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To lead a happy and comfortable life, you need to take care of your health and wealth. In this column, we will deal with 'wealth happiness' which comes from financial discipline. However, one should remember that there are several similarities in the approach to be financially happy and health wise happy.

Day to day expenses like inflation, children's education, family vacation, ailing parents, etc, are our responsibilities which we cannot ignore, and this creates constraints on our 'wealth happiness'. Systematic investment plans (

SIPs) are a good start for financial discipline. Start investing early and regularly each month in different investment products so that you can easily fulfill your family responsibilities from time to time.

Each of your investments should be with a specific purpose. For example, you may invest in four-five different products linked to your responsibilities like family vacation, college fund for your child, an emergency fund for unforeseen situations like hospitalizations, etc. The creation of a retirement fund, which will allow you a dignified life after retirement, is also very important.

In case you join a fitness centre, you will need a good trainer to guide you. The rules are similar for 'wealth fitness': You need professional guidance from a financial adviser who will help you with a financial plan that suits you. Often investors have been victims of haphazard investments that have been injurious to their financial health. Most of these investments were made impulsively just because a friend or a relative had invested, or are based on tips circulating from unknown, unreliable and unaccountable sources.

A financial adviser can help you invest in products that will suit your risk-taking ability, current and future cash flows, taxation, liquidity requirement and several other factors.

Do you eat healthy food in the right quantity and at the right time? Probably NO! Most of us 'skip' breakfast or lunch to meet targets or to attend important meetings. But sometimes we over-eat our favourite sweet dish. The consequence of skipping meals or overeating leads to 'stomach upsets' and ill health in the long run. Similarly, for wealth fitness, skipping regular savings or having high exposure to certain toxic or illiquid investments is bad for your financial health.

Another aspect to remember here is not to compete with anyone while investing. During wealth creation, competing with your neighbour, friend or your relatives by overstretching your cash flows could be disastrous for your financial health. Excessive use of credit cards or personal loans to finance luxury goods, just to compete with your neighbour, is the shortest and the surest route to financial disaster.

The easiest way to remain happy financially is to honestly compete with yourself. In wealth creation, you should set financial goals. For example, a retirement fund of Rs 1 crore in a span of 10 years. Promptly implement the plan, begin with an SIP of Rs 20,000 every month, increasing it every six months and you will be surprised that the target amount of Rs 1 crore is achievable!

Annual wealth check-ups are necessary just like your annual health check-ups. It is important to monitor your investments at regular intervals of four-six months and in consultation with your financial adviser.

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

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