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How do you identify downturn

How do we overcome the Current Economic Downturn: 7 Meaningful Steps!!!

by Holistic Leave a Comment | Filed Under: Investments

After the recent announcement by the venerable Reserve Bank of India, about the consecutive 14 quarters fall of our nation’s GDP to 4.4% from a whopping 8.9%, it is time to think how are we going to protect ourselves financially from this economic harsh winter? Most Indians have never faced a harsh winter all their life as very few parts of this country actually have a harsh winter.

Step 1: Protect Your Job

It is fact that Indian economy has gone in to recession with the consequence of lesser job opportunities and downsizing. One of the latest India Today story tells about a horror picture about the job market. If you are having a self exaggerated opinion about your job market potential, it is time to take a reality check. Chances of a better switch of jobs are receding fast. There could be situations that you may face a downsize without switching opportunity for suitable jobs. So what should you do? Hang on to your job, even if it means at a lower pay.

Step 2: Check spending on Your Credit Card

Today most young Indians who have a decent job have acquired the habit of having several credit cards. They keep on juggling the payment of credit card bills against the purchases made. Once you have acquired the habit of buying against credit card, it is difficult to come out of it. Buying (mostly impulsive) is very addictive. Strong adverse situations need strong measures. Keep one credit card and surrender the remaining!!!

Step 3: Reduce debts and if possible Shun Leverage

Young Indians today have a plethora of debts, home loan, credit card outstanding bills, car loan, personal loans, and even educational loans. Many are double income families hence one and half income goes into repaying debts. It is as if there were no tomorrow. Buy today and pay later is a trap. Borrowing is using tomorrow’s income today.

When tomorrow’s income have become uncertain, it is time to reduce debt by postponing of buying assets and looking for opportunities to repay debt from available savings.

Step 4: Relook at your insurance cover

Paying for car repairs, medical bills, unexpected thefts in a reducing income scenario becomes painful. Having insurance cover for these is like doing the proverbial nine stitches on time. Of course, you might have the nightmarish experience of losing money in ULIPs, however that was an investment cum insurance product for which you have fallen for, ignoring the fact that insurance is not investment but having a cushion for emergencies like repairs and maintenance, falling sick or meeting with an accident , which are situations which no one expects but happens. The insurance is most useful in such situations without denting your savings.

Step 5: Take calculated and affordable risk

Risk taking comes naturally to young people compared to the elder ones. Also, taking risk is a part of an active life. However, knowing one’s own risk appetite and risk bearing ability are important. Taking risk is easier in a growing economy, as increasing income is a certainty. Not so in a downturn, where the income in the immediate future is likely to fall. Hence the tendency to take unduly blind risk needs to be curbed.

Step 6: Your Assets should be According to Your Needs

Creation of assets is to be linked to genuine needs and not satisfying fanciful dreams. If an Alto serves your need then buying a sedan can always be postponed. If a one ton air conditioner is cooling enough avoid two tons. If a two bed room apartment is sufficient for your needs buying a 3 or 4 bedroom apartment can be avoided.

Step 7: Asset Allocation is the key to investment success

There are risky investments and risk free investments. You need to choose a combination of both. Based on the required rate of return and risk appetite you need to create an asset allocation.

Asset allocation brings discipline to your portfolio. It stops you from tempting to time the market. By rebalancing and maintaining the asset allocation periodically, you reduce the overall risk.

Asset allocation helps you to book profit when themarket are up and makes you invest when the markets are down. Thus eliminates greed and fear and brings emotional balance to the portfolio management.

Economic cycles are part of life. It is a saying in Indian Tradition that ‘sukh’ is always followed by ‘dukh’, hence one should be prepared for both, the good times and the bad times.

A complete and comprehensive financial plan will help you achieve financial freedom. If you want to understand our 360 degree financial planning process, we offer 30 minutes free consultation
 
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Jey S
Jey S
24. September, 2021.
I have been using Holistic Investment Planners for the last three years. Mr. Srinivasavaradhan answered all my questions and doubts very patiently during the first free consultation. I was able to clearly define my short-, medium- and long-term goals once I signed up for the comprehensive plan and got their investment plan suggestion to achieve my goals. They are very polite and highly professional whenever I contact them for any queries or make investments. They never pressurize you to invest on their recommended financial products. I would have been lost money by investing directly without their help since I do not have time and knowledge about different financial products. Risk planning is also done as part of financial planning. Truly, they are holistic planners when it comes to your financial planning. They help you to define your life goals, understand your financial resources and establish a plan to invest towards reaching those goals. They do review your plan as you progress to make sure that you are on correct path to achieve those goals. Kudos to the team and keep up the good work!!! I am happy that I found holistic investment planners for my financial planning and management.
aksaswadkar
aksaswadkar
24. September, 2021.
I was about to retire and really not understanding how to invest money to have financial freedom and fulfilling my goals. Was desperately searching on internet way out and fortunately came across Holistic Investment Planners. I read number of articles on their website and realized that this is the agency which I want and engaged their services for my retirement planning. It is an excellent experience to be associated with Holistic. Right from day one our interaction was fantastic and they gave me such a wonderful plan that I had never imagined. I am fortunate enough to be in the client list of Holistic. I have recommended Holistic to my friends as well.
Lionel Faber
Lionel Faber
16. September, 2021.
I've been availing their services for the past year. They are highly knowledgeable in the field and are very patient with all doubts and queries. Personalized financial planning is provided keeping your short term, medium term and long term goals in mind. They do not pressurize you to purchase schemes of their choice. They provide their input and suggestions and leave the decision up to you which shows their honesty and high principle.
Sridhar
Sridhar
8. September, 2021.
Financial planning brings peace in life. Holistic Investment have supported in arriving financial plan based on future goals. My investments are regular since then. They are professionals in their business, will recommend others.
Nitesh Agrawal
Nitesh Agrawal
6. September, 2021.
I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)
Swetha Vasanth
Swetha Vasanth
6. September, 2021.
This is my first year service with the Holistic Team and I would say that they are very much helpful in creating a financial plan and follow ups during the year. I would definitely suggest them if anyone who is willing to proceed with their savings professionally.
Joseph Mathias
Joseph Mathias
6. September, 2021.
I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.
Srinvas Kannan
Srinvas Kannan
30. July, 2021.
I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.
Shivaram Andiappan Selvaraj
Shivaram Andiappan Selvaraj
3. July, 2021.
I got a free first time consultation. I got my doubts resolved. They also gave additional advises for investment planning which was also useful.
Nellai B
Nellai B
26. June, 2021.
I have been associated with them for the past three years. They are very professional and polite in answering all our questions. I have complete trust in their suggestions. I strongly recommend for anyone. I am looking forward to have strong and successful association with them.
Google rating score: 4.4 of 5,
based on 61 reviews.

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