Sunday, October 27, 2019

DIWALI BONUS? use your Head not HEART !!!

Happy Diwali Friends,
Whether you are salaried person or self employed, Diwali is one festival where BONUS is assured.
The TV ads and the full page ads on newspaper are attracting you with the latest model of that iPhone, the Latest Tanishq Jewellery

So, off for a shopping Binge ?
Before you do that, we at SRIKAVI WEALTH, request you to kindly go the points mentioned here and then decide.

Avoid Impulse Buying.

The 1st preferance is always
only then comes the WANTS.

Settle Pending Bills and Debt
The foremost and best option to spend your Bonus money is to clear off Long pending bills and most importantly any Debts you may have, especially Credit Card Bills.
(except of course, Home Loan, for which sitting with your financial Planner would be better).
Most importantly, clearing off debt would boost your self confidence and improve your Credit Score too.

Buy that Long Pending Asset. 
Long Pending Asset like buying Gold for your wife, a Car for the family, or an Appliance for the house or even a Membership  is also recommended as otherwise people tend to go for EMI.
Of course, before buying make sure that the ASSET is truly required and you are not buying just because you have money (or to show off).

Invest in ELSS:
Instead of waiting till March to complete your quota of 80C investment, do it now.
Do it when you have money.
Do it when the Markets are down.
Waiting till March may leave you with not only Higher Prices, but also unforeseen liquidity crunch.
Better now than later.


If you are in a profession which requires you to constantly upgrade your knowledge, technology, etc.
this is the best time to invest in a Top-End course you always wanted to do
Attend that conference of your favourite Trainer.
Attend, Learn, Implement and be amongst the best.
Why not join a Yoga course and rework on your Health ?

Bonus is a great time to top-up your Insurance Cover, especially if you are under-insured.
Do consider investing a Lumpsum in your existing Sip to not only average your Cost of purchase but also to ride the Compounding Magic.
The markets have been more bearish rather than bullish for nearly 2 years now and its a great time to invest that Lumpsum in your existing sip.
Any uptrend will ensure that the bonus will give that EXTRA cream to the overall portfolio returns.
Consult your Financial Advisor before investing.

Other important options which you should consider, is
1. Update your Emergency Fund

2. Cover the shortfall, if any, in your Long term Goals (Child Education, Retirement, Home, etc)

For all these sitting with your Financial Advisor is a must as he will be in a much better position to recommend the right avenues for your Bonus Money.

Not everything must be connected with Materalistic World.
You are doing all this Donkey's work for the happiness of your family.
Why not take them off to the Long Pending Family Vacation?
Why not get them long pending long cherished clothes, shoes?

But, of course, ensure that all the above options are cleared, settled and then go ahead.

It has been given to you as you have worked hard and you deserve it.
So, while spending that Bonus money, USE YOUR HEAD and not your Heart.

Wish you a Great Diwali and all the very Best.

Srikanth Matrubai

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