Page 41 - Banking Finance September 2024

ARTICLE

Financially

Aatmnirbhar

Devender Goswami CFPcm
Volatility Coach
Founder BluRock Wealth
Ludhiana

Financially Aatmnirbhar" refers to having enough wealth or passive income to cover living expenses
without needing to work for money. It's a state where you have the freedom to pursue your goals
and interests without financial stress or constraints.

F inancially Aatmnirbhar" refers to having enough Benefits of becoming : "Financially Aatmnirbhar"
1. Freedom to pursue passions and interests.
wealth or passive income to cover living
expenses without needing to work for money. It's
2. Reduced stress and anxiety.
a state where you have the freedom to pursue
3. Increased flexibility and travel opportunities.
your goals and interests without financial stress or
constraints. 4. Ability to weather financial storms and market
downturns.
Key elements of : "Financially Aatmnirbhar" 5. More time for personal growth, relationships, and
1. Savings: Building an emergency fund and retirement giving back.
savings.
Achieving "Financially Aatmnirbharta" requires
2. Passive income: Investing in assets that generate
discipline, patience, and a well-planned strategy. It's
regular income, such as dividends, interest, or rent.
essential to set clear financial goals, create a tailored
3. Debt elimination: Paying off high-interest debts and plan, and consistently work towards achieving
minimizing financial obligations. independence.
4. Investment growth: Growing wealth through smart
investments and compound interest.
World's Largest Mutual Fund Co.
5. Frugality: Adopting a mindful spending approach
The largest mutual fund company in the
and avoiding unnecessary expenses.
world is BlackRock, which manages over $9
6. Multiple income streams: Diversifying income trillion in assets under management (AUM)
sources to reduce reliance on a single job or income as of 2023.
source.

BANKING FINANCE | SEPTEMBER | 2024 | 37