dear viewers welcome to this episode of your life your money which product makes you more money where does your financial success come from choosing a product choosing an asset class choosing an advisor doing it yourself what creates financial success in this episode I'm going to examine all these points if you're surprised none of the things that I mentioned till now are the root cause of your financial success your financial success lies elsewhere in this episode I'm going to give you 10 question to find an answer if your answer is positive to these questions then you
can say the financial success automatically comes in your life stay till the end of the video go through all the questions that gives you an Insight what creates financial success this is NRA money clinic for you and I Dr Chandra kandb your financial guide for a happy living [Music] NRI money Clinic no hype just the right advice one thing I'm very very clear the selections that you make whether it is a product person asset class time any of these things will not create a financial success the financial success depends on following a meticulous process let's
look at the different things that you have to focus on I will answer these questions in the form of asking yourself a question and trying to find an an if you find comfortable answers for this then irrespective of what product you choose even you could be a bank fixed deposit investors there's not going to be any problem make no mistake you will hit financial success question number one do you have a monthly budget budget is the Cornerstone of any financial planning what do I earn where do I spend this money and what heading I have
to spend this money am I left with some savings to focus on certain things that I want to do in life you must be in control of the money that comes in the money that goes out and where you want to spend this if you do not have control on it anything that you do it will not create financial success for you the first thing that you have to check is do I have a budget if you have a budget give yourself a score question number two have you identified your life goals and put a
value around it or a time around which it has to be achieved it could be building an emergency fund it could be buying Insurance it could be accumulating a pool of money to educate your children it could be your retirement Corpus you should be in a position to write down identify when it needs to be achieved how do you intend to achieve it this Clarity should be there in your mind it can't be a casual answer you can't say that yeah yeah yeah I have to build a retirement cus that's not the way to it
like the the way you write your budget right these are my life goals this is the time at which I have to achieve the likely amount of money you no one can predict how much of Corpus you need when you retire 20 30 years later if you have a rough figure that's okay if you have no figure that's okay but at least you should know these are my life goal I have to work on it and by this time I should be able to achieve it if you have done these detailing give yourself a positive
score question number three am I earning enough if you have done a budget if you have identified your life goals and the allocation that you make for achieving these life goals that clearly tells you whether you are earning enough or not if you are a student and you had no income and suddenly you get a starting pay it looks to be a big enough amount of money because all these days you are living out of the pocket money so it looks big you are a single person and you get a certain salary you think it
is sufficient then you get married then you have children at every stage of Life your income Rises at the same time expense keeps Rising do you feel that you are earning enough enough when I say I'm able to budget well I have certain income I have got certain expenses I have to save money and I have to allocate against La goals if you think yes I can do all these things you can say that I have got sufficient enough income in case of most people the normal thing is during the the beginning phase of their
earning career 25 to 35 years of age it is absolutely certain except for those lucky ones that you are running with inadequate income ask yourself question do I have enough income there is no upper limit for what you earn but the question is yes this is the expenses that I have this is the savings I must have if you can say that I can meet all my requirement with the income that I have today then you can and score yourself a positive score question number four how can I increase my income you could be a
person who has adequate income but it doesn't mean that you should stagnate it's a natural thing that you should try to increase your income if you're are somebody who is working on inadequate income I struggle in Life or I just meet my income and expenses I'm not able to save or I able to provide for few life goals but I cannot provide for many other life goals then you are living in adequate income in both the cases to create a financial success you should work on increasing your income increasing your income is a general term
you can do a lot of things to increase your income but the increase in income should come in a particular fashion for you to succeed number one the increase in your income should be ethical for example you don't go to office you earn a salary and you try to do something else during this time where you have committed your time to your employer then that's not ethical you can buy a lottery ticket and you may become a winner of the lottery buying a lottery ticket is ethical but is it sustainable your income should be sustainable
it should not be one of success buying a lottery ticket as I give you an example is ethical there's nothing wrong in it it is as per law legal but the income you get from that if you are lucky enough is not sustainable your income should be sustainable likewise the income that comes to you should also create a stressfree environment for you for example you got royalties every month from some activity it's a stressfree income for you if you have added skill that can create an additional income and that doesn't add stress to you you
