Planning your finances is generally the last thing on peoples mind. It is one of the tasks which you think is required but is always put on the back burner for the future.
As Financial Advisors in Powai since 8 years now, we get asked very basic questions on
1. what do we do with Idle cash ?
2. How do I start investing for my childs education ?
3. Will I have a decent corpus for my retirement ?
People just need to start somewhere to get a grip on their finances. You can take care of the following to have a good financial well being and live life to the fullest enjoying each moment :
a) Life insurance – This is a protection plan for your family if you are not there tomorrow. The best life insurance plan is a TERM PLAN, which gives your family a lumpsum amount in an event of your death. Make sure that the life cover is enough to care of your family’s living expenses, future goals and liabilities, if any.
b) Health Insurance – Hospitalisation is becoming expensive by the day. Mediclaim covers this expense through an annual premium which is the cheapest way to cover the increasing costs of medical tests and room rents in hospitals.
c) Tax Saving – We all hate taxes as they eat into your income for which you have worked every weekday and sometimes weekends as well. There are simple tools to save tax under sec 80C. The Equity Linked Saving Scheme offered by Mutual Funds is the only option which has Only 3 year lock in and is TAX FREE at maturity. Also, the Dividend from ELSS is also Tax Free.
d) Savings for Goals – During our working years when you have a stable income, you need to provide for certain expenses like Childs Education, Marriage and finally your Retirement. Starting early by investing small amounts helps in creating a corpus for them. Did you know just 5,000 per month for the next 20 years gives you a corpus of 50 lakhs ! Mutual Funds offer many options where you can start as low as Rs. 500 per mth
Use the magic of compound interest to your advantage and protect yourself from emergencies with the right insurance plans in place.
Its time to take action and have a control on your financial life.
Please contact 022 25708790 for fixing an appointment for a FREE financial planning session with certified financial planner especially for Powai residents.We also conduct FREE investor awareness programmes for corporates and residential societies on tax planning, goal based planning, child education planning, Retirement planning and wealth management etc.