As Dussehra 2019 arrives, it brings a fresh wave of thought in our life. The festival of Dussehra signifies the victory of good over evil. The mythological stories associated with Dussehra cite the importance of curbing our greed and destroy bad intentions. Be it the story of Lord Ram killing the demon King Ravana or…
Any act requires a proper plan for the outcome to be the best and finance is no exception to this. One needs proper financial planning to be stress free and lead a healthy financial life.
So what is financial planning? It is the process of clearly analyzing one’s finances and drawing an understanding towards the deeds to be done for current and future well being.
Broadly a financial plan consists of sub components like tax planning, risk planning, goal planning, investment planning and estate planning. Each of these aspects have to be broken down, draw up an analysis and implement.
The right way to plan your finances is…
Before thinking about the future, you need to look at the present. So the first and foremost step is to analyse your current finances and work towards stopping money leaking aspects, if any. For instance, it could be a non productive insurance policy that you hold. Doing so may increase your surplus for investments towards your future financial goals.
As humans we all face two risks that stop us from continuing our regular tasks. One being life risk and the other being health risk. You have to properly cover your self from such risks using respective insurance as this help you indemnify your finances for your dependents in case of any eventuality. Apart from the above you may also face situations where your regular income stops or expenses rise, such events also affect your on-goings and so you should consider building emergency fund which forms part of risk planning.
The fruit that we are enjoying is the effect of a seed sown in the past and the same will repeat with our future. This is a cycle that no one can escape. It may sound like a quote from the school of thought but this is how life works and the same applies to…
How To Attain Financial Freedom? “What is freedom? The power to live as one wishes to.” When we asked the same question that what is Financial Freedom to different people, each one of them answered it differently. Some said having a lot of money in the bank, while others quoted spending time with family, doing…
Why is My Mutual Fund Giving Negative Return ? Of Late the Indian financial ecosystem has witnessed NBFC crisis. Few Corporates failed to fulfill their obligation of repayment. This has resulted in the rating agencies downgrading the Corporate Papers. The mutual funds which had exposure to these NBFCs and debt papers had to take a…
Today we look at some of the reasons why the appointment of Nirmala Sitharaman is an awesome decision. Women always have a budget Let’s admit it, we do not think through before purchasing things, sometimes we buy stuff for the mere contentment and joy or may be for the high that we get from purchasing…
We all are aware of money. We interact with it everyday. In that everyday nature of our dealing with it, we tend to sometimes add and sometimes forget what it actually is. Here, I attempt to simplify the concept. Money is the value within. Let’s understand this with an example. Picture a seed. A seed…
This debate started when direct funds were introduced in India, and almost overnight investor preference shifted to direct funds and away from professional advice. But, at its core, this is a question what action should one take. So, let’s understand what it takes to ensure that the action taken is successful. Bear in mind, the…
What happens when you visit a pharmacy and ask a medicine for fever, the chemist gives you a pill (which is without a prescription). If the pill works, you visit him again for other health issues to get another pill. By doing so you are avoiding a visit to the doctor, saving on prescription fees…
So, there you are, you have the intent to build a secure financial future, you have even contracted a qualified financial planner to help you with this. Now, how does one derive the maximum value from a financial planner. Be clear about the relationship. Using a financial planner is like using a doctor. Now, don’t…