This Diwali Let’s do something different

Diwali is the festival of lights. We remember Diwali for the gifts, sweets, crackers, new clothes etc.

The five-day Diwali celebrations involves illuminating the household with decorative diyas (oil lamps) or candles, hanging up handmade kandils (lanterns), streamers of fairy lights, grand display of fireworks and crackers to signify the elimination of darkness and movement towards light; hope over despair; good over evil; and knowledge over ignorance.

Many of us look forward to a Diwali bonus normally given by companies besides a salary. This bonus helps in dealing with additional expenses like buying gifts and cooking feasts for loved ones, festive purchases, and meeting your regular. Although as compared earlier times now people keep on buying things regularly however still Diwali has its own importance for purchasing new things. However we should not get into impulsive buying just because there is a offer.

So what should we do to our bonus/extra money this time?

This time let’s invest this money to illuminate our future financial well-being.

However, while investing, we should keep in mind certain essentials:

1. Think and Plan properly before investing

2. Know your own Risk Appetite based on age, goals, income dependents etc.

3. Have Clear Objective and time horizon for investments

4. Understand the Tax Implications

5. Have proper Asset Allocation

6. Invest regularly to get the power of compounding

7. Have Discipline in investments

8. Take an Expert’s Assistance, It actually makes a different.

We should also follow certain don’t while making investments which are

1. Don’t Speculate, It’s dangerous

2. Invest own money, don’t leverage for investing except real estate

3. Don’t use Emergency funds for other purpose they are for emergency only

4. Don’t be emotional with your investment if it is not working then get out of it

5. Review and adjust your portfolio on regular basis

By taking these basic steps and investing surplus money in a prudent way can help us to get our future goals more easily and comfortable.

So this Diwali let's not just spend but also save to celebrate many more Diwalis in future.

Wishing everyonee Happy and Wealthy Diwali