International Women's Day 2024: What are 5 Ps to help you achieve financial freedom?
Financial freedom is a long-drawn journey, often stretching decades. It is progressive and not a one-time event, which implies that the more process-oriented a person is regarding their income, expenses and savings, the more incrementally financially free they become over time. There is no magic wand or shortcut to creating wealth.
The key to being financially free is to build investing resilience and remain focused on your goals. Great returns are an outcome of a fantastic investing process. So how can she build investing resilience? Firstly, overcoming information clutter, getting actionable intelligence, making smart investment decisions and the ability to remain invested despite market volatility is critical to developing investing resilience.
It is a chain of events, a robust process that needs to be inculcated in your everyday life. Investing is easy, but becoming financially free takes a lot of time and effort. Here are a powerful 5 ‘P’s process to achieve financial freedom: People: Get a trusted investment expert on your side.
This person should understand your situation and requirements, help you with monthly budgeting, identify important personal finance ratios, set the right expectations, manage investing biases, and help in joint decision-making through collaborative discussions. Technology can help you invest but it’s the human expertise that can personalise and make you achieve your goals. Personalisation: An investment that might be great for one person can be disastrous for another.
Keeping this in mind, your roadmap to financial freedom must be hyper-customised to your requirements. Informed risk must be taken keeping your finances, goals and timelines in mind. Purpose: Having clearly defined objectives
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