We have grown up in the seventies and the eighties in which could easily be classified as a utopian society. Since child hood we have been hammered with only one mantra and that was Health is wealth. While there can be no argument that in today’s world health as the only wealth is not good enough. We often wish that somebody taught us these fundamental principles of life early in our lives.
Alas! The days of agriculture based economy does not exist any more for most of the urban generation. One could be as fit as a race horse but will still need other form wealth to gallop through a decent university to be worthy of picking up a job and start a family.
Today I give a sachchi advice to the young generation. It’s important to leave no stone unturned early in life to develop sound body and mind. But it is equally important to take all necessary steps early in the life to start the process of developing wealth with a firm footing. There are other aspects of health and wealth in addition to starting early that I would like everyone to focus. A few of those has been listed below for ease of reference:
- Always maintain asset diversification
- Remember to obtain assistance from subject experts
- Review portfolio regularly to keep them relevant
- Engage the services of a qualified financial & tax planner
- Invest regularly during good economy as bad economy
- Have enough risk coverage but strictly implement stop loss policy
- Have patience during tough times and market volatility
- Maintain liquidity in the portfolio, as you never know when there will be an emergency
- Stay wealthy and live peacefully
Just knowing these is not enough and one has to put this into regular practise so that it turns into a habit. In the words of Aristotle “we are what we regularly do. Excellence then is not an act but a habit.”