could change jobs you can move places you can do things beyond your officers you can monetize your hobbies all these things are the incomes which can create sustainable income for you look at whether it creat stress there are people who are trying to create trading options Futures and all these things sometimes you hit success most of the time you lose it's just like you know it's like a Snakes and Ladder game most of the time you fall down and it creates stress because you have to focus on these activities if this activity makes you stressful
then don't consider that's a good activity to increase your income so see what is that you have done to increase your income do everything which is well within your control to increase your income avoid trading avoid doing all this Forex and other things that add stress to you if you have increased your income or you're in the process of increasing your income by adding skills changing job moving places give yourself a positive score question number five are you overspending you have X amount of income and you have y expenses if Y is higher than x
it means you are overspending the spending can be clearing your emis it could be buying something your routine living expenses membership to Club it could be anything if you are spending beyond your means then give yourself a negative score introspect why I'm spending what exactly is happening is it because I'm spending these are basic unavoidable things that is I have to leave I have to feed myself I need dresses the basic minimum in spite of that I'm not able to provide it it means your income is less so you are to focus on increasing your
income on the other side you could be an habitual spender you can manage with something moderate but you wanted branded items you go and buy every Gadget which comes into the market you pay an exorbitant price if you are overspending irrespective of what you do which product you subscribe for whom you follow the financial success will not come to you you have to bring down your expense you have to optimize your spending pattern if if you cannot control it then you should increase your income so increase your income reduce your spending or optimize your spending
and see whether you are spending on your needs or wants needs are unavoidable wants can be managed it can be postponed or it can be managed so have a control on your spending if you are able to do it on a day-to-day basis give yourself a positive score question number six are you a disciplined investor are you a disciplined person discipline has nothing to do with the investment discipline is a personal trait if you are disciplined in your day-to-day things even in your investment you will be disciplined discipline is a soft character of people will
exhibit it is ingrade into your persona if you are somebody who is disciplin I get up at that time I do things on time I will not postpone things I will keep myself up to date with whatever that I need to do this is all aspects of discipline if you're not disciplined you join some schemes you make newer resolutions and then you cannot keep Pace with it in the bargain What might happen is instead of doing good this particular indiscipline can do more harm for you the first thing that is required for you to create
financial success is instead of asking what you do how disciplined way you do these things that dictates whether you're going to be a successful person or a failure it extends Beyond Finance so if you are a disciplined person you confidently say yes I am a meticulous disciplined individual give yourself a positive score question number seven are you working under the guidance of a financial planner you may think there are people who boo me down write down nasty comments to say that you are promoting your business so be it but the truth is over 95% of
the people need an external source to guide them what they need to do or to do things at appropriate time this is my personal experience I won't say that people do not have the caliber to do things on their own can I not be a do-it-yourself investor you can by all means you can the biggest problem is not the intelligence the biggest problem is your personal habits your personal indiscipline your procrastination all these things will create a problem even with the most well vered employees I have seen unless they are monitored or there is a
supervisory effect they also tend to fail in our office we tried one experiment so we have an established protocol we have systems in place where our employees have to record their activity on a daily basis we call it as an activity tracker once what we did was see these are all very disciplined people they are very successful they are ethical they do their jobs very well they recorded in their books perfectly fine and for one month what we did was we decided internally that we'll not ask these people and see what is going to happen
very surprisingly the entire set of people stopped recording their activity in the activity tracker did they do it deliberately the answer is no they had no intention not to record their activity they did it because they were not supervised they did not record their activity because they were not asked they were not required to report that on a weekly basis and we took up the thing and we said we can't tolerate this and proactively you have to report it at the end of every week it happened automatically what does it say people need an external
influence to do certain things ask your children or rather I would say do not ask your children to do homework do not ask your children to study their subject daily you may have very brilliant children what happens out of that children will after some time think it's okay not to do homework it's okay to be indisciplined it's okay to overindulge in games and other activities and the course that they set in itself will be not something which is it a successful Venture therefore when it comes to question of financial planning it's always advisable I stress
