Taking that first step towards financial planning makes half of your job done!
When it comes to savings and being financially independent, Indian women have earned their place. A RBI report released this January highlighted women’s share in total credit and aggregate deposits increased to 20.4 per cent and 32.8 per cent, respectively in March 2018 from 19.3 per cent and 32.0 per cent a year ago.
Though such statistics draw a pretty picture, in reality, most Indian women are still not adept with money matters. Only 47 per cent of women surveyed are confident about financial planning, concluded a study by Mussett Wealth Management, an independent financial planning firm.
Whether you are an entrepreneur, a salaried individual or a homemaker – the common thread that binds us all is the aspirations to achieve something in the future. And, proper financial planning is a stepping stone to achieve those dreams. Saba Adil, Chief People and Operating Officer, Aegon Life Insurance, said, “Financial planning is critical and not only from the perspective of earning interests or gaining on stocks or investments. It includes how you plan the well-being of your loved ones, your future, retirement, old age and health care.”
In order to get started, one needs to classify her goals in short, medium and long-term basis. For instance, purchasing gold or planning a dream vacation fall under short-term goal, buying a house or a car can be figured into medium-term goals. Planning for your children’s higher education, providing for dependent parents or saving for your retirement needs fall in the list of long-term goals. For planning for such needs, one needs to assess her risk appetite since different products have different risk-return patterns.
هذه القصة مأخوذة من طبعة March 2019 من Outlook Money.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة March 2019 من Outlook Money.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Tax Reforms: What's In Store?
The government is working on reforming the existing Income-tax Act, 1961. The impending reforms have raised many questions in the minds of taxpayers. Will the old regime and deductions be done away with? Will it really simplify your life? What's the need for these reforms? We try to answer these and other questions regarding tax reforms
5 Questions That Will Lead You To The Right Financial Planner
Choosing a financial planner is not as easy as it may seem. Besides the right credentials, you should also consider things like the kind of services you will be needing-tax advisory, estate planning-as well as the fee structure. Here are five questions that will help you choose the right planner
Health Insurance Sub-Limits
Sub-limits in health insurance are restrictions placed by the insurance company on the SP maximum amount they will pay for specific expenses that are part of the total hospital bill.
Delayed Gratification, Humility, Understanding Inflation And Risks Key To Financial Success
The journey to financial success is continuous, requiring patience, education, and disciplined decision-making.
Avoiding Common Pitfalls through Asset Allocation and Multi-Asset Investing
Just as you track the calories and nutrients for a well-balanced diet, you need a balanced portfolio that has multiple assets to balance the risks and returns.
Mutual Funds for Financial Growth
Mutual funds allow you to invest in small amounts and seize the compounding growth, and experts help tackle volatility and asset allocation, making them a potent tool to create wealth.
Multi-Asset Investing is The Financial Equivalent of A Well-Balanced Diet
Just as you track the calories and nutrients for a well-balanced diet, you need a balanced portfolio that has multiple assets to balance the risks and returns.
Theme and Triumph: How Thematic Funds Can Boost Your Bottom Line
Thematic funds target high-growth opportunities in various industries and economic sectors, allowing investors to participate in future-focused segments to generate long-term returns.
Wealth Creation Through SIP - The Slow & Steady Road to Success
For investors seeking to create long-term wealth, SIPS are a powerful tool that enables regular, disciplined investments to generate compounding returns.
Tuition Fee Varies Among Countries
I am 22 years old and have recently started working in a software company.