A new year special!

by Manshu on December 31, 2011

in Opinion

New year resolutions are fun to make and even if you carry them out for a month – I guess that’s a lot better than not doing anything at all.  A few of us can actually make lasting changes and that of course is great and what we should aim for.

With that in mind, I contacted a few folks who OneMint readers should easily recognize, and asked them for their new year resolutions or what they thought other people could benefit from.

I got some varied and interesting responses, and I think they are very sound ideas and most of us have given them a thought at one point or the other – this might be just the chance to adopt some of these or come up with a money resolution of your own.

Furqan’s response was the most amazing, and you will see in a minute why that is but before that here is a summary of everyone’s thoughts.

I had to shorten a few things which people had to say because I wanted to fit it all in one image, so here is the whole version of what some of these people said.

Furqan’s note to me was actually quite inspiring because I had written to him sometime last month, and not only did he plan on something – he actually lost 5 kilos and executed on some of that plan as well!

Here is Furqan:

At the start of each year I take resolutions, many of same types as previous year and
wonder, with a sense of bewilderment, how I end up in the same situation once again.

This time your email made me ponder and thought of making this year different. I
decided to take time to think about what I can do differently in 2012, so that at this time
next year, I will look back with a sense of accomplishment and pride.

As a first step, instead of waiting for the new year I took the immediate personal
resolution to change to a healthy life-style. Met my family doctor who ran some tests
and based on the results embarked upon improving my health. Met this dietician, took
wife into confidence, started regular morning walk and meditation. You will be surprised
to know that I lost 5 Kgs in a month and half. I feel great, healthier and energetic.

On the professional level I chose my 3 loyal clients who were simply investing without
a Financial Plan and did their Financial Planning free of charge. This resulted in, one,
a better understanding of their financial health by the client and second, a sense of
accomplishment for me.

To go ahead in the same direction, I’ve made a list of 5 New Year’s Resolutions. Small
things that can help make better, smarter decisions, for me and my clients, for the
coming year and the years ahead.

My New Year Resolutions on professional front are:

1) Do an FP for atleast 1 client a week.
2) Help clients make more money that will help me progress.

3) Invest in myself (Education is Empowerment).
3) Learn one new thing about Investing/Finance every month.
4) Take action and apply what I learn.

My New Year Resolutions on personal front:
1) Continue Daily Walk/Exercise
2) Write a Gratitude Journal
3) Self Coaching Questions
4) Meditation

I was very impressed by what Furqan had to say and it inspires me to carry out my own resolution firmly and throughout the year.

Now, here is Hemant:

Budget is the “”numero uno”” step of financial planning & it is also the only panacea for good financial health. With technological enhancements, every day it we face new ways to spend our money without realizing its long term impact.

When you don’t have budget everything looks important & necessary. Biggest problem of not having budget means you are likely suffering a financial disease called “”I NEED IT NOW””. It looks so good so… I NEED IT NOW, there is good discount so… I NEED IT NOW, my friend bought it & I am suffering without it so…. I NEED IT NOW & the story continues. Are you a kid?? Remember the most insane reasons we gave to our parents just to own a stupid looking toy. Don’t feel guilty you still have time to improve it. Just do it!!”

The size of these responses vary because my request was a little vague, and thanks to Adi, Hemant, Furqan, Shiv, Bemoneyaware, Shabbir  and Manish for sparing their time, and sending these in.

Your turn now – what’s your new year resolution?

{ 33 comments… read them below or add one }

Hemant Beniwal December 31, 2011 at 8:56 am

Thanks Manshu.
Happy new year to you & all onemint readers.

Reply

Manshu December 31, 2011 at 9:46 pm

Thanks Hemant and wish you and your family a very happy new year as well!

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Aditya Prasad December 31, 2011 at 9:25 am

many thanks Manshu. Here’s wishing all the lovely onemint readers a Happy New Year! Have fun 🙂

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Manshu December 31, 2011 at 9:47 pm

Thanks Aditya and wish you, your family and Perfios readers a very happy new year!

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Shabbir Bhimani December 31, 2011 at 9:26 am

Great to see the list and yes Furqan’s one is really Amazing but I really doubt on your resolution about no impulsive purchases. I am very bad at that and need to see if I can have that resolution to be broken 😀

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Manshu December 31, 2011 at 9:48 pm

That one is difficult but wife has promised to remind me and make life miserable if I fall into the temptation 🙂

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Jitendra P.S.Solanki December 31, 2011 at 10:54 am

Happy new year to One mint & all its readers….

