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Financial Goals

LESSON  2:

Congratulations!
I presume  that you’re ready with your new savings account.

 Now, this calls for a little secrecy.  Telling  your  spouse about this new account is okay.  But, never disclose  this to anybody else – even to your close friends.  When your savings really gets large, they will automatically come to know of it.  Because,  richness  oozes out of your face – literally.   If you do not want to believe me,  just  look at the  faces of people who  are  rich – the kind of self-confidence  or   the way they carry their body.  So,  your  friends  will  see a  significant  change in you and will want to  know  how  and  why.   Then,  and only then,  tell them your secret.

(Note :  throughout these lessons, wherever I refer to  money  or  richness,  it is about money  earned in an honest  way.  These lessons are written keeping  YOU  in mind.)

Now,  the next  step  is to  convert  your savings  into investment.  There are various types of investment.   Bank deposits,  Company  deposits,  Debentures,  Government    of  India Bonds (GOI),  National Savings Certificates  etc.   As a rule,  the higher the rate  of  interest,  the higher the  risk.  So  play  safe  and  stick to Banks, Post Office or GOI bonds.

(Buying a Life Insurance policy is a separate issue.  It is not investment.  More  information in a subsequent Lesson.)

Since  your monthly income  takes care of your monthly budget,   there is no need  for you to spend the interest income  which you’ll be  getting from your  investment.   So, you can reinvest  your  interest income in a cumulative deposit account. 

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