Financial Wellbeing: A Personal Finance Objective
Financial wellbeing is efficient use of financial resources to manage expected and unexpected financial events. The best thing money can buy is financial freedom – save today for a secure tomorrow. Risk management is the fundamental basic for financial wellbeing. Starting early is key to success, but it is never too late to start. Transform your dreams into financial goals and achieve them with actionable plans. Retirement planning becomes easy when started early, due to the power of compounding. EPF and NPS can provide a substantial retirement corpus provided withdrawals are not made. Diversification of both physical and non-financial assets is a must. Investing in equity is a must for the growth of investments. Direct equity investments needs time, knowledge and regular monitoring. Alternatively mutual funds are well regulated, transparent and convenient means for both equity and debt investments. Build tax efficiency in financial plans. A financial advisor helps in identifying goals, providing directions and discipline to the financial plans.
"It's not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.“ - Robert Kiyosaki