Today, June 21st 2018 is International Yoga Day. Prime Minister Narendra Modi led close to 50,000 people in Dehradun to celebrate the Fourth International Yoga Day. Prime Minister Narendra Modi reached the venue at around 6:30 AM and in his address to the gathering said “Yoga has emerged as the biggest unifying force in the World.” He also said that Yoga is a mass movement and it has shown the World the path from illness to wellness.
Wearing a white T-Shirt and a pair of white trousers, PM Modi performed a number of Asanas and Breathing Exercises on the lawns of the Forest Research Institute.
Let’s take a look at some of the tips to keep you financially fit this International Yoga Day. Want to know more on Investment Planning? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.
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Wealth is basically having a lot of valuable resources and material possessions. You may own a precious diamond or have lots of land. Unfortunately, in a financial emergency like a medical emergency, you need something liquid like cash.
You may be wealthy and own lots of land, but are you financially fit? You need to have some wealth in the liquid form to meet emergencies.
A budget is a simple exercise of writing down all your earnings/income and all your spendings. A foolproof budget must include every rupee spent. A budget helps you identify, where your money is going and where it should be going.
Tracking expenses seems a difficult task, but with practice it becomes a habit. A good budget keeps you financially fit.
If you want to stay physically fit, you must exercise and do Yoga early in the morning. If you want to stay financially fit and enjoy a secure retirement, then start investing for retirement, right from the first salary of your first job. Inflation, the rise in the prices of goods and services with time, eats up all your money. If you are struggling to pay bills today, how will you survive after retirement?
Earlier you start investing; greater is the corpus at retirement. Your money grows with time and you earn returns on returns called the compounding benefit with sound retirement planning.
Save and invest early for retirement and you will beat inflation and stay financially fit.
Yoga keeps your body and mind in the state of readiness. Financial fitness is all about being in the state of readiness. If you make financial decisions without understanding their implications, you will land in difficulty. Make the right investment decisions and invest in a financial instrument which meets your financial goals and needs.
When you do Yoga or any serious physical exercise, you maintain a list of Do’s and Don’ts. In much the same way, being financially fit means you need to understand risk in investment and accept only that amount of risk, you are comfortable with.
To maintain a good body, Yoga and exercise alone are not enough. You need to eat healthy and avoid junk food. In much the same way, being financially fit means staying away from bad loans. A loan which helps you build an asset is a good loan. A home loan to build your dream home, an education loan to enjoy a great career or even a car loan to buy a car you really need, all these are good loans.
Bad loans are like junk food. A personal loan to go on vacation or using a credit card to buy things you don’t really need, these are bad loans. Just as junk food makes you fat and unhealthy, bad loans lead you to the debt trap.
Financial Fitness is all about avoiding the bad loans. Personal loans and credit cards charge high interest and you will struggle with repayments. You could land in a loan trap. Be Wise, Get Rich.
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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