A walk towards financial freedom!

New Year is that time when people challenge themselves with resolutions to grow for better. However, walking towards fulfilling New Year’s resolutions can be really tacky if not focused or committed to. It’s best to take small steps towards achieving the goals but the most important thing is to stick around  with those resolutions. 

One resolution that we all must commit to is that of achieving financial freedom. Just imagine a scenario where instead of working for money, money starts working for you? Exciting, isn’t it? Better still, at WeCare, we assure you that this is an achievable goal with these simple steps:  

1) Know Your Goals

Like any journey, the road to financial freedom will be faster and smoother if only we know our ultimate goals. Financial freedom needs appropriate planning. Once you know your destination, the road can be decided upon accordingly. There is no dearth of investment options that will help you access the power of growing your money but you can not choose wisely unless your goal-setting is clear. Be it long term or short term, fixing your financial goals is the first step.

2) Study the market

Knowledge and awareness never hurts anyone. In order to reach a point where your money grows without much of your attention, it is integral to understand the market scenario. The sooner you study the market, along your financial advisor, the closer you walk towards achieving financial freedom. Not only will this help you predict next steps but it will also help your understanding of companies and their potential better.

3) Right timing 

Timing is everything! Investing the right amount at the right time in the right tool is the key to access financial freedom. You just can not ignore the importance of correct timing. It can help you save a lot of money as well as help you avail good deals. Remember, financial freedom is a process that requires patience.  

4) Investing the necessary amount

Once the goals are sorted, market is studied and the timed well, you can then decide on the amounts in accordance with the other points. While deciding the amount, details related to returns, potential profits or losses should be taken into consideration by the investor. The amount to be invested should be exact, not more nor less because you do not want to compromise on the liquidity of your funds. 

5) Continuity and Consistency

Once the foundation is laid, continuing to manage liquidity throughout the period of investment should not be hampered. Since financial freedom is a long process, it is ideal to strategise outflows so that the investor is aware of expenses, be it monthly, weekly or yearly. Stick to your commitment, stay consistent and continue with a healthy investment practice. 

Financial Freedom can be quite a journey but if you are a disciplined investor, it’ll certainly be worth the effort.  

—eom.