Have a wonderful season ahead..

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Manshu December 31, 2011 at 9:49 pm

Thank you Jitendra – I appreciate all the comments that you have left in the past month or so answering questions and sharing knowledge – I hope you become a regular part of the community and be here next new year as well.

Wish you and your family a happy new year!

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Furqan December 31, 2011 at 1:15 pm

Hi Manshu,
Thanks for motivation. Credit for my actions goes to you.
I wish you and all the readers of onemint a very happy & rewarding new year.
Enjoy Investing !!

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Manshu December 31, 2011 at 9:50 pm

You’re thoughts and actions were truly amazing Furqan and I’ll be sure to look at this post when I’m falling back on my resolution.

Thanks and wish you and your family a very happy new year!

Reply

Indian Thoughts December 31, 2011 at 1:55 pm

Happy New year to you too…
Well after a crazy and murphy dominated year, I am so happy for 2012.
This time I am planning to make goals again for me. Financially, healthwise, carrerwise, on home front, basically on all the aspects I am lagging behind. So goals have to be there if I have to make some progress. Just don’t know from where I will get time and energy to take care of all that I said 🙁

All d best to you and everybody for year ahead.

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Manshu December 31, 2011 at 9:52 pm

I am sure you will do just fine – I don’t know of anyone who plans and tracks goals as meticulously as you did but then life overwhelms us some time.

I wish 2012 be less crazy for you and wish you, your family, especially your little one a very happy and healthy new year 2012!

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Kevin Mzansi December 31, 2011 at 1:56 pm

Happy New Year, Manshu and all the OneMint readers.

Here is something I found really helpful regarding yearly reviews and keeping going with your New Year’s Resolutions throughout the year: http://tinyurl.com/692uuz

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Anil Kumar Kapila December 31, 2011 at 9:32 pm

Hi Kevin
Thanks for sharing the link. I found it very useful.

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Manshu December 31, 2011 at 9:53 pm

Thanks Kevin – take care and have a happy new year!

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khalid December 31, 2011 at 6:16 pm

Hi Manshu,

Wishing you a happy and prosperous New Year 2012. New year resolutions are ment to be broken as per my experience though i try very hard to met them. Very nice grafics.

khalid

Reply

Furqan December 31, 2011 at 7:04 pm

Hi Kahlid,
If you have difficulty fulfilling your resolutions then check this out:
http://www.umm.edu/features/resolutions_guide.htm
Tips given there really helped me.
Also check following sections there:
Resolutions Guide | Weight Loss | Regular Exercise | Quit Smoking

Reply

Kartavi Dave December 31, 2011 at 8:04 pm

yes kahlid, it’s realy nice. Thanks.

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khalid January 1, 2012 at 7:54 am

Thanks Furqan for that nice link, worth reading.

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Manshu December 31, 2011 at 9:54 pm

That’s the same story for most of us Khalid 🙂

Wish you and your family a very happy new year!

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khalid January 1, 2012 at 7:47 am

Thanks guys for admitting the truth.

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Anil Kumar Kapila December 31, 2011 at 8:12 pm

Hi Manshu
A very useful post. Here I would like to share my New Year Resolutions and thoughts .
I will try to conquer my worst impulses to save my financial future.
I will try to recognize the potential danger in every investment decision I make.
Some thoughts for the readers.
– Do not constantly judge your own success by that of others.
– Do not resent the success of others when your own investments falter.
– Do not refuse to accept help or advice from others.
– Do not think that you alone know what is the best investment.
– Do not make investments based purely on media hype or industry buzz.
– Be guided in your investment decisions by common sense and cold hard numbers.
– Do not hold on to your investments long after their expiry date.
– Do not be frustrated by short term changes in the market.
– Do not sacrifice the long term growth for the quick hit.
– Do not gobble up every investment instrument in sight without caring about your financial health.
– Do not ignore your financial future.

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Manshu December 31, 2011 at 10:01 pm

Wow this is more like the list of the common investing mistakes people make because of media hype, peer pressure and misinformation.

I think everyone should look at this list and think if they have made one or more of the follies mentioned in your list in the last year and try avoid making them in the next year.

In fact as I write this I’m thinking of making a simple graphic with these points & sharing it here and on the FB page.

