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Tuesday May 23, 2017
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Knowledge Your Self on Personal Finance
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PRACTICE DISCIPLINE
The Most indispensable deliberation required for any individual who wish to become an investor.

 

Being an investor is more about a character and this character is built by doing things repeatedly that they become habits. Investing is an on-going process towards the desired goal. This on-going process of investing needs repetition to a level that it becomes habit, which eventually leads to character in making.

 

 If you are an investor or (you ought to be one!), you need to be habitual towards rational investment practices which require a lot of discipline. Investments are not supposed to be done in chaos, In an ad hoc manner or in haste. They need to be understood well with a definitive objective in mind.

 

 If you need to get hold of your current and future financial requirements, planning becomes evident. Planning plays a very important role in determining your capability to handle financial concerns in life.

 

To define financial planning in book terms:

 

Personal financial planning can be defined as a process of determining an individual’s financial goals, purposes and priorities in life.

Considering his current resources, risk profile and current lifestyles to detail a balanced and realistic plan to meet those goals. The individual’s goals are used as guide spots to map a course of action on what needs to be done to reach those goals. Along side the data gathering exercise, the purpose of each goal determines to ensure that the goal is meaningful in the context of individual situations.  

 

Though with process of careful analysis, these goals are subjected towards reality check by considering the individual’s current and future resources available to achieve them. In the process, the constraints and obstacles to achieve these goals are noted, used later to determine if there are sufficient resources available to get to these goals, and what are the things needs to be done or considered in the process. If resources are insufficient or absent to meet any of the goals, the particular goal will be adjusted to a more realistic level or will be replaced by a new goal.

 

It may seem tough, but at it’s core, financial planning is not a very difficult task. All it takes is discipline and the religious adherence to the principles of planning. Discipline has to play a vital role at every stage from setting objectives to actually executing the plans that are meant to achieve those objectives. At the same time, an ad hoc approach while dealing with finances is one of the major reasons for the financial distress that individual find themselves in.

 

 

 

 

 

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