Financial Planning

Basic and simple steps of financial planning

A financial plan can be a budget, a plan for spending and saving future income. This plan allocates future income to various types of expenses, such as rent or utilities, and also reserves some income for short-term and long-term savings. A financial plan can also be an investment plan, which allocates savings to various assets or projects expected to produce future income, such as a new business or product line, shares in an existing business, or real estate.

Mediclaim

It protects your savings when you are admitted in hospital and by submitting medical bills/doctor’s certificate, you can easily claim with the medical insurance company.

Recently, they started to issue cashless cards and it’s easy for patients to get admit in listed hospitals.

- You are safe as the expenses would be taken care by medical insurance company


Insurance

It’s not an investment, yeah! It’s only for your life safety coverage.

In your absence, your family would get the insurance claim amount and I suggest for “term insurance” where the returns would be very low however the insurance coverage would starts from 25lakhs. For more details on insurance coverage and how it’s work, click here

- You are secured with the basis insurance coverage with minimum premium amount.

Savings

There are lots of products available in the market with different assets classes like bonds, equity, mutual funds, real estate, gold, currency and portfolio management services (PMS)

Keep your portfolio with 20:30:50

It’s simple calculation, liquidity (emergency or short term funds 20%) - balanced (Medium term funds 30%) - equity (Long term funds 50%) it’s suits for the person who is within/around the age of 30 and for others who crossed the age of above 60, it’s vice versa.

- You have basic financial planning for your earning.

For more details, please get in touch with your nearby financial planner