Financial success is not only about having access to money. Discover how it can also be a gateway to a high-quality, curated, secure lifestyle.
While growing up, you must have heard several quotes about money. The one we like best goes like this - "To get rich you have to be making money, while you're sleeping."
This means that the money that you invest, yields returns even when you sleep. You may wonder why is it important to invest and achieve financial stability. Would this way of life make us too focused on money?
Well, while financial success can't buy happiness, money can be leveraged as a tool to drive several positive outcomes in your life. In this blog, we explore this aspect of money.
7 Positive Outcomes of Financial Success
Seven core pillars define most financial success stories. Here's a snapshot:
1. Peace of Mind
Lack of money often leads to a great deal of stress and worries. Over time it can also result in a breakdown in mental health. A troubled state of mind can impact the quality of one's relationships.
You may have observed parents feeling guilty and negative when they are unable to make investments in their children’s education, or look after senior citizens in their family.
On the other hand, successful financial planning leads to a situation where you have enough monetary resources, to create abundance in your life, which paves the way for positive mental health.
2. Power of Choice
Successful money management ultimately gives you choices. You can reimagine what kind of home you would like to live in, what kind of neighborhood you would like to live in, and what kind of education you'd like to give your children.
You don't need to choose something merely because it is the most affordable thing. You can aspire for a better quality product or service based on your true needs.
For instance, you can send your special needs child to a school that offers accessible education, or you enroll in a superior certification programme that helps you enhance skills as an investment in your future career. The power of choice is one of the greatest gifts that money can buy.
3. Autonomy and Independence
How often do you hear of people continuing to work even when they hate their jobs or are resentful towards their boss? Perhaps, you relate to this scenario and are wondering if you really can quit and do what you enjoy.
Here’s a home truth. If you are living paycheck to paycheck to paycheck, it is difficult to make these life-altering decisions. So how do you change things? Well, one of the keys to financial success is to start investing your hard-earned money, so it compounds and grows.
This will enable you to build enough monetary resources to quit the job that you hate and pursue one you truly enjoy (even if it pays less!).
As your invested corpus grows, you also earn the luxury of taking a break to evaluate your choices and evolve your life choices. For instance, you may decide to pursue your dream of launching a business, work as a consultant, or even be a digital nomad travelling while doing a job you enjoy.
4. Access to Healthcare
Cultivating successful financial strategies enables you to invest in your own health, as well as that of your loved ones. The cost of hospitalization, medical check-ups, therapy, and medicine is constantly rising. Hence, it is extremely important to be able to afford good health care by investing in medical health insurance.
Health insurance policies can be further supplemented by a medical emergency fund, for out-of-pocket expenses.
5. Generosity to Loved Ones
There is nothing we love more than to be able to support the dreams and aspirations of our loved ones. We want to help fund our children's dream of studying abroad. We may want to make life more comfortable for senior members of the family or send someone we love on an all-expenses-paid vacation.
Taking steps to financial success enables us to spend on our loved ones without worrying about the financial report repercussions. We can invest in them in a timely and generous manner.
6. Freedom to Travel
Travel is an aspiration for many consumers, today. Depending on your personality and interest you may want to travel the world, engage in adventure sports, plan weekend getaways for yourself and your family, or live life as a digital Nomad where you are travelling and working simultaneously.
Financial success enables you to live out your travel dreams, without going into debt or feeling guilty.
7. Security in the Golden Years
There may come a point in your life when you want to retire and live a leisurely, relaxed life. You should be able to live out your golden years without having to worry about the financial aspects of life.
Whether you choose to live with your children or decide to check into an assisted living facility, financial success gives you access to various choices. You can also take up new hobbies, pursue your interests, and go out with friends, without worrying about paying bills.
Hence, you will be able to not only have your daily needs met but also enjoy your golden years, sans worry.
It is a myth that you need large sums of money to start investing and be financially successful. By investing early on, you can even achieve financial Success in your 20s. However, even if you have never invested in your 20s, 30s, and 40s, it is never too late to start the investing journey.
The secret to financial success is to invest every month even if it is a small amount.
Successful investors take some risks, but also hedge risks by investing in safer instruments with guaranteed returns. Start investing in the stock market, mutual funds, fixed-income instruments such as fixed deposits, and digital gold, an evergreen commodity. So, are you ready to accelerate your journey to achieve financial success?
Download the ChangeJar App for more information on effective investment plans. Start by investing just INR 10 and grow your portfolio with investments in digital gold.