<p>We all have a few financial goals that we wish to accomplish over the years. No matter how these goals differ from one person to another, one common ambition everybody has is financial growth and freedom. However, with the pandemic and its associated uncertainties, many of us made decisions compromising our long-term vision for growth and prosperity.</p>.<p>If you, too, encountered a setback on your journey towards financial growth and are looking for a way to get back on track, help is here. All it takes are a few simple financial decisions, listed below: </p>.<p class="CrossHead"><strong>Have a plan in place</strong></p>.<p>The first step towards financial growth is to have a solid plan ready. It gives you a clear idea of where you are now and where you wish to be over a specified period. You can begin by assessing your current financial situation and writing out your goals in a quantifiable manner. Include the amount you need to fulfill each goal, the timeframe you need to accumulate that amount, and how you wish to invest to reach the target. Remember, the more comprehensive your plan, the smoother is your journey towards financial growth and freedom. </p>.<p class="CrossHead"><strong>Be disciplined in your approach</strong></p>.<p>Having a financial plan in place is only half the job done. The other half involves being a disciplined saver and investor. To truly achieve growth and accumulate wealth over the long term, how you invest is more important than how much you invest. Saving even a small sum and investing it consistently over the long-term can be highly beneficial. </p>.<p>Even if you invest Rs. 5,000 monthly for ten years, at 12% per annum, your total investments over this period, amounting to Rs. 6 lakhs, will grow to over Rs. 11.6 lakhs - nearly doubling in value! Discipline is, therefore, the key.</p>.<p class="CrossHead"><strong>Be mindful of the debt you take on </strong></p>.<p>Not all debt is bad. Some loans may help you set up a steady stream of passive income - which can be pivotal to achieving financial freedom. Take the case of a business loan, for instance. With this kind of debt, you can capitalize on your skills, set up a small operation, and supplement your income. </p>.<p>On the other hand, a debt like credit card dues- primarily for consumption rather than investments can erode your savings and make it more challenging to invest according to your financial plan.</p>.<p>So, if you do need to borrow funds, be mindful of the kind of debt you take on. Research the interest rate and compare the offer from multiple lenders to ensure you get the best of the deal. Once you take on debt, make its repayment a priority.</p>.<p class="CrossHead"><strong>Invest in inflation-proof assets </strong></p>.<p>Safe assets and short-term investment options may help you check off some of your immediate life goals. However, to truly experience financial growth and freedom over the long term, your portfolio must be equipped to manage inflation. Here’s where inflation-proof assets like equity are of great significance. </p>.<p>Data shows us that during the period from 2000 to 2018, household expenses rose by around 9.5%. Over the same period, the BSE Sensex shot up by 11.4% - clearly beating the inflation associated with household costs. Long-term investments in equity markets help you generate superior returns and create wealth by accruing inflation-beating returns, thereby enabling you to stay ahead of the curve financially. </p>.<p class="CrossHead"><strong>Seek help if you need</strong></p>.<p>The decisions outlined so far may seem simple in theory. However, if you are a beginner or not quite well-versed with the different investment options available, you may find it challenging to manage your finances efficiently. Alternatively, you may find yourself doubting what to do next or how to proceed on the path to financial growth. At such junctures, you could always take the help of a financial expert to guide you along on your journey.</p>.<p class="CrossHead"><strong>Conclusion </strong></p>.<p>Aside from the above decisions, it is crucial to be financially literate to get a head start on the path to financial growth. With easy access to a plethora of credible financial information, it is imperative to learn about various investment avenues and recent market developments to make smart money decisions. This way, you can leverage the information and your knowledge to achieve financial growth and freedom.</p>.<p><strong>Check out the latest videos from <i data-stringify-type="italic">DH</i>:</strong></p>
<p>We all have a few financial goals that we wish to accomplish over the years. No matter how these goals differ from one person to another, one common ambition everybody has is financial growth and freedom. However, with the pandemic and its associated uncertainties, many of us made decisions compromising our long-term vision for growth and prosperity.</p>.<p>If you, too, encountered a setback on your journey towards financial growth and are looking for a way to get back on track, help is here. All it takes are a few simple financial decisions, listed below: </p>.<p class="CrossHead"><strong>Have a plan in place</strong></p>.<p>The first step towards financial growth is to have a solid plan ready. It gives you a clear idea of where you are now and where you wish to be over a specified period. You can begin by assessing your current financial situation and writing out your goals in a quantifiable manner. Include the amount you need to fulfill each goal, the timeframe you need to accumulate that amount, and how you wish to invest to reach the target. Remember, the more comprehensive your plan, the smoother is your journey towards financial growth and freedom. </p>.<p class="CrossHead"><strong>Be disciplined in your approach</strong></p>.<p>Having a financial plan in place is only half the job done. The other half involves being a disciplined saver and investor. To truly achieve growth and accumulate wealth over the long term, how you invest is more important than how much you invest. Saving even a small sum and investing it consistently over the long-term can be highly beneficial. </p>.<p>Even if you invest Rs. 5,000 monthly for ten years, at 12% per annum, your total investments over this period, amounting to Rs. 6 lakhs, will grow to over Rs. 11.6 lakhs - nearly doubling in value! Discipline is, therefore, the key.</p>.<p class="CrossHead"><strong>Be mindful of the debt you take on </strong></p>.<p>Not all debt is bad. Some loans may help you set up a steady stream of passive income - which can be pivotal to achieving financial freedom. Take the case of a business loan, for instance. With this kind of debt, you can capitalize on your skills, set up a small operation, and supplement your income. </p>.<p>On the other hand, a debt like credit card dues- primarily for consumption rather than investments can erode your savings and make it more challenging to invest according to your financial plan.</p>.<p>So, if you do need to borrow funds, be mindful of the kind of debt you take on. Research the interest rate and compare the offer from multiple lenders to ensure you get the best of the deal. Once you take on debt, make its repayment a priority.</p>.<p class="CrossHead"><strong>Invest in inflation-proof assets </strong></p>.<p>Safe assets and short-term investment options may help you check off some of your immediate life goals. However, to truly experience financial growth and freedom over the long term, your portfolio must be equipped to manage inflation. Here’s where inflation-proof assets like equity are of great significance. </p>.<p>Data shows us that during the period from 2000 to 2018, household expenses rose by around 9.5%. Over the same period, the BSE Sensex shot up by 11.4% - clearly beating the inflation associated with household costs. Long-term investments in equity markets help you generate superior returns and create wealth by accruing inflation-beating returns, thereby enabling you to stay ahead of the curve financially. </p>.<p class="CrossHead"><strong>Seek help if you need</strong></p>.<p>The decisions outlined so far may seem simple in theory. However, if you are a beginner or not quite well-versed with the different investment options available, you may find it challenging to manage your finances efficiently. Alternatively, you may find yourself doubting what to do next or how to proceed on the path to financial growth. At such junctures, you could always take the help of a financial expert to guide you along on your journey.</p>.<p class="CrossHead"><strong>Conclusion </strong></p>.<p>Aside from the above decisions, it is crucial to be financially literate to get a head start on the path to financial growth. With easy access to a plethora of credible financial information, it is imperative to learn about various investment avenues and recent market developments to make smart money decisions. This way, you can leverage the information and your knowledge to achieve financial growth and freedom.</p>.<p><strong>Check out the latest videos from <i data-stringify-type="italic">DH</i>:</strong></p>