Every year, the festival of Holi reminds us of the exuberance of life through its beautiful colors. It is celebrated with great joy all over the country. Metaphorically, we can say, we spread happiness through colors. In our life, we seek happiness at all times. One of the many things that makes this happiness a perennial event is financial well-being. We should never think of money or endeavor to make money as evil.
We should embrace the fact that no matter what, we will need sufficient wealth to live a comfortable life.
So, we should joyfully learn and understand the art of managing our finances.
Let us take a look at what can be done to make our financial planning better this Holii:
Holi celebrates the victory of good over evil. Let’s take this occasion to remove all evil from our portfolio.
- Improvise your existing portfolio.
- Get rid of investments that are dragging your portfolio down
- Get rid of loan or debt with high-interest cost, burning a hole in your finances.
- Put your earnings to a healthy corpus.
Just as Holi symbolizes burning the evil and keeping the good. Let’s also burn the financial demons and keep only healthy assets in our portfolio.
- Choose those asset class that diversifies your portfolio.
- Start a balanced financial planning structure
Holi is celebrated in different ways in different parts of our country. While in most places it is played with colors, in some places it is played with flowers.
- Based on our goals, time to reach our goal, risk appetite we will have to select appropriate asset class.
- We can invest directly in stocks, we can take help of mutual funds.
- In a mutual fund, there are a variety of schemes to choose from.
- We can choose debt funds, equity funds, balanced funds as per their return and risk profile.
- We can even go for funds managed by the specific fund manager if you are able to build conviction by following and studying his investment style.
If you had a year-end goal and invested for it, now is the right time to check the results of your investment.
If the goal is fulfilled, rejoice and appreciate yourself on planning beforehand. If the goal is not fulfilled, it’s time to look at what went wrong and learn important lessons from it.
Like Holi is a time to enjoy and celebrate the victory of good over evil, let us also refresh our finances to lead a happier financially independent life.
You can also check our Holi Dhammal Offer on Recorded Courses here
Happy Holi and happy financial planning!