New financial year has started and usually beginning of the year is a good time to think about the previous year and what we want to achieve in the current year. Few thoughts :
1) Think about the previous year, what you could have done better and what resources are required to do better.
2)Set goals for the current year,break those down in monthly goals.Analyse the targets met and variance from the targets every month and reasons for that variance.Goals should be little hard to achieve but must be reasonable.Goal could be as simple as being profitable in atleast 9 Months out of 12 months of the current year.
3 ) Plan for future. We traders don't have any financial security so start building your own security nest...start a small SIP in a mutual fund,if you have accumulated some money,think of booking some real estate.These investments will give you different streams of future income.Keep written notes about all your investments.
4) Have good life insurance cover so that people dependent on you will not face financial difficulties if something happens to you. Invest part of your earnings for a separate fund which should not be touched and kept for medical expenses if some medical emergency comes up in the family. Medical care is very expensive now a days and some major illness of a family member can set you back by 5-6 lacs easily. So plan to have a good corpus in this fund.
5) Invest in Public Providend Fund and ELSS mutual fund.
6) Plan for atleast 1 long and 2 short vacations every year with the family....absolutely must for us.
Many more points could be added but enough for first week of the new financial year.
Smart_trade
1) Think about the previous year, what you could have done better and what resources are required to do better.
2)Set goals for the current year,break those down in monthly goals.Analyse the targets met and variance from the targets every month and reasons for that variance.Goals should be little hard to achieve but must be reasonable.Goal could be as simple as being profitable in atleast 9 Months out of 12 months of the current year.
3 ) Plan for future. We traders don't have any financial security so start building your own security nest...start a small SIP in a mutual fund,if you have accumulated some money,think of booking some real estate.These investments will give you different streams of future income.Keep written notes about all your investments.
4) Have good life insurance cover so that people dependent on you will not face financial difficulties if something happens to you. Invest part of your earnings for a separate fund which should not be touched and kept for medical expenses if some medical emergency comes up in the family. Medical care is very expensive now a days and some major illness of a family member can set you back by 5-6 lacs easily. So plan to have a good corpus in this fund.
5) Invest in Public Providend Fund and ELSS mutual fund.
6) Plan for atleast 1 long and 2 short vacations every year with the family....absolutely must for us.
Many more points could be added but enough for first week of the new financial year.
Smart_trade
Last edited: