Around this time last year, the Covid-19 pandemic led lockdown was already in force across the country. The government had announced several relief measures including the extension of the tax saving due date by three months. Several individuals had to settle for lower income, pay cuts and even job loss during the large part of the year. What came out as a wake-up call for many of those who were ill-prepared with their finances was to re-consider their insurance and investment needs. Uncertainties are abound in life and one has to be prepared for any financial emergency that may strike anytime. Start of a new financial year which every year starts on April 1 and ends on 31st March of the next year, provides such an opportunity to bring one’s finances to shape, if required.
Let us see how and what are those some of the important things that one needs to do early on so that the entire FY goes through smoothly. Young and new investors can take a cue from these points while the old-timers may consolidat their money matters. Here are few things to consolidate and take stock of in the FY 202122, for a better control of one finances in the years ahead.
Start with a plan in place
Do not initiate making any investments, tax savings or buying insurance unless you have a financial plan in place. Making financial decisions on ad-hoc basis might be financially damaging in the long run. There is a greater possibility of not making the right or under-provision for your needs, making untimely entry and exits from investments etc if a plan does not exist.
Save funds for emergency
Denne historien er fra April 2021-utgaven av Investors India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra April 2021-utgaven av Investors India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Indians are Developing Weak Bones
In India, 1 out of 8 males and 1 out of 3 females suffer from osteoporosis, making India one of the largest affected countries in the world.
"The strategy behind the Tata India Innovation Fund centers on identifying companies that are driving transformative or incremental changes through innovation"
Yes, we certainly believe innovation is a powerful theme with immense potential for the coming years, and we are excited to bring it to our investors.
What is Hybrid Mutual Fund?
Hybrid Mutual Fund is a combination of more than one type of fund. While they invest in shares of companies listed on the exchange, like equity funds.
Should you invest in dynamic bond funds?
Dynamic bond funds have delivered a category average return of 8.68 per cent over the past year, making them the fourth best-performing category, following long-duration funds, constant maturity gilt funds, and gilt funds. With interest rate cuts yet to begin, these funds remain a viable option for investors seeking to benefit from possible rate reductions.
The Multicap Solution to India's MultiDimensional Growth
India is entering a transformative era of economic growth, backed by a unique combination of demographic strength, infrastructure development, and rising global prominence.
The Long-Term Benefit of Investing in Children's Future
A child is the most treasured part of any parent's life, and naturally, we want to give them the best of what the world has to offer. This often means not only ensuring we can meet their needs but also nurturing them to pursue their unique aspirations. Each child has their own dreams and challenges, making the early years critical as they lay the foundation for a healthy and fulfilling future.
ASK THE EXPERT
Ques. One of my friends told me that your company provides detailed Retirement plans. I want to know what is the procedure to get my Retirement plan. I will be retiring in March 2025. R.P Gupta, Noida
How to Naturally Reverse Fatty Liver Disease
The liver, located on the upper-right side of the abdomen, is the body’s largest internal organ and plays a critical role in detoxifying the blood and processing nutrients.
Banking sector which has underperformed in the last two years, now offers a favorable risk-reward profile
Do you think the market is overpriced? Is yes, should investors refrain from investing in index schemes at the current valuation?
India will continue to enjoy benefits of a close US relationship and trade will continue to grow
Q1. The US elections are said to be one of the closest till date, what impact will the election of a Republican / Democratic party have on the US economy and how is that going to affect India in the short as well as the long term?
