1. Health Is THE Real Wealth
The adversity caused by Covid-19 has coerced us to acknowledge the age-old fact that robust health is not a common commodity that can be purchased from the nearest grocery store, but is something that each of us has to build and maintain simultaneously.
Adhering to a pattern of exercising regularly and eating the right things at the right time is key.
Remember, it's not a short term diet, but a long term lifestyle change which will lead to reduced illness and in turn, help you in saving a lot of money that would've been spent on recovering from various ailments.
Lastly, to quote Mahatma Gandhi - " It is health that is real wealth and not pieces of gold and silver." (We suggest you take this with a pinch of salt!)
2. The Stark Difference Between Needs & Wants
Needs are the essentials or basic requirements for survival. On the contrary, Wants refer to things that we wish to have so as to add comfort in your life.
The lockdown in particular has made it crystal clear that needs indicate necessities and do not change with time, as opposed to wants that are desired by an individual either right now or in the future. Therefore, wants might change over time. An individual's needs are limited while his wants are unlimited.
Wants and needs are often conveniently interchanged. Decoding the interplay between these words is paramount to better understanding ourselves. For the purpose of spending and saving money wisely, every person must know the difference between needs and wants.
3. Save Money As Much As You Can
To parrot Warren Buffett - "Do not save what is left after spending, but spend what is left after saving."
Whatever the reason, one must be resilient and continue to save regularly, as much as possible. Savings will certainly reap benefits in the future - whether you're going through a rough patch, a rainy day, unexpected circumstances, retirement, starting your own venture or taking a vacation.
Also, having a defined purpose or a goal in mind makes saving money easier.
Having an Emergency Fund worth at least 3 to 6 months of your living expenses will furnish peace of mind and help cover for any out of the blue financial blows like losing your job or unexpected medical expenses, etc.
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4. When Things Get Really Big & Out Of Control, It Is Better To Stop For Sometimes & Think
It is common to feel out of control and lose sight of all logic when life throws a googly. When unpleasant situations exacerbate and blow out of proportion it is always recommended to take a moment, step back and cudgel one's brain.
5. NO ONE CAN PREDICT STOCK MARKETS
As James Hogan explains in his book Mind Matters
"Our brains are great at what they do because they make educated guesses — but that also makes us vulnerable to errors in judgment. Nowhere is this more pronounced than when we try to forecast the future."
Always remember that the past performance is not an indicator of future success and nobody knows what lies ahead. Hence, instead of predicting the future, as responsible investors we must be well prepared for any unforeseen black swan events in the future and build a high capacity of
endurance.
Thus developing a systematic portfolio using the Long term stock tips can help you to ward off the day today's uncertainty in the stock market.
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