Dreams &Aspirations! Everything begins with a dream, whether it's to retire with Rs 5 crore or to send your children to the best possible school. You must make thorough preparations in advance and abstain from procrastination to make your ambitions come true. Expenses are waiting at every stage of life, and life itself is moving quickly. You need a lot of money, which is a fact, whether you want to own your own home, take your family on an overseas vacation, or support yourself after retiring.
Realization is the first step in creating wealth over the long term. The understanding that you must accumulate enough money to easily accomplish all of your financial ambitions is your first step towards financial independence. Realizing the significance of money creation makes the next step straightforward, uncomplicated, and systematic.
Wealth creation is a drawn-out process that needs careful planning and lots of patience. Rome was not built in a day and neither will your wealth. Let's take a look at one of your goals: the day when you want your kids to graduate with a distinguished degree from a top university, whether Stanford or a top-ranked Indian university. You may need to put up many crores, if not lakhs, to pay for a top-tier course at a foreign university; therefore, you must start planning now to meet your children's financial needs.
The same goes for arranging a down payment before availing of a home loan to move into your plush apartment or upgrade to a luxurious home a few years down the road. Let us face the reality – the price we pay to maintain our standard of living is increasing. On the other hand, the purchasing power of the Rupee is falling. What it means is you need your saving to work harder for you. Yes, we mean it, each penny counts and so every count of your hard-earned money needs to grow at a rate much higher than the rate of inflation (price rise).
Wealth creation is not just about investments and picking the right stock or a mutual fund. It's much more than that! Identifying the goals, estimating them at today's cost, and calculating the inflation value to find the exact savings are only a part of the overall financial plan. There are several other tools, strategies, and planning exercises that go towards building up a robust wealth creation template. Most importantly, it's very much personal – every individual will have his or her unique financial needs, and hence the need to build a wealth creation plan also has to be personal and individualistic.
The pace of change around the globe is rapid. Children today have significantly more time than children in previous generations. Your wealth generation strategy must include a flexible component that can adapt to the changing environment and the aspirations of your family's younger members. In a few decades, your children might need a sizable sum of money to launch their businesses. You can serve as their banker to finance their dreams as their parent, which is why your wealth development strategy must take a 360-degree perspective.
Explore our website to keep a tab on the ways and means to grow your savings into wealth over a period of time. There are no shortcuts to life and certainly not in wealth creation. We will help you stick to the basics to upgrade your saving into investments and get a smooth and planned financial life.