Mental Shift – one small step towards making you richer
September 24, 2019
In order to properly balance living in a sometimes chaotic world, it is important for you to have beneficial attitudes. This is especially important when managing your finances. With very simple but effective steps, this too can be very easily done.
Here are a few ways of how some of our clients implemented a mental shift to achieve their wealth goals:
1. Mapping every saving to a goal – While plans don’t work often, having one in place helps anyways.
Goal-oriented savings create discipline and accountability in one’s behaviour which helps to remain focused on the objective. Savi & Vinod, a newly married young couple started saving up for a house as their long term goal. With an expanding family and a few emergencies that sprung up, at times they noticed that their contribution towards their dream home had to be re-looked at in a manner that they could still manage the rest of their expenses carefully and not ignore their ultimate goal or delay the time frame of when they charted out to achieve it. Today, after 8 years of starting to invest, they are very close to achieving their goal comfortably.
2. Starting to invest is important, even if the amount is small – Cost of delaying investment is a huge opportunity cost our minds cannot see.
Better late than never applies to everything good in life. We had a set of clients who realised the importance of savings only after the first few years of working. Being brought up in very privileged homes, while the awareness existed, it did not necessarily manifest itself in taking action towards it. Those few years when there was income generated but not invested was a missed opportunity to create wealth. However, now that there’s a start, there should be no looking back.
3. There is world beyond banks when it comes to savings and investments.
This is no new news but traditionally banks are the first thought that come to the mind when thinking of savings and investments. While some of our clients have approached us with the same mindset, they were quick to learn and understand the options beyond banks and have been reaping the benefits of it too.
4. There are no free lunches – Be comfortable to pay experts if you know managing your money is something you are not good at.
Handling money is very critical but you may not be always savvy of the best ways to do it. Luckily, you have us – financial planning experts. Engaging experts who understand your needs and wants and help you plan your finances accordingly, is very easy and doable. Just as practical as it is to pay a specialist who cares for some specific need of yours, paying financial planning experts for their services is no different.
5. Enjoy the process of savings – Just like we enjoy the process of using discount coupons against our purchases.
We create wealth not just to live a comfortable life, perhaps one of our dreams but also to ensure that we are secure in various ways. Being able to create that security for ourselves is empowering and should be a relieving feeling, not a stressful one. After all, working to achieve something is motivating enough when you know that it’s a reward that you’re creating for yourself over time.