Namaste and a very Happy Independence Day to all the readers of this website. I Khushboo Gupta thought of writing this guest blog for Vikas’s website as he is the one person because of him I have understood the meaning of Financial Freedom and have started applying in my life too. Though our ancestors have provided us freedom through all aspects but to access this freedom we have to work for ourselves so that we can truly say we have freedom.
Since it is 15th August today and this day symbolizes the victorious end of 200 year old struggle against subjugation and oppression. In many ways our independence was a testimony to what we can achieve when we are free. I could easily relate this to one’s Financial Freedom….& all thanks to Mr. Vikas Agarwal for making me understand this.
What one understands by the word “Freedom”???
Freedom or liberty, is the power or right to do as one wants. I hope everyone would agree with me on this point. Let me ask you one thing what are the things you want to do regardless of worrying about money spent on it OR thinking on how would you survive rest of your life if you approach on fulfilling any of your numerous desires. I believe you must be having a long To-Do-List; but money limits everyone.
I learned everything I know about money till date from a very dear friend of mine, who is the author of this website Vikas. He understands how money works, how to get it and how to make it grow. One moment stands out in my memory: I was talking to him and discussing about the money crisis of my life; he pulled out a tissue paper from the table and preceded to show me how to create what I now know was a financial plan. He showed me how saving can earn you money through compounded interest, and how owing money can bury you in debt. He says: if you have a financial plan, you have choices – and having choices and setting goals is what leading a successful and satisfying life is all about.
He treats the financial plan as a road map which helps him navigate to his set goals and defined path and roads to them have certain specified details. We spend a lot of time planning for other aspects of our lives, such as our careers, marriages and having kids, but many of us fail to build a plan to achieve our financial goals.
There are few take away I would like to share with you all:
Analyze your Stature: He always says before you start worrying about where you want to go, you first have to figure out where you are now. By doing so you’ll create a net worth statement, which is essentially an honest measure of your current wealth.
Spend your Time Wisely: He believes the fact that time once provided is never going to return; so make the maximum utilization of it when it is with you else “it takes no time for TIME to pass in no time”.
Track your Expenses: Always track your spending so that they never go out of your hands. This is called tracking your cash flow, and it can give you a sense of control and confidence that makes it easier to make financial changes in your life.
Set Life Goals and Jot them Down: One’s goals don’t just happen; one makes them happen. He always emphasizes on writing them down on a paper so that whenever you see them they remind you of your goals and motivate you working towards them.
Formulate a strategy: Once you know where you have to lead, you need a plan to get there. The usual route is to spend less than you earn and invest the surplus in such a way that you can get where you want to go.
Design an Investment Plan: This defines what kind of investments one must have in their portfolio. Nature of portfolio is determined by one’s time horizon and risk tolerance.
Prepare for Uncertainties: Life is a packet of surprises/ twist/ turns/ swings (hope you all would agree) and sometimes not in our favour. Prepare yourself and your family to face such adversities with a strong persona by enabling them with proper medical and term insurances.
Write up a will: An accurate and concisely stated will is the only way to ensure your assets are going to get distributed the way you want them to be.
Our freedom fighters dreamed of a free India and they made it happen….you dream of a Financially Free Life and I wish you will make it happen 🙂
Thanks Vikas for providing a little space to my words on your wonderful website and to readers for reading this…cheers 🙂