Got married ..? Now Plan your Finances..

 


    Marriage is the happiest event in each one's life. But that is not the end; instead it is a beginning of a long journey. This is the time where one needs to foresee responsibilities with financial planning.

To help start the process, ask yourself these questions - 


Typical goals will be -

Stage -I



Stage - II



 Guidelines  to achieve..

                  1. Add Nominee to all existing financial instruments like Bank accounts  Investments etc

                  2.Get adequate Life & Medical  Insurance for you & your spouse.

                  3. Do the Tax Planning. ELSS MFs are the best options for Tax saving.

                  4. Refer to our Blog Sowing the MoneyPlant for percentage asset allocations to  each class.

                  5. At this stage, more than 50% should be in Equity or Equity oriented instruments like Mutual  Funds or create your own Stock Portfolio.

                  6. The total earning after tax should be balanced between NEEDS & WANTS. Creating  more investible surplus & selection of right investment instrument will give   you comfort.

                  7. Do not hesitate to take help of experts in relevant fields like Insurance  Mutual Fund Advisor, Stock Market experts etc.

                  8. This Financial Plan: Create - Execute - Rebalance if required.

 

All the best!!

                   



Comments

Post a Comment

Popular posts from this blog

Sowing the MoneyPlant

Image
                                    Various investment avenues exist to help you invest your savings and earn the highest possible returns with the lowest potential risk. These are broadly categorized as asset classes and some examples include, but are not limited to, cash and cash equivalents, bonds, derivatives, equities, real estate, gold, commodities, and alternative investments. Let us understand in details about each one. 1.Fixed-income asset class: One of the most popular investment options among Indians, the fixed income asset class is one of the oldest forms of investment. It includes corporate and government bonds, corporate debt securities, money market instruments, etc. Such asset class typically invest in debt securities that endeavor to pay investors interest until maturity 2.Equity asset class: Equity or stock are shares of ownership issued by companies. Equity...
Read more

Risk Free Investments - Post Office Savings Schemes

Image
  Everyone's investment journey should start with some risk free investments so they can estimate the returns required to reach to their financial goals with certainty. Post office saving schemes are government assured schemes. When you cannot risk your capital like after retirement or at very early stage when income and liabilities are disproportionate, Post office saving schemes are a good option with moderate returns. Among the below mentioned alternatives, PPF and SCSS are commonly preferred. Let us know about them.. 1. Post Office Savings Account The minimum deposit to open a Post Office Savings Account is Rs.500. The account can be opened in single or joint ownership by domestic customers. An interest rate of 4% p.a. Is applicable to the deposits. You can avail of a cheque book, ATM card, e-banking and mobile banking services, and other services with the account on request. 2. 5-Year Post Office Recurring Deposit Account (RD) As the name suggests, the tenure of this RD accoun...
Read more

How to get Passive income..

Image
How to get Passive income..   Passive income is money you earn that doesn’t require you to do a lot of “active” work to continue making it. In essence, you can do most of the work upfront and put some additional effort along the way to earn an income. Passive income can be a great way to help you generate extra cash flow, and the economic upheaval largely caused by the  COVID-19 crisis  is a testament to the value of having multiple streams of income.   Let us discuss how we can add those extra bucks to pocket. Here are some ideas.. ·          Use your primary skill set for some extra time apart from your job for personal earnings.ie you can be a tutor for whatever you know the best. Courses can be distributed and sold through sites such as  Udemy ,  SkillShare  and  Coursera . ·          Convert your hobby to a profession. If you are an artist ,try selling y...
Read more