Monday morning I received this forward from one of my friends on a popular messaging application platform on the mobile, it was about committing to the स्वच्छ भारत अभियान....
As a citizen of of India
I Commit that I will not throw
any garbage/waste on road/street
but only in dustbin or location
provided for the same.
I shall also spread this message
to my near and dear ones!
This is an excellent initiative by our Honorable Prime Minister who himself symbolically wielded the broom on Thursday to launch a nationwide campaign that aims to clean up India in the next five years. The PM chose Valmiki colony in Delhi's heart - a place which was once home to Mahatma Gandhi - to do the sweeping in a small area for a minute, in the company of party colleagues and officials. He said that the स्वच्छ भारत अभियान should clean up the country by 2019, the 150th anniversary of Mahatma Gandhi.
He has further invited a set nine of popular celebrites and bureaucrats including Goa Governor Mridula Sinha, master blaster Sachin Tendulkar, Congress leader Shashi Tharoor, Bollywood actor Aamir Khan, Priyanka Chopra, Salman Khan, Yoga guru Ramdev baba and a team of 'Tarak Mehta ka Ooltah Chashmah'.
While this mission is about the Gandhian principle of cleanliness, I feel the same applies to our financial life.
Here's how you can clean up your financial mess and streamline your finances by following the 3 simple steps given below:
1. Clean up your Insurance Portfolio:
Most of us have a number of traditional life insurance policies(sometimes only1). Its important to not mix insurance with investments and keep/buy only those Insurance policies which offer pure life cover and nothing in return at the end. This ensures that you are not earning negative real returns and actually utilising your money resources in the most effective manner. Now this does not necessarily mean you need to buy Term cover and go on "Hibernation", diverting surplus funds to better products like PPF, SIP's and taking sufficient Health Insurance is equally important.
2. Clean up your Investment Portfolio:
Over the years we all have "collected" investment products which have been either forced upon us by way of excellent sales and marketing techniques or because of our fixation and affection of fixed and guaranteed returns. This has led to accumulation of many junk investment products which have no defined purpose in our financial life. Take this opportunity to clear the mess and withdraw/redeem such investment products, start from ground zero if need be, by preparing a financial plan.
3. Prepare a Financial Plan
Financial Planning follows a well defined process, hence it can really help you streamline your financial life. In the first step itself it defines your current financial situation(starting from ground zero) followed by developing your financial goals.... (see image).Financial planning provides a road map for your financial life. It can make the journey less stressful, more fun, and more successful. And, you can start right now — even if its only a few steps at a time. If you do not have the time or expertise to prepare a financial plan connect with the right Financial Planner
If you go to see, it is not really necessary to find some or the other reason to start cleaning India or our financial portfolio's for that matter, but its always better to have a mission with a vision. You cannot embark on a journey without a destination. The स्वच्छ भारत अभियान is clearly a mission, and a clean India by 2019 a Vision of our Honorable PM. Although this looks like a herculean task, believe me, its very much achievable, after all you are going to spend 100 hours every year out of the available 8760 hours which is a little more than 1% of the total available time.
Don't forget to add a similar amount of time to clean and streamline your Financial Portfolio. After all this cleaning, I ensure you, you will have achieved peace of mind and increased your productivity multiple times.
Ninad Kamat
CERTIFIED FINANCIAL PLANNERCM
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