1. 30 % of your income must be used for *monthly living expenses.* 2. 30% of your income must be used for *Liabilities repayments*, if any.. 3. 30% of your income must be *SAVED* and *INVESTED* for your future LIVING. 4. 10% of your income must be spared for *entertainments, vacations* 5. 6 months expenses must be available for *emergency fund* (should be invested in LIQUID FUND, FD Etc) 6. *Home loan* must be registered and apply on both *husband and wife name.* (Both can get benefits on Home loan Tax benefits) 7. Buying *second house for investment is not advisable* ( _Survey reports - it will fetch you only around 3% return_) 8. After 45 years of age, *not supposed to enter into any BIG LIABILITIES* (Higher education of children and wedding of children will happen around 45 to 50 only, so plan now for the same.) 9. Have joint account @ Bank savings account. 10. Property must be *registered on both Husband and wife name*. (As per legal act – after husband first legal heir is wife, after wife it will go to children only) 11. Regular check on *Nominations at all financial instruments.* if not nominated, do it now.. 12. Only in insurance policy, Claims payable to Nominee. In other financial instruments legal heirs certificate is must to get back the settlement 13. Must have *Term Insurance* to financially secure future of your dependants.. 19. All *financial documents must be kept safely* and keep family members informed of the same.. 20. *Financial investments* must be followed through *personal financial advisor..* 21. *Review your portfolio at every six month..* These are general suggestions, personal Finance and investment decisions depends upon case to case_ *Have a Healthy and Wealthy 2017..*
Posted by: Sujith Pv <sujithputhiya@yahoo.com>
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