Ladder for your financial success...

 (The author is the Founder and CEO of Money Avenues, a Wealth Management firm based in Chennai. Feedback can be sent to mailfpc@ yahoo.com)

Ladder for your financial success:

Climbing up the career ladder will alone not make you financially successful. You need to climb up the financial ladder to be financially successful.

Step 1: Don't just save; save wisely 

Money never sleeps.. We put the money to sleep. Remember, when we sleep we can still make money. But that's not the case with money. When money sleeps, it really sleeps. Don't just save. Save wisely... Don't forget, your money is hard earned and not earned through lottery.

Step 2: Don't just invest; invest intelligently

There are few things good and bad, which are quite silently @ work.... Bad is Inflation, and the good is power of compounding.... Inflation can decimate your savings; power of compounding can multiply your money over the longer term.. The choice is ours..Don't just invest; invest intelligently...


Step 3: Make the beginning in a small way:

Warren buffett made his fortune starting with few dollars in his wallet. Always look to build through small steps and you will reach your financial goals.

Step 4: Long term wealth creation is the key

Key is to create long term wealth. Remember, astute investors have created wealth over the decades by carefully nurturing. But the key is we need to take initiative to create wealth. Left alone, the wealth does not grow on its own..

Step 5: Have adequate life insurance cover

Key to financial security is to have enough and ample life insurance cover. After all, with the uncertainties looming large in the world threatened by global terrorism and security risks, its important that one needs to give his family a full financial security. Life insurance is the best tool to give that security.

Step 6: Know your goals

It's important that one needs to understand the goals. Because the goals are tied to your financial costs. Children future, retirement etc are few examples of goals. And they come with a definite cost. Have clear goals.

Step 7: Understand your financial priorities:

Priorities are as important as goals. Knowing one's priorities determine your debt:saving ratio. Remember, there are two types of EMIs.. Equated Monthly Instalments for your debts; Easy Monthly Investing for your saving.

Step 8: Make a plan. 

Make a financial plan. It's difficult to predict our future outcomes. But by making a robust financial plan, one can navigate the uncertainties in the future. It's important that the financial plan must be updated to the present times. A plan made five years ago, may not be relevant for today. So keep a track and make changes whenever required.

 (The author is the Founder and CEO of Money Avenues, a Wealth Management firm based in Chennai. Feedback can be sent to mailfpc@ yahoo.com)