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Millennials and many young techies have been focusing on physical fitness lately as they are seeing people who are encountering health issues due to the nature of their cool desk jobs. However, most of us forget that being health-conscious and consuming healthy food is as important as maintaining financial fitness for a bright and content future.
Financial fitness here means having an emergency corpus, facing your debts head-on rather than piling them up, being organised about your monthly expenses and bills, making the right decisions regarding savings and investments, having the right insurance policies, to keep the family secure even if something goes out of balance, and other similar things.
Say, one of your goals is to travel the world. For this, you need to keep your body and mind fit. Equally important is to keep yourself financially fit. Otherwise, you won’t be able to pursue your goal.
Money is the first thing that comes to mind when we think of our and our family’s security. Keeping a corpus ready for your future will give a sense of security and courage to deal with life’s unexpected turns.
Achieving financial independence may take time as it requires you to make the right decisions when it comes to the inflow and outflow of cash. You may have to make some stringent and strict decisions to become independent over time.
Choosing the right buckets to invest your money in is one big decision that can make or break the deal. Once you do this right, you don’t have to wait for anyone’s help to realise your dreams and can consider yourself financially independent.
It is only common that our goals and directions change with time. The greater aspect here is to orient your money as per your changing goals and make it the right way. Initially, you may plan for a car and achieve it. Later, you may want to accommodate your growing family in an SUV.
You must plan the sale of your car and get financing for the SUV and also plan for the related EMIs. Whether it is buying a home, foreign education for your child, emergency corpus, or retirement, it is necessary for you to plan your goals and actions in advance and work towards them.