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POSTED BY ON April 10, 2013 8:08 pm COMMENTS (6)
Hello all,
My question is “How should one plan for his/her hobby?”
Because hobbies like, Photography, Astronomy, Painting, Collecting rare books or articles etc. are usually quite expensive for a common salaried person.
Thanks in advance,
Ajita
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Dear Ajita, in the age of netbanking, opening, operating & closing 5 RD accounts is not an issue. No more Passbook handling. All info is available on your finger tips.
Thanks
Ashal
@ Manish, I went through your book. The idea is good. However I was thinking, if I have five short term goals and open five recurring account for each of them then there would be five accounts to maintain, five passbooks etc. It might cause some hassles. This idea might also be discouraged by the bank.
Please enlighten me.
thank you all for answering.
Ajita
Nice question. In my 2nd book (http://bit.ly/Financial-planner-book) , I have covered this in a way . Where I talked about how people do not plan for their short term goals and only focus on long term goals and inturn loose on these benefits .
As suggested by Pattu , You can plan for these goals by opening a recurring deposits for each , all it will take is a small amount each month , but this way you can surely reach your short term goals .
Manish
Dear Ajita, firat of all thanks for asking such interesting query. it seems JI Forum is now making people to think about their financial life seriously. Coming back to your original query, First of all you should have a passion for what you want to do. Dear Manish or Dear Ramesh, Dear Pattu (FFC) are prime example of this passion. (if you want, can put myself also in the above league 🙂 )
Think small, act small, should be your mantra. There is no need to go for a large or expensive thing from the word ‘GO’. For example, If you want to pursue, photography, start clicking with your routine normal Digital camera. Start posting those pictures in social media as well as start contacting sites who purchase such photographs. Once there is some money in your pocket out of your hobby, go for a slightly costly camera as per your taste & keep improving in yourself.
This was just an example. Use your own brain, “How can I add value to others through my hobby?” This value addition along with your passion can create wonders not only for yourself but for people around you too.
Thanks
Ashal
These goals can be planned by opening a recurring deposit account that matures in 1 year or 1.5 years depending on the need and amt you can save. If you don’t have enough money hobbies will have to wait. There are many inexpensive way of pursuing each hobby in the meanwhile.