A month back, Roma asked me: “We have booked profits in Mutual Funds and Stocks for so many of our clients, what’s next?”
This has triggered an avalanche of possibilities in my head with regards to profit earned. Conservative to Moderate plans for most of my clients. For some, I had thought of more Aggressive plans.
“Should we ask them to take out some parts of the profit and enjoy spending them?” She quipped.
“Why not?, Haven’t we planned this as part of Financial Freedom Goals? So we must ask everyone to enjoy the fruits of labour. Let’s do it. We shall inform all.”
There is nothing more gratifying than the sweetness of the sweat at the end of a victorious run.
There are good methodologies to reap the benefits in a constructive manner. FOMO should not be one of them. Exiting all Investments or protecting all may not be a wise idea. Any ill timed drastic move in to equity or out of it can cause lot of pain in the long run. Always take advised and assessed decision.
FOMO is not just Fear Of Missing Out. It can be Fear psychosis Originated by Media Onslaught. It can also be known as Fearful Outperformance of Mutual Funds you Own.
Some of the beautiful things that crossed my mind on the ways to spend your profit, I am penning here. End of the day its “Your Money, Your Call”. I am just a trigger that could help you manage your profit earned from Equity Exposure.
1. Plan a good holiday trip.
2. Upgrade your car.
3. Buy Mediclaim policy for family.
4. Change extra power consuming appliances.
5. Buy some gym instruments for the family.
6. Send gifts to poor people around you.
7. Do some charity and philanthropic work.
8. Upgrade your laptop.
9. Buy some books and basic necessities.
10. Create a Legacy Fund.
Profit is the ultimate goal everyone seek, while entering the Stocks and Mutual Funds. What matters is the appetite, an individual develops staying in the system. Never let the “Wants” overpower the actual “Needs”.
Happy Profit Booking!