Plans allow systematic enhancement of wealth with insurance
We are here at the most beautiful time of the year when this month of Kartika brings along all the major festivities. The soothing whether this month carries with it adds to the bliss of celebrating Dussehara and Diwali. Diwali marks the beginning of the New Year according to the Hindu calendar; it is also associated with prosperity and wealth. The festival of Diwali is called as the festival of lights and hope. People celebrate it by exchanging gifts and buying gold on Dhanteras, the festival celebrated two days prior to Diwali. This tradition is very long and to trace its existence is very difficult, it is being passed on by generations.
Gold has been bought as a sign of prosperity but how much sense does it make in buying gold from investment expert’s point of view? In his latest interview India’s star investor, Rajesh Jhunjhunwala said that investing in Gold or jewelry should be the last priority. For youngsters he advised that as soon as possible they should invest in a house as getting a house is a big worry in urbane India. Buying a house is the biggest satisfaction and provides loads of security for the individual and his/her family. Rajesh, whose portfolio is estimated to be more than INR 20,000 crore, being a man of stocks laid emphasis on buying a house first because till the time you don’t have a shelter owned by you, life would be much unsecured.
If you have secured your house, then you should invest in mutual funds or ULIPs. If you haven’t started investing you must begin immediately. To be rich and prosperous one needs financial education, i.e. how to play with money so that it grows. I was reading a book by Robert Kiyosaki, the author of the famous bestseller ‘Rich Dad Poor Dad’; according to it the biggest obstacle in the path of becoming rich and prosperous was that people don’t know how to invest money. Moreover, all the conventional education we get is aimed to enhance our employability but does not impart business building skills.
This Diwali season take a pledge that you’ll learn investment skills and spend time with a good investment advisor. No one can become rich till one is dependent on his own labor to earn money. Also, to secure your family you should invest in life insurance plans, particularly a Term insurance plan because in a Term plan with relatively lesser Premium you get a big financial cover for your family that ensures their continued financial prosperity even when you are not with them. Thus, to make Diwali prosperous some smart planning needs to be done, yes, Lakmshi Poojan will show its effect, no doubt but a different form of Lakshmi Poojan i.e. smart investments should also accompany deity worship in your journey towards prosperity.
In the advent of attainment of prosperity Risk planning should also be done, an important thing in this aspect is to get all the important insurances get done as briefed in the paragraph above. Also, it calls for diversifying your portfolio so that if some investments flunk they could be compensated by the income from others. You must have read this famous quote by the most successful investor in the world, Warren Buffet that “Don’t put all your eggs in one basket”