Keep Hold Nahar Spinning Mills Ltd touch 100+....

When one door closes another door opens; but we often look so long and so regretfully upon the closed door that we do not see the ones which open for us.

Graham Bell

We seem to be caught in one such moment. The summer of fear that turned into panic in autumn seems to have overtaken reason and emotion. Our perspective is muddled; not so long ago every dark cloud had a silver lining, now it’s the reverse. This festive season has been marked by fear and despair more than hope and happiness. The mood is somber, the celebrations muted but you have every reason to count your blessings, delight in everyday things and be grateful for all that you have.

The festive season is when you welcome wishes and riches into your homes. How do you get or feel rich? Simple, just learn to enjoy the simple pleasures of life, share in the joy of others and spread happiness by helping others. Show your appreciation to those who matter the most. Memories are made of special moments and not material possessions. Spend time with those you value.

In a few weeks a new year will dawn and this is a good time as any to take stock of your life. Look to make some positive changes ¾beat stress, get fit, overcome inertia and shed ignorance for a new you ¾happy and healthy, physically and financially.

This year you have seen the world rocked by financial uncertainty and job insecurity. Everyone has been affected in some way or the other. It’s time for calm reflection and careful response to a situation that none saw coming and few can deal with calmly. As you reassess your objective, goals and priorities accept success and failure as part of the game. Don’t set unrealistic expectations about every task. Work out a reasonable game plan and set an achievable target.

More than ever this is a time for cool heads and wise counsel to prevail. Don’t go looking for the best bargains in town with your hard earned money. Ignore all that talk about mouth-watering bargains and discount sales. How many times have you bought things during a sale, which seemed appealing at first sight but turned out to be inappropriate or of poor quality? The discount of the decade should not become a distress sale with someone else laughing all the way to the bank. This is no time to be unduly adventurous. Nor should you get overtly cautious. Set realistic goals and stay focused. Seek the best value for money ¾save and invest wisely to achieve financial security for a lifetime.

Earn well, spend less

Spend less than your earn. Save a portion of what you earn. Boost income, rein in spending and maximize savings. Follow the rule of three and you will be set up for life.

• Spend only 30 percent of what you earn
• Loans should not exceed 30 percent of your income
• Save and invest 30 per cent of your salary

Invest in yourself

Your greatest financial asset is you or rather your career. Make the most of it, seek new opportunities, take up challenging assignments, earn another degree and upgrade your skills. This will have the maximum payoff over your entire professional career.

Protect what you have

Safeguard your life and assets. Cover yourself against all forms of risk; get adequate insurance, life and health. Consolidate holdings and organize investments. Make sure you have nominees for each account and investment. Don’t leave any loose ends.

Get rid of credit card debt

Retiring your credit card is the best savings decision you can make. Credit card charges vary from 36 to 48 per cent per annum. No investment can earn such a spectacular return over a comparative period. Pay off your credit card debt today. A rupee saved is a rupee earned and you’ll end up earning a lot of money.

Invest in diversified instruments

The trade off is not between safe or risky investment but sustainable long-term growth instruments that can beat inflation and taxes. Regular investment, length of time and the magic of compounding make for a winning formula.

Save for retirement

Start saving early and investing regularly to get a head start in life. Even if you are able to invest a small amount regularly, it will add up to a whole lot over a period of time. Remember the line from Rich Dad, Poor Dad, “The middle class works for money while the rich make money work for them.“ Make your investments work for you.