However is a good list of resolutions that you can make – it is really useful if you made it already, just reiterate it, and follow it! So here it goes
1.    I will write down my financial goals – NOW, IMMEDIATELY.
2. I will convert a big portion of my savings into investments – especially because I am young!
3. I will live a simple, frugal life by choice – but choose my dream career.
4. I will start saving / investing for my retirement – NOW IMMEDIATELY.
5. I will have regular conversations about money, saving and investing with my colleagues, friends, spouse, kids and parents – all people for whom I feel financially responsible.
6. I will not deal in direct equity with my current level of knowledge of equities.
7. I will increase my financial knowledge – inter-alia by visiting,, and such other sites.
8. I will maintain my income and expenditure details diligently and keep reviewing them.
9. I will maintain proper records of my assets and liabilities, understand the risk of each asset class, and do proper asset allocation.
10. I will protect all those people dependent on me. Will review my term insurance, medical insurance and retirement and make sure it is up to date and adequate, and the nominees are current.

Here are some more resolutions – on the WILL NOT DO side!

1.    I will not buy anything on a credit card unless I can pay it off in full on the due date.
2.    I will not buy any product before I understand the why, when, how of the product.
3.    I will not buy things or services to show off to friends who are also doing the same!
4.    I will not buy a ‘branded’ product unless I can see the Value in what I am buying.
5.    I will not change jobs just to get a higher salary
6.    I will not invest in any financial instrument without increasing my knowledge
7.    I will not buy any asset beyond my means hoping to pay a higher EMI from an increased income.
8.    I will not mix my investments with my insurance IMMATERIAL of how attractive the transaction looks!
9.    I will not marry a person who is financially incompatiable with me.
10.    I will not assume anything in the financial world – will check using present value and future value before taking a decision.
11.    I will not buy a house ‘because it is conventional to do so’. Will buy a house when I am convinced that I am planning to stay in it for more than 10 years at least!

Most important:  Properly stick to all the resolutions!

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  1. You have done it again !! Great set of resolutions !! I am sure that you are the “Rich Dad” to a great many of us …Thanks again..

  2. Hi Shubra,

    Happy new year! I used your first 10 resolutions at the beginning of 2010 to guide my financial plans.

    Thanks a lot.
    When are you coming to Chennai for the book reading session?

  3. Happy New Year .. Year start with Good note , I have done copy /paste and send it to my whole team ( mainly young lot)

  4. book reading is not something which I have Pattu (I am assuming you are younger than me, if you are not, Mr. Pattabiraman) so i do not push it too hard.

    However if you have a serious bunch of friends (this is the only way I can enter an IIT my cousins from IIT tell me)…will happily do a 1 hour session for your team. Will try to combine this with one of my paid sessions…so that we both do not go out of pocket on travel..good idea?

  5. Your Investment resolutions for 2011 has been really resolute for one’s financial independence. Hope, you come out with your second book ” Retire Rich Before The Year End”.

  6. I am not qualified to advise but would add two more things to do: 1) exercise regularly (at least 30 minutes of brisk walk) and 2) do some meditation. these two will give you best return on your investments (i.e. time) 🙂

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