Where do I Stand today: Financially


I put a lot of stress on Where we stand today – since in this fast paced world we loose track of what we have done so easily. 

Pause wait a moment and take stock….this is the secret to smart investing after you have invested. 

If required it gives us space to change directions, now that the new Government is in full form, it becomes all the more important to be alert and see if there are any policy changes which affect us. 

I am sure Modi Government will come out with some new reforms affecting us as investors so we need to keep an eye on the media to look out for the same. 

To re-iterate : 

  • Check if all the passbooks are up to date. It will show how much liquid cash you have. If one has excess money laying ideal in the account it’s better to invest. If there is fewer amounts then think how you can put in enough money, so that in emergency situations you do not have to run around. 
  • If you have done investments’ in Mutual Funds make sure your Relationship Manager has given you recent statements. You will get an idea if your investments are doing well or not. Accordingly you can shift your investments to some other schemes.
  • Review your insurances carefully and see if the premiums are paid regularly. Otherwise the policy might get lapsed which you don’t want in any case.  If you have not yet purchased Insurances for car or health make a provision for it. 
  • Create a financial data sheet and make list of your current assets which include fixed as well as variable assets. Include all your investments like FD’s, PPF, and Mutual Funds etc. Also make a note of your liabilities like loan, credit card payments etc.
  • Make sure you have made provision for an emergency fund. One should have enough money to sustain at least for 6 months.

So it’s like preparing a Balance Sheet for oneself. In the end this will give you a clear idea as to where you stand today. In previous articles I have explained how to keep records of your assets and liabilities. In this article I have mentioned to culminate all your records together and get a clear understanding of your current position. 

Vow having done all this once again will make you feel in control and believe me it is a great feeling….

Watch out for my next post…..


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