Jan 30, 2017 4 min read

8 Things You Must Do in 2017 to Retire As a Crorepati

If you are looking for making your retirement worth living, then you must start your retirement planning right away. Read this blog to know how.
Do you want to own a luxurious big house and three to four luxury cars? Who doesn’t want, right? We all want to live like Mukesh Ambani. But, for that, we need to make better plans. Well, we might not have everything today that all the millionaires have, but if we want to fetch it for the upcoming years then we will have to get started for the same right away.

The year 2017 has begun and so the expectation from this new year. Last year we might have lacked in various necessities, but this year we will surely try to fulfil all the desires. Instead of thinking about a single year or a single month, we must try and build effective plans for the future as well. If you have a dream to retire as a ‘Crorepati’, then this moment is the right time to get started for the same. Here are the eight important things you must do in 2017 to make your retirement life luxurious.

  1. Be Gentle to Your Wallet & Don’t Overspend :- Many of us take it as a casual attitude to spending the whole money in our wallet thinking that next month again it will be filled. But this is not justifiable. We must expend our money on such things that we actually need and will use in the future. Sometimes we buy things and never look at them back for using, which simply wastes our hard-earned money. We must never commit such mistakes.
  2. Be Ready with an Emergency Fund :- Emergency funds are the ones which are required and spent by the individuals at times of urgency. There are times when we need a huge amount of money and then we look for debt options to deal with such situations. We must keep in mind that uncertainty may occur anytime and we must have proper plans for them. By maintaining an emergency fund, you would be able to overcome the most critical situation easily without compromising on your income.
  3. Take a Smart Investment Decision :- Investing needs to be done with smartness. You too must take a smart investment decision in 2017 to flourish your future with a huge amount of wealth. Online investment in mutual funds can be a wonderful avenue for your money to grow higher.
  4. With Increments in Income, Increase Savings as Well :- Every new year we get some increments in our earnings. Have you ever planned what you would do with this year’s appraisal? Well, you might have certain other plans, but do not forget to increase your savings. You must add a certain percentage of your appraisals in your savings and invest the same in better schemes to increase its worth.
  5. Don’t Rely on a Single Investment: Diversify :- Well, many a time we get into a single investment avenue and forget it, thinking that it will generate a huge wealth over time. But, this must not be done. A single investment has various level of risk factors which may lead to losing your hard-earned money. Thus, you must opt for diversification and park your money in different avenues to earn greater benefits. Mutual fund schemes are the best source of gaining such profits in a planned way.
  6. Find Ways to Earn Extra Income :- Your salary might be enough to deal with your expenses and for maintaining your living standard. But an extra penny can never be avoided. You must try to look out for sources which may help you in enhancing your earnings. These extra earnings would be of great help for raising your income levels.
  7. Get Financial Advice Every Time You Invest :- Investments must be made with due care, and thus whenever you think of investing your money, you must take advisory services. The year 2017 is predicted to be a favorable year for investors, and you too must avail maximum benefits of the same to enshrine your retired age.
  8. Learn the Art of Investing This Year :- Investing requires great practical knowledge about various financial concepts and further it is simply an art of designing effective portfolios. You must learn the tips and tricks of the same and keep yourself updated for making instant changes in your portfolio as per the requirement.

These efficient tips for 2017 will be of great help to you for making your retirement the way you desire. By following them, you can confirm a huge corpus to live your retirement dreams. If you need assistance for taking investment decisions, MySIPonline and its team are ready to serve you. Start now.