1) Clear Your Debts

This is an often looked aspect of starting your savings & investment journey. A lot of medical professionals these days have student loans or personal loans etc. You must ensure that in addition to the wealth creation focused investments you are also prioritising debt clearance. Ignoring this step would mean allocating funds to wealth creation while bleeding money in the form of interest on your loan amounts. So, start by becoming debt-free, and if you’re already debt-free, you can jump to my next tip right away!

2) Think Long Term

There are no genuine “get-rich-quick” schemes, all true wealth creation requires thinking long-term. Be patient and set long term goals that you can work towards. Setup a basic emergency fund that will safeguard you and your loved ones in the long term. This is one of the fundamental things that one needs to do when entering the world of investments. Creating wealth through investments isn’t about making that one big bet or getting lucky, it is about carefully investing in the right stocks, bonds, mutual funds, and other asset classes.

3) Think Low Effort

Investing doesn’t have to be a tedious and effort-intensive process. This is something many people aren’t aware of but, you can literally automate your investments. You do not need to follow the market on a daily basis and worry every time the SENSEX or DJI dips by a few points. This is one of the core features we at Cube Wealth focused on when we were building our service. Automating your investments has multiple benefits, not only is it convenient but it also ensures you never forget a single SIP. In addition, you always pay yourself first if you set up standing instructions that coincide with your paydays.

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4) Be Consistent

While it’s a good thing to invest in LumpSums from time to time you need to have a consistent and regular approach to investing. This is why investing via a SIP or paying fixed annual premiums is a good idea. This ensures you don’t fall off the wagon and also gives you the benefits of rupee cost averaging. For example, when you invest consistently in mutual funds through the highs and the lows you get an overall lower NAV and as a result, get better returns.

5) Think Beyond Pharma

Whether its stocks or Mutual Funds you’re in a unique position by virtue of being part of this industry. This means you will have a deeper understanding of how several companies are placed and which pharma stocks and funds are ripe for investors. That said, don’t focus all your energy on these alone, because you will be putting all your eggs in one basket quite literally. You will not only depend on the success of this industry for a steady source of income by way of fees or salary but also be dependent on their success to reap returns from your funds.

You can use our free mutual funds analysis tool to check the status of your current investment portfolio and decide on where all you can improve, accordingly.

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6) Build The Perfect Portfolio

Every person has different needs and requires a different approach to investments. Your perfect portfolio is different from your spouses, friends, and colleagues. Talk to a wealth coach and get expert advice to achieve this. A wealth coach, unlike a bank financial advisor, does not need to sell you sub-par financial products to earn a commission. He or she will be able to guide you through your investment journey by giving you a clear picture of how you can achieve your financial goals without dedicating a lot of time to your investments.

Here is an episode of The Cube Wealth Show which talks about building positive investment habits. These in addition to the pointers discussed above are a great combination to help make the best investment decisions.

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