Gross National Happiness is as an index to measure a nation’s progress. It was first conceptualised in Bhutan. It implies that apart from considering economic aspects, the nation must take a holistic approach towards the nations’ progress. Inspired by their unique approach towards building their nation by improving the lives of their citizens, we can draw inferences to improve our financial situation.
Ultimately, we all earn, spend, save and invest to keep ourselves happy! So why not keep the process of chasing these goals peacefully, joyfully and stress-free!
Here are five simple steps to give you a perspective on how to make your financial life simpler and better:
You may avoid investing in products whose returns are highly fluctuating. For instance, if you are not stock market savvy, you may avoid making direct investments in equity markets particularly in single stocks or futures and options since the risk is high as compared to the returns! One may also avoid choosing complex financial products which are not easily understood and also difficult to track returns! It is very easy to get carried away towards investment products with higher returns! One need not forget that higher returns are always accompanied with higher levels of risk and vice versa! Be cognizant about the fact and accordingly take a decision!
It may or may not be the first step for every individual but is, definitely a must step, in everyone’s life! Without a financial plan, you can never become the driver of your own life! It not only gives you a direction but also helps you measure the progress of your goals from time to time! Take out the time and write it on a pen and paper before you approach a financial planner! A financial plan will help you become focussed in life; which will inturn lead to financial peace!
Do not get overwhelmed or stressed when you see that you have innumerable goals to achieve! You can make them look simpler by prioritising and readjusting it time to time! Ideally, your short term goals need more attention than long term since the compounding time is limited but do not loose sight of long term goals leaving them in oblivion!
The world is not getting over tomorrow! So do not dump the goal but work hard to achieve it! if the goal is very important for you, you may compromise on some of your unwanted expenses and make more contributions towards that goal! You may also try creating a second source of income by pursuing your passion in your leisure time that can give you some extra bucks which can be invested for your long term goals!
It is great to live a life full of material pleasures and chasing too many things in life may give you an adrenaline kick! However, what’s the point in knowing the price of everything and the value of nothing! One must love, enjoy & cherish the value of accomplishments optimally and thoroughly before its pleasure dies down! Like higher the return higher the risk, every additional goal will be accompanied by equal amount of stress and anxiety! Calculate the worth and take a call!
Choose goals that give you happiness and not just the ones which are a symbol of status. Enjoy the process and not just the target because achievement of target is just one time. The process will give you various milestones to celebrate your sense of discipline and hard work.
At last, subscribe a service which ensures that what you have been building , shall be handed over to your loved ones, in case you have to leave them by saying goodbye forever. This arrangement shall give you most effective peace of mind.
(The writer is CEO, My Wealth Protector. Views expressed are personal)
