October 3, 2022

A caring household, a frugal life, investing properly, and good karma are the foundations for one’s monetary freedom.

Nilesh Shah

August 15, 2022 / 08:59 AM IST

Monetary freedom for me resides with none financial worries. By God’s grace, I’ve secured monetary freedom for myself and my household. Monetary freedom can imply various things to completely different folks and its definition can range, relying on the stage of life you’ve got reached. Listed here are just a few cases:

Caring mum or dad: My mom raised the three of us in a decent financial scenario. Nonetheless, she by no means allowed us to fret about cash. In my childhood, having a caring mom was my monetary freedom.

Being frugal: Incomes cash to assist my household was essential. I began doing odd jobs at a younger age. I studied with scholarships. In my pupil days, I saved bus fare by strolling. I travelled second class in native trains throughout the early a part of my profession. Being frugal gave me financial savings to attain monetary freedom.

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Investing properly: I invested my financial savings properly throughout debt, fairness, actual property and gold to generate actual returns. Monetary freedom got here to me via common investments, long-term investments and disciplined investments.

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Good karma: There’s a proverb that claims that Laxmi ji is Chanchal, i.e., I must retain the blessings of Laxmi Mata by good karma. I spend some a part of my cash on doing good deeds. Good karma will assist retain my monetary freedom.

Monetary freedom isn’t about cash alone. It’s a couple of mindset. Every one has to attract a Laxman Rekha on financial worries. Having a caring household, residing a frugal life/not residing past your means, investing your financial savings properly, and good karma are the foundations in your monetary freedom.

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Nilesh Shah is the Group President & MD at Kotak Mahindra Asset Administration Firm.