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Dhanteras: 13 simple and effective ways to create wealth

Dhanteras is the day that marks the beginning of the grand Diwali festivities, a time of celebration and wealth creation! As we immerse ourselves in the radiant glow of lights and the spirit of prosperity, let us explore thirteen enlightening ways to manifest and embrace wealth, as elucidated by Hemant Lakhotiya, Executive Director, 360 ONE Wealth.

  1. Invest Wisely, Illuminate Your Future: Just like the lamps that light up our homes, your wealth should also shine brightly. Don't just save; invest your money wisely to beat the eroding of inflation.
  2. Create a Tailor-Made Portfolio: Like the art of selecting the right Diwali outfit, choose your investments judiciously. Consider your risk profile, investment horizon, and potential risks before constructing your financial portfolio.
  3. Diversify Your Financial Fireworks: As we diversify the array of sweets and snacks during Diwali, diversify your investments across various asset classes. Don't put all your financial hopes in one basket.
  4. Kindle the Long-Term Flame: In the short-term, markets get sentimental. They react to different news flows and developments, which have little to no impact on the fundamental story of the investment. Thus, if you want to create serious wealth, it is important for you to avoid a myopic view in favour of a long-term one.
  5. Strategic and Tactical Sparkle: Be a financial tactician, balancing a strategic long-term approach with tactical opportunities to make the most of wealth-creating moments.
  6. Explore Alternative Horizons: During festivities, we are treated with a variety of sweets. Similarly, explore alternative investments beyond traditional stocks and equities. Private credit, private equity, real assets and other innovative options can add flavour to your portfolio.
  7. Seek Expert Guidance: Just as you trust the advice of experts when preparing a grand Diwali celebration, trust financial experts for sound advice in managing your wealth. How to choose a financial advisor is something which requires a separate discussion though.
  8. Balance Savings and Spending: Diwali reminds us that saving and spending can coexist harmoniously. Plan your finances to fulfil short-term desires while ensuring a secure long-term future.
  9. Diversify internationally: Inarguably, there are currently myriad opportunities available in India. However, giving your investment portfolio an international flavour can benefit you by providing diversification and exposure to niche ideas and strategies that might not be currently available in India.
  10. Harness Innovation's Glow: Embrace the innovative spirit of India and be open to new ideas and solutions that can enhance your portfolio and life. India is slowly becoming the hub of innovation with both young and experienced entrepreneurs testing the boundaries of innovation and creating new and diverse solutions and products in every field. Many people view innovation with a degree of scepticism. Of course, you need to be cautious, but you also need to be open to new ideas and solutions.
  11. Wealth for Generations: Extend your definition of long-term beyond your lifetime. Create wealth that can benefit future generations, with a thoughtfully planned, tax-efficient inheritance strategy.
  12. Give Back and Shine Brighter: As social beings, let's contribute to society's well-being and environmental sustainability. Make conscious investment choices that positively impact both society and the planet.
  13. Follow the Rules but add some flexibility and agility: Just as we follow traditions during Diwali, adhere to financial rules. Yet, always allow room for adaptability, learning, and growth in your wealth creation journey.

As we get set for the festival of lights, may these thirteen ways to create "Dhan" light up your path to prosperity, not just during Dhanteras but throughout the year.

Read the original article:

The Economic Times