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Independence is always cherished, be it as a nation or on the personal front. One of the most essential ingredients of being independent on the personal front is to be the master of your own finances and not having to depend on someone else to provide for your needs and wants.

Earning money is rather simple if you have the right skills, but learning how to manage money is equally important towards the journey of attaining financial independence. Unless one is born with the proverbial ‘silver spoon’ where most needs and wants are provided for through inherited wealth, the grind towards financial independence is a long road.

Most often having a peaceful financial life is not about how much you earned, but more about what you did with the money your earned, how you managed it, how much you saved and how you put your money to work through investing. Learning how to handle money is essential to ensure lasting financial freedom and independence right from the day when one’s career starts until retirement and beyond.

Different stages of independence

Financial independence means different things at stages of life. During your active career it means to be able to pay for all your needs and wants and also to provide for the extended family, including parents. After retirement financial independence means having sufficient money so that one is not dependent on one’s children or others for taking care of the financial needs.

Also as society evolves and more and more women gain education and attain equal footing with men in all spheres of life, financial independence for women means being part of the workforce, having their own earnings and savings, and not being dependent on anyone, including their spouses, to provide for their needs. In many instances, it is the woman who is providing the necessary ingredients for financial independence for the family.

Financial literacy

However, financial literacy is still abysmally low in India, with vast sections of the population still ignorant about financial products and the various investment options available. Money9.com was floated earlier this year to act as your partner and an enabler in your journey for financial independence. In its short existence, Money9.com has provided you a 360 degree view of the personal finance landscape and has tried to provide you with all the necessary ingredients to assist you gain financial independence.

Our efforts have been to erase the fears and hesitancy of money management from your minds and to provide content that is easy to understand, is topical and user-friendly which makes is simpler for you make those savings and investment decisions. We have provided you insights on how to view and deal with the safest of financial instruments including government securities, bonds and fixed deposits alongside a rounded view of the other extreme of stocks and cryptocurrency that is filled with risk and uncertainty. We believe it is important to understand the entire spectrum of risk in the financial market to create a healthy money portfolio that will hold you in good stead through all your needs.

On another front, Money9.com has tried to explain to you all the financial requirements in an individual’s life-cycle starting with the financial needs of a child right up to retirement and post-retirement days and how to plan your personal finances through life’s journey.

Financial Goals

At the bottom of it all are some basic money mantras that are simple and non-negotiable. Everyone should have a proper financial plan based on well-defined goals. You must start saving and investing as early as you can, maintain an emergency corpus and be adequately insured. Your financial plan should clearly define asset allocation based on your goals and risk appetite. Choosing the right financial products based on your asset allocation can help you grow your money over a period of time without much downside. Over a long period of time consistent compounding can help achieve the toughest looking targets. And, importantly, keep your borrowing to the minimum to avoid the debt trap.

Financial freedom does not come overnight. It has to be planned and executed meticulously. As we celebrate the 75th year of our Independence, Money9.com promises to bring to all relevant updates and reminders on personal finance matters and more to empower you to become financially independent.

We will make all efforts to ensure that our journey together remains exciting and fruitful.

We wish all our readers a very happy and joyous Independence Day!