Yoga
is good for your health. But what if we told you that there are a few yoga
asanas that you can practice to better your financial health. That is right,
you heard us right. Here are eight asanas that can be used as effective
remedies for all your money ailments.
1.
Asset Allocation-Asana
An asset allocation strategy that factors in age,
goals, horizon, and risk appetite will lend the right balance to your
investment plan. Meticulously following the strategy and rebalancing at regular
intervals to ensure the mix is not altered will help prevent losses, book
profits, and keep you on track to achieve your goals.
2.
SIP-asana
With markets close to yearly lows, investing small
sums systematically and adding lump sum if you have additional money is what
you should do. Sticking to goal-oriented SIPs in will yield benefits over the
long term. This systematic approach will help you remain calm during current volatile
phases.
3.
Diversification-Namaskar
A well-rounded portfolio will help in achieving all
your long- and short-term financial goals. When you put your eggs in more than
one basket, you spread risks and cushion the adverse performance of one asset
class or a few instruments.
4.
Shed the flabhaati
Diversification is good, but too much of something is
never good. Having a big, fat portfolio of 15-20 mutual funds will not help. In
all probability, several of the schemes will hold similar stocks, which means
that they will not add any value. Avoiding investment overload will help you
ward off distributors looking to churn your portfolio and hawk new fund offers.
Often, retail investors make the mistake of entering
when markets are high and exiting in panic when they start tanking. Do not stop
SIPs when markets dip or hoard equities when they head up. Investing
systematically as per your plans, long-term goals and risk appetite will yield
better results.
6.
Tax-asana
While filing returns, follow the rules meticulously
and complete the process ahead of the deadline to avoid errors. Seek
professional help if needed. Filing income tax returns is an unavoidable
activity, which is also complex in nature. Completing it well in time will
reduce the hassles and scope for errors.
7.
Budget-asana
Devise a monthly budget, prioritise needs over wants
and ensure savings. Set aside 50% of your post-tax monthly income towards basic
needs, 30% towards savings and wants can account for 20%. Adhering to a
well-devised budget can rein in the tendency to overspend on discretionary
items and keep the focus on important goals.
8.
Relax-asana
Don't stray from your financial plan, take risky
short-cuts, or bend rules. Prioritize your retirement over goals like
children's higher education and marriage
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