The average Indian is earning money. But is he creating wealth?
India is going through its best phase ever and Indians are savouring opportunities and reaping benefits unlike ever before. Every sector is registering steady growth and the average India wallet is bulging in size steadily. With all that income coming in, the question to ask is, are Indians planning the future of their monies well enough? Yes, they are investing in term deposits, stocks, mutual funds, insurance etc. but a very miniscule percentage of Indians would be going about their investments with a strategy. But then, is it necessary to have a strategy? Is it important to have a financial plan for life?
One reason for an affirmative answer is inflation. Rising costs will make incomes look smaller and as the years roll by. Another reason is risk. Untoward developments in life will catch an individual unawares unless he`s planned for contingencies. Yet another reason is aspiration. Desires and dreams are an important part of day to day living and their fulfillment is what life enjoyable.
Covering all these aspects of life will call for much more then simplistic investment in a few financial products. It calls for a well thought out financial strategy. A strategy that will take into consideration the past, present and the future. Individuals are increasingly getting aware of the criticality of financial planning but don`t have the expertise to develop such a plan and make the needed financial decision.
I will try to share tips and knowledge here as to how to create and manage wealth.