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Financial Planning To Fuel Your Passion

Mr. C.S. Sudheer | Updated On Saturday, October 13,2018, 02:38 PM

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Financial Planning To Fuel Your Passion

 

 

There is a famous saying “The biggest adventure you can have is to live the life of your dreams”. You’re just 25. You find yourself different from your friends. You dare to dream. Your friends are satisfied, leading the same boring life. Get up…Go to office…Come back tired and go to sleep. This life does not suit you. You want to follow your passion. You want to travel around the World and explore new places. Ever since you read the book “Around The World In 80 Days” back in your school days, travelling around the World has always been on your mind. It is a passion. But traveling around the World costs money. If you want to follow your passion, you need good financial planning.

Set your priorities

The first thing you need to do? Set a clear financial goal.  You want to follow your passion of travelling around the World. This is a mere dream. You want to have INR 50 Lakh by the age of 35 to travel the World. This is a financial goal. It clearly defines the amount you need to travel around the World and the age by which you seek this amount. You could day dream all day about exotic places, but to turn your dreams into reality, you have to plan for it. Without financial planning your passion will remain just a dream. Financial planning is the seed you plant which grows into a tree… Your dream of seeing the World.

Get rid of your loans

Time for a famous saying “Debt is the slavery of the free”. Your money is not yours, until you have paid back all your loans. If you have a personal loan, car loan or a home loan, pay it all back and be debt free. Yes…Paying back loans is not fun. But if you want to travel around the World, you need motivation. Create a vision board, which is just a board on which you display images of exotic places you want to visit, things you want to do there and items you want to buy. There is no better motivator than this, to get rid of your loans in a real hurry. How would you do it? You might have to work long hours to get extra income, take a part time job and spend less time socializing with friends. You might lose a little sleep, but is it worth it? Oh Yes…If you want to realize your passion of travelling around the World.

Start investing right now

What you want to do tomorrow…do today. What you want to do today…do now. You want to follow your passion of travelling the World? You need to invest today. Do you like to take risks in your investments, just as you like to chase your passion? An investment in equity is just right for you. Invest your money in an SIP (Systematic Investment Plan) of a good equity mutual fund. You invest small sums of money regularly, say each month in an SIP of an equity mutual fund. Choose a long tenure for your SIP, around 5 years or even 10 years. Your money is invested in the stock market, which generally gives good returns over the long term. You get the benefit of compounding, as you have started investing in the SIP, when you are quite young. The early bird gets the best worm.

Insure your passion

Before chasing your passion all round the World, there is something you must do. You need to ask your spouse, parents and children, if they are fine with you travelling around the World. Your family has to sacrifice quality time with you. The least you can do…leave a safety net for your family. Avail a term life insurance plan, when you are young. All you have to do is pay a fixed sum of money called a premium, to a life insurer and avail a term life insurance plan. You pay this money for a fixed time, called term of the plan. If you meet with an untimely end during the term of the plan, the life insurer pays the sum assured (death benefit) to your family (nominees of the term life plan). If you survive the term of the plan, you and your family get nothing. You can travel with a free mind, knowing your family is well cared for.

You must also avail a comprehensive personal accident plan. If you meet with an untimely end in an accident, your family gets money called the death benefit. If you are totally or partially disabled in an accident, you get money for treatment. If you are travelling around the World, this is a policy you must have.You want to follow your passion? Avail a family floater health insurance plan. If you or your family members fall ill, money is paid for medical treatment and hospitalization, depending on the sum assured. Try to avail a cashless health insurance plan, where the insurer directly settles hospital bills. Travel in good health. Avail a householder’s package policy a type of home insurance plan, which insures the structure of your home against fire, floods, landslides, exploding cylinders, cyclones, lightening, earthquake and even a riot. The contents of your home are insured against burglary and theft. Your family can sleep soundly at night even as you chase your passion. Do not forget to pack your travel insurance plan as you see the World. You are compensated for loss of baggage, passport, cash or valuables while travelling, cancelled flights and even for hospitalization if you fall ill abroad. Enjoy a travel free of worry.

Lift your spirits and follow your passion! Let our wealth doctors at IndianMoney.com take care of the rest, and guide you at better financial planning. You can explore this unique Free Advisory Service just by giving a missed call on 022 6181 6111. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice / education to ensure that you are not mis-guided while buying any kind of financial products.

 

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Article Author

Mr. C.S. Sudheer

Mr. C S Sudheer is the founder and CEO of IndianMoney.com – India’s largest Financial Education Company. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.

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