The Power of NOW...

(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) 


The power of NOW...

Philosophy of life is quite simple: What was sown yesterday made us what we are now; what will be sown now will make us what we are tomorrow... That's the law of nature.


Same applies to our financial future as well. What we sow now will be reaped by us in future. Listen to what the self made billionaire Warren Buffett had to say about himself in a gist...

In essence, he reaped what he had sown in his younger years and wealth is not created overnight. We should approach the wealth creation and financial planning in the same way as taught by the masters of the subject.


Mother nature gives us great lessons for our lives. For eg., cultivation has a defined time line right from sowing to reaping and the process of cannot be hastened or prolonged beyond a point. Wealth creation is something very similar and money grows with time if planned abd invested properly.

The realize the power of NOW -


1. Ensure lifelong insurance cover:

Life insurance is a great tool to provide financial security to you and to your family in your absence. Have a cover equivalent to 5 times of your annual income @ any given point of time. If your annual salary is Rs 20 lacs, have a cover of 1 crore, it's as simple as that. It's important to raise this cover proportionately with the rising income. It's important to take a cover NOW...

2. Goals and priorities:

Figure out your financial goals and financial priorities NOW... Because goal less life is like a directionless ship in the ocean. Once the goals are frozen, prioritize them based on the financial parameters. But the key is to get them on your table NOW...


3. Manage money:

We all work really hard for our money. And it's only fair to expect the money to work hard for us... Don't leave your money in a bank A/c @ 3.5% and that will be a grave injustice you are doing for yourself. Make your money work hard for you by putting it in the right investment avenues. And do it NOW...

4. Create long term wealth: 

Key is to create long term wealth for fulfilling your goals and aspirations. Billionaires created wealth with few dollars in their wallet. Your income is one part, but what you earn from that income is another important part. All your goals and priorities are tied to wealth creation. Do take effective steps to create wealth NOW...

5. Realize the peril of inflation:

Inflation is a monster which is going to eat our savings and reduce our money to a worthless paper. And remember, all our goals are directly impacted by inflation. Be it children's education or retirement, inflation will have a huge impact on them. Key is to tame the inflation by intelligent investing. And do it NOW...


6. Realize the importance of power of compounding:

Power of compounding works very silently to one's advantage. Its a great tool to fight inflation over the longer term. If one can really multiply money multifold, it can be done only through this method. Realize the importance of power of compounding NOW...


7. Have a financial plan:

It's highly improbable to expect people who are busy in their jobs and careers to manage the money very effectively. So engage a financial planner, like Money Avenues, which will guide you to a great financial plan and also keep a track of it on a regular basis. After all managing money is not for which you are being paid. Outsource the job to a specialist. And do it NOW...


Sow the seeds now and reap the benefits later....


(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)