Thursday, 1 December 2016

[www.keralites.net] Financial planning!

 

 

24 Fundamentals of Financial planning!


1. 30 % of your income must be used for monthly living expenses.
2. 30% of your income must be used for Liabilities repayments
3. 30% of your income must be SAVED for your future LIVING.
4. 10% of your income must be spared for entertainments, vacations………..
5. 6 moth monthly income must be available for emergency fund { LIQUID FUND },    it can be CASH or cashable investments
6. Must save one year Bank RD
7. Must save 5 years postal RD
8. Must have 15 years PPF [ after you can extend for number of 5 years duration ]
9. MF and Shares must be invested with surplus money only with regular watch. [ must redeem the profits out after minimum 40 to 50% ]
10. Home loan must be registered and apply on both husband and wife name. { Both can get benefits on Home loan Tax benefits }
11. FD and POMIS is also very good investments for short term
12. Buying second house for investment is not advisable [ Survey reports - it will fetch you only around 3% return]
13. After age 45 years not supposed to enter into any BIG LIABILITIES [ Higher education of children and wedding of children will happen around 45 to 50 only ]
14. Joint account is compulsory @ Bank savings account.
15. Property must be registered on both Husband and wife name. [ to avoid complication of heirship in case of unfortunate demise of husband )
16. Regular check on Nominations at all financial instruments
17. Only in insurance policy, Claims payable to Nominee. In  most of financial instruments  nominee cannot claim absolute ownership.
18. Don't take any financial investment decisions by EMOTIONALLY
19.MEDICLAIM is must [ in spite of Group mediclaim coverage given at office [ After retirement there is no mediclaim coverage. After 50 years its very tough to enter into mediclaim ]
20.Like same way Government guaranteed only one lakh for your FD also. [ Fixed deposits with Banks upto Rs. 1 lakh only are backed by deposit insurance ]
21.Must know all tax implications. You cannot avoid paying tax. But you can minimize by way of investments.
22.All financial documents must be kept safely and the next of kin should be able to  locate them all in one place /get the details  recorded in a note pad or diary .
23.. Financial investments must be followed through personal financial adviser.
24.Review your financial port folio by every year.

 

 


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Posted by: Cool Kis <cooolkis@gmail.com>
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