Financial New Year Resolutions without an Expiry Date

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Information about Financial New Year Resolutions without an Expiry Date
Business-Finance

Published on January 17, 2018

Author: fpgindia

Source: authorstream.com

slide 1: Financial New Year Resolutions without an Expiry Date ‘Cheers to a New Year and another chance for us to get it right’ said Oprah Winfrey. But actually do we get it right or as someone said ‘Many people look forward to the New Year for a new start to old habits’ Probably it has more to do with all this business of making New Year Resolutions – most of us make them so complicated and voluminous that we already know that most of them will never see the light of the day. Actually the first resolution should be to make simple practical New Year Resolutions... While on other issues we can afford to be light-hearted as above we may not be able to afford such frivolity in matters Guide to Financial Planning especially with advancing age. Here I have put together Eight resolutions which can be made any time of the year and have no expiry – they expire only when you get them right:- slide 2: 1. Review Your Life Insurance Coverage – Over-insurance is as injurious to your financial health as under-insurance. A simple test to get it right is how much money your survivors require to still meet your family’s critical financial goals like children’s education expenses till they are up on their own feet if you are suddenly gone. Nothing like a Term Insurance Planning do be ruthless to cancel your pointless insurance policies. 2. Write a Will – Do not wait to write the perfect Will do not think that catastrophes strike only others do not assume that your property will pass on to your intended heirs automatically. Take out those few minutes to write your Will now. Do not have a Will format Write to us on contactushumfauji.com and we will send you a format as designed by us. 3. Build an Emergency fund – Depending on the certainty of your earnings you slide 3: need an emergency fund equal to 3 – 6 times your monthly earnings. Keep it in a place where you can easily access it – bank FD or liquid mutual funds. 4. Cater for your Retirement – Retirement should be a stress-free Golden period of your life. Work for it save for it before-hand. Realise that your pension or savings should at least maintain your current life-style. Cater for unforeseen medical emergencies too even if your employer is likely to provide for it. Do not assume that your employer-provided pension Govt or otherwise will be sufficient for your entire Planning for Early Retirement– a pension can never match-up to the damaging effects of inflation in a growing economy like ours. 5. Asset allocation and Diversification is the KEY to long-term riches – No asset class ever performs the best all the time. Eggs have to be put in different baskets to create real wealth. Review and readjust your portfolio regularly. 6. Invest for maximum Net Positive returns – Remember inflation and Best Taxation Planning Services in India are your money’s biggest enemies. Your portfolio should at least beat inflation all the time while being tax-efficient. That’s why traditionally safe investments should only comprise a small part of your investment basket since risk and returns generally have an inverse relationship. 7. Learn from your Mistakes – Realise where you have gone wrong in the past find out how to avoid the same mistakes chalk out the correct path and stick to it. STICK TO IT. 8. Do your homework or hire an Expert – Remember an investor who knows all the answers probably does not even understand all the questions. Lastly remain safe - if some investment seems too good to be true it most probably is actually so.

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