the role of financial planner is overstressed here you may say it cost money of course it's a business for the financial planner their life depends on that that's the way it goes in so if you're convinced that yes this needs to be done and if you do not have one you can make best use of services provided by NRI man Clinic we have team of planners working under our guidance establish protocols they know how exactly things can be done and how things can be achieved they monitor you they stay with you and they do things
what is required to be done if you have an intention to use our services all that you have to do is drop us a message via WhatsApp our number is given in the description box below we have given a link over there click on the link it takes you to the WhatsApp send us an exploratory message and our team of experts are ever ready to help you why delay send that message now question number eight have you prioritized your retirement planning over other long-term and Midterm life goals the only thing which gets priority over retirement
planning is your short-term life goals if you have to build an emergency fund it cannot wait if you have to do certain things in next two months 3 months it cannot wait short-term life goals will take a precedence or retirement planning however if it's a medium-term goal which is 3 years and above or long-term goals which is more than 10 years and above the retirement planning should be the first priority for you to work on however less the money it may take that's okay but you must prioritize if you do not prioritize your retirement planning
what happens is that by the time you retire you will not have enough money to last your retired life so start your retirement planning early it requires less amount of money if you have already started a retirement Planning by the time you watched this video give yourself a positive score if you haven't if you have an intention to retire with a good amount of Corpus all that you have to do is start it now right now not tomorrow question number nine do you stress on moral education for your children you may think where does moral
education come when it comes to question of financial planning moral education is the leaking point of every financial plan if we are morally upright we have to do things in a certain way which is beneficial to everyone to you your children to the society to the country and everything it causes a harmonious family life you are able to Implement things in a nice way going forward your children will not become a burden on you they'll not become a burden on their employers or the state so moral education becomes very important and the as an offshoot
of this moral education they can create a fine Financial life going forward if you are a parent this is something that you should really look into if you have an intention to create success in your children's life the easiest way you can create that is giving the required moral education to your children just ask yourself if you're an employee what does your employer want a rank student or a person who can be Dependable person who remains honest person whom he can always trust the moral aspect of a Persona is equally important it's like buying an
insurance against failure people will command premium when they are morally upright that's the simplest way of creating a better Financial life fail safe if you are focusing on giving more moral education to your children give yourself a positive score question number 10 are you an impulsive decision maker if the answer to this question is yes from your side give yourself a negative score not a positive score a negative score why because impulsive decisions are not rational decisions these are emotional decisions you go in a mall you get attracted to something you don't think twice to
buy that or spend money on that particular thing you do not understand the consequences of that if you are an impulsive person the only way to conquer that particular habit is every time you get a desire to do certain thing you have to slow down or if you are somebody who has a lot of limit on your credit card cut that credit card or reduce your credit card limit give it to your wife if she is very disciplined and you need her permission tell her very clearly that whenever I make an impulsive Deion do not
allow me to do that particular thing simply think that okay I will do this thing one month down the line one month down the line what happens is that the emotions will subside Common Sense takes over rational thoughts takes over and the disaster which come along with the impulsive decision making will not hurt you so if you are a impulsive Deion maker you should be very very conscious about this particular habit of yours every time you do these decisions you should be conscious where these decisions happen and how I can control that now that I
have given you the 10 question to answer for your yourself ask yourself how much of positive scores you got and how much of negative scores youve got the sum total of it tells which side of the equation you are in if you have got more positive scores build on it overcome the negative scores and you don't have to worry about what kind of a products you buy whether it's an insurance product annual product stocks Index Fund ETFs working with a planner or you could be a do it yourself anything is fine it creates financial success
Drive that point in your mind that financial success has nothing to do with the choice of products or the persons dear viewers hope this video what have done helped you to understand where you should focus and take out the negative scores and increase your positive scores if it helped you to create a positive impact on your financial life do give me a thumbs up if you somebody who is yet to subscribe for the Channel please hit the Subscribe button and press the Bell icon do not forget to share these videos with your near and dear
ones friends and relatives and all the social media on which you are connected with thank you very much for watching this episode on NRI Mone Clinic I shall be back with you with yet another thought on your life your money next Friday till then stay safe J in press the Bell icon for more details and subscribe our Channel [Music]
