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Financial goals are not something that can be achieved over a year or so. It usually needs years and years of savings and good long-term investments. Many people may visit the Financial planners in Mumbai or consult online financial planners, but going according to the plan is up to you.
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Financial goals are not something that can be achieved over a year or so. It usually needs years and years of savings and good long-term investments. Many people may visit the Financial planners in Mumbai or consult online financial planners, but going according to the plan is up to you. Every now and then, people struggle to figure out their financial goals, and unfortunately it is not Here are few tips from some of the best financial planners in India to help you put on the right path to a more secure financial future.
Maximize your retirement savings. Consider the following three secrets in order to maximize your retirement savings. The first is to put your saving on autopilot mode – salary deferrals to retirement plans, paying down the mortgages with automatic periodic withdrawals from the checking account. Secondly, make full use of the retirement-vehicles that provide tax-benefits, such as