Happy Labour Day to all the men, women and ‘they’ in the service industry, starting from the rag-pickers to the Commander-in-chief of the Indian Army, and everyone else who is working to make a better life than they have already, or at least to hold on to their current standard of life. It is a truth that doesn’t define Homosapians but it is definitely part of our lives. Truly, every person has to literally earn their right to be treated as a human. Even in indigenous societies across the World, each person plays a role in their own little community. So, are we really privileged as a species or we are just fooling ourselves with luxuries like air-conditioners and fancy sedans named after animals, compensating for having to earn our right to live unless we have ‘trumped’ it all our life with privileges?
This labour day let’s look at it as a privilege because we can make our dreams come true with what we earn. Improving your financial portfolio defines all the things that are necessary to be taken care of overall, to not just maintain but sustain a comfortable life.
5 Things You Can Do on Labour Day to Improve Your Financial Immunity
Go vegan. You’ll save money! Although it may not save your money it will definitely reduce the pollution and environmental hazard that the dairy industry is. But, that’s not part of your financial portfolio although it might just improve your health immunity. Honestly, it’s your choice and decision just like it is to ensure that you’re financially alright. This labour day there 5 things you can do for yourself that can help you to improve your financial immunity.
1. Plan your taxes carefully: This is one of the most important aspects of your financial portfolio. Are you saving enough on tax? There are multiple ways of saving taxes, such as ELSS-tax-saving funds, insurances or other government-controlled plans such as the National Pension Scheme(NPS).
2. Secure all your priorities: This is extremely crucial to understand that you need to have a solid Life cover to ensure that your family’s future is always bright. You can opt for term life insurance as they are cheaper and easier to maintain, especially if you have just started a family. Also, make sure you opt for a good health cover. Sure, your company provides you one, but that health cover isn’t going to be useful once you leave the company.
3. Don’t cut costs invest with your savings instead: At the beginning of this blog, we mentioned that we will try to sustain the lifestyle you lead but comfortably. Cutting costs is contradictory to this belief unless you are running a debt list. Just pay your bills in time and invest.
4. Diversify your financial portfolio: One of the major reasons why personal investments fail is due to the whole savings being invested in a single route. It is ideal to invest in multiple investment opportunities. But if you are a beginner or new to options such as stock market trading, you can go for mutual funds, based on how much risk you are willing to take.
5. Invest wisely; always look at the big picture: Regardless of the tendencies of markets being ‘bearish’ we have to ensure that our personal financial tendencies are ‘bullish’ because inflation is inevitable far more than Thanos is. So, to fight inflation always invest a part of your savings in Gold because not only does it ensure good returns over the years but history has seen becoming more precious by the day.
A lot of people think that being financially comfortable is good enough but as humans, we thrive, we dream, we create the existence of passion and perseverance at our workplaces and that makes it all worth it to be alive, working and earning!
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