part, the short term happiness of material possessions in life.
Engagement refers to good life involving work, friends, family and hobbies.
Meaning is using our time and strengths towards a larger purpose.
He reckons, that Although all the three are important , it is the last two which make a significant difference.

Now a lot of time we spend goes into increasing or earning money. Hence it is worth figuring out where money and hence financial freedom comes into play in our overall happiness. 

Does Higher Income really lead to Happiness though? Is the million dollar question.

When researched , the results are surprising. ?  A study from Princeton University found that a larger paycheck does lead to a happier life—but only to a certain point. ($75,000 per annum to be precise)

What really affects our happiness more than how much we make is our attitude toward money and the way that we handle it. When we hold fast to the belief that money directly determines happiness, life becomes a constant pursuit of accumulating ”more”.  

Would winning a lottery make us the happiest people on earth? Harvard Psychologist Dan Gilbert says NO.

He goes on to prove that we human beings are very good at adapting but extremely poor in predicting when it comes to our emotions and feelings. We tend to overestimate the duration and intensity of our future emotions.

For eg: A dream home with all modern amenities couple of extra bedrooms, with a beautiful view gives pleasure for a few months. Before the purchase, we tend to think that the possession will provide everlasting happiness and also experience that the happiness will be the ultimate satisfaction. But the same disappears later. At times it can also possibly have a negative effect on happiness at times.

Even when you change jobs or progress in career he has found out across subjects that in approximately 3 months they are back in the same place in terms of happiness. You can extend the examples to Car , let’s say you buy a porche or a BMW , the impact is the same.

This is one of the most important research subject in behavorial finance. Known as Hedonic treadmill. We work hard, earn more, and are indeed able to afford better and nicer things and yet it dosen’t make us any happier. The deeds and things you worked so hard for no longer make you happy; you need to get something even better to boost your level of happiness.” 

Wouldn’t it be better if we knew exactly how happy a new car, career, house or relationship would make us? It is quite possible if we do the following :

Avoid negative things that you cannot get accustomed to such as commuting , noise, chronic stress
Expect only short term happiness from material things such as cars, houses, lottery tickets, prizes, bonuses.
Accept your present
Aim for as much free time and autonomy as possible since long lasting happiness comes from what you actively do
Follow your passions even if you have to forfeit a portion of your income for them
Invest in friendships

Finally, Understand your relationship with Money. Don’t let money control your life . Rather Get a control over Money.

Have clear financial goals, focus on purchasing assets (rather than accumulating liabilities) and make your assets work along with you in order to achieve those goals. Remember, assets is something which puts money in your pockets, where as liabilities is something which takes money out of your pockets. 

This independence day resolve to achieve financially freedom in your life. 

November 2015

Resolve to Achieve Financial Freedom in your life!!!!!

Financial Freedom, New Year Personal Finance Resolution, Investments advise for beginners, Basics of INvestment Philosophy

Martin Seligman author of ‘Authentic Happiness’ and research psychologist has said that there are three parts to happiness : Pleasures, Engagement and Meaning.

Pleasure is the feel good part, the short term happiness of material possessions in life.
Engagement refers to good life involving work, friends, family and hobbies.
Meaning is using our time and strengths towards a larger purpose.
He reckons, that Although all the three are important , it is the last two which make a significant difference.

Now a lot of time we spend goes into increasing or earning money. Hence it is worth figuring out where money and hence financial freedom comes into play in our overall happiness.

Does Higher Income really lead to Happiness though? Is the million dollar question.

When researched , the results are surprising. ?  A study from Princeton University found that a larger paycheck does lead to a happier life—but only to a certain point. ($75,000 per annum to be precise)

What really affects our happiness more than how much we make is our attitude toward money and the way that we handle it. When we hold fast to the belief that money directly determines happiness, life becomes a constant pursuit of accumulating ”more”.

Would winning a lottery make us the happiest people on earth? Harvard Psychologist Dan Gilbert says NO.

He goes on to prove that we human beings are very good at adapting but extremely poor in predicting when it comes to our emotions and feelings.We tend to overestimate the duration and intensity of our future emotions.

For eg: A dream home with all modern amenities couple of extra bedrooms, with a beautiful view gives pleasure for a few months. Before the purchase, we tend to think that the possession will provide everlasting happiness and also experience that the happiness will be the ultimate satisfaction. But the same disappears later. At times it can also possibly have a negative effect on happiness at times.

Even when you change jobs or progress in career he has found out across subjects that in approximately 3 months they are back in the same place in terms of happiness. You can extend the examples to Car , let’s say you buy a porche or a BMW , the impact is the same.

This is one of the most important research subject in behavorial finance. Known as Hedonic treadmill. We work hard, earn more, and are indeed able to afford better and nicer things and yet it dosen’t make us any happier. The deeds and things you worked so hard for no longer make you happy; you need to get something even better to boost your level of happiness.” 

Wouldn’t it be better if we knew exactly how happy a new car, career, house or relationship would make us? It is quite possible if we do the following :

Avoid negative things that you cannot get accustomed to such as commuting , noise, chronic stress
Expect only short term happiness from material things such as cars, houses, lottery tickets, prizes, bonuses.
Accept your present
Aim for as much free time and autonomy as possible since long lasting happiness comes from what you actively do
Follow your passions even if you have to forfeit a portion of your income for them
Invest in friendships

Finally, Understand your relationship with Money. Don’t let money control your life . Rather Get a control over Money.

Have clear financial goals, focus on purchasing assets (rather than accumulating liabilities) and make your assets work along with you in order to achieve those goals. Remember, assets is something which puts money in your pockets, where as liabilities is something which takes money out of your pockets.

Make your money work so hard for you so that you never have to work for money….

Resolve to achieve financially freedom in your life!!!!!