Thanks & wish you and your family a very happy new year!

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Rohit January 1, 2012 at 4:27 pm

A Very Happy New Year to ONEMINT & Family

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Manshu January 2, 2012 at 2:03 am

Thanks Rohit and a happy new year to you and your family as well.

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bemoneyaware January 2, 2012 at 10:06 am

“We will open the book. Its pages are blank. We are going to put words on them ourselves. The book is called Opportunity and its first chapter is New Year’s Day.

Thanks Manshu for asking me to share my new year resolution. I personally feel humbled as I am in company of those from whom I have learnt and still learning a lot. I am regular reader of their posts 🙂

Thanks a lot to the readers of onemint who have made this platform a nice and healthy place to discuss the issue in detail. I have understood so much from the comments of other readers, the questions raised and my attempts in answering them.

Happy New Year to all. As Oprah said Cheers to a new year and another chance for us to get it right.”

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Manshu January 2, 2012 at 11:15 pm

Thank you for all your contributions to OneMint. Your comments are greatly appreciated by me and I’m sure others who read them as well.

Happy new year to you and your family.

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bemoneyaware January 8, 2012 at 5:37 am

It’s been a week into the new year and a update on the resolution of mine- Manage paperwork esp. financial.
Due to recent deaths in our family my father in-law was troubled not only due to the loss of dear ones but also of the struggle that their family are going through to get the money what is rightfully theirs. He made us go through our financial records to see which accounts are joint, nominee are mentioned or not. We realized that we had many investments in single holder mode with no nomination. Last week I have been running around to banks, demat services branches to submit the required form for joint ownership with my spouse and nomination’s.

It also prompted me to start a series called : Right paper work for those you love. Sharing the link of those posts for benefits of readers.
Right Paper Work For Those You Love: Part 1
Quoting from it

Most of us assume that our family will get access to our investments, bank accounts when we are no more but the law doesn’t recognize things this way. It needs valid papers in the form of Survivorship mandate, Nominations, Will.
Investment can be made by an individual in his own name, single account or by two or more individuals jointly, called as joint account. There are different types of joint account relationships such as Joint, Either or Survivor etc.

Nomination is the process of appointing a person to take care of your assets in the event of your death. For all investments except company bonds and equity, nomination does not provide ownership of your assets. The nominee will only be the custodian of the asset till it is given to its beneficiary.

A will is an official statement prepared by a person that describes how they want their assets to be divided among their heirs after their death. Preparing a clear will ensures that the heirs are left in no doubt about their inheritance

Will:Right Paper Work For Those You Love: Part II
Focuses on Will: What happens if one doesn’t make the will, the succession rights, sample of wills , is Will sufficient.

One thing I realized that saying aloud your resolution to your family, friends etc helps a lot for you become answerable. And sharing my resolution on the platform like this made me really take it seriously. Thanks Manshu once again.

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Manshu January 9, 2012 at 3:11 am

Thank you for your update – when I read your resolution, I thought it must’ve been caused by a loss, and I’m sorry to hear that I was right.

It’s great to hear that you are on your way to get all of these papers aligned and the links you’ve shared are going to be useful to everyone. Thanks!

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Shiv Kukreja January 2, 2012 at 5:59 pm

Hi Manshu… I wish, this year, May God makes everyone so Wise and Rich that whatever we do with our finances, it ultimately turns out to be a positive decision. Even if you make an impulse purchase like buying an Apple product or a BMW car, it ultimately results in something better for you. Every Breakout Stock that Shabbir buys, starts rising the day it is being bought. Everybody gets so much money that there arises no requirement to maintain a budget, expenditures account or stuff like that. I wish something like these can happen in all of our lives.. 🙂

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Shabbir Bhimani January 2, 2012 at 6:11 pm

Hi Shiv, Thanks for those wishes for me and everybody else andI also wish the same for everybody.

I am very impulsive and it took me literally few hours to get my first Apple product. You can see the screenshot on my other blog here.

You mentioned Apple and BMW. I already have Apple and I hope I can get a BMW as impulsive as Apple.

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Manshu January 2, 2012 at 11:01 pm

That would be awesome Shiv!

Thanks for your wishes and wish you the same as well!

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Furqan January 3, 2012 at 9:19 am

Hi Shiv,
Thanks for the good wishes.
I wish best of the world for you and your family.

Reply

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