Recent fall of financial giants have made many old folks loose chunk of their wealth and sent their old age plans into haywire. It has once again brought to fore the issue of how to manage wealth so that you keep getting sustained finances for your needs even in inflationary periods.
Here are a few basic tips:
1. Do not put everything into one basket. It may be prudent to spread your portfolio into different titles, funds, types of funds, different types of assets as well as into different risks. You may spread it into share market, gold, realty, bonds etc. You may spread it into different risk profiles. You may spread it among different funds of different titles, i.e. infrastucture of one title, technology of another etc.
2. Extraordinarily high returns would generally mean higher risk, atleast in long term.
3. You can have more faith on one over other, but surely not total faith on any single thing.
4. Considerable portion should be in stable investments, even if on lower returns
5. Lifestyle management:
a) Just like in any other aspects of old age life, even in economic behavior, reduce excesses
b) Temper expenditure habits in relation to what you have in hand, discounting for risks।
c) Be more participative with external world
d) Set priorities with vision and wisdom gained through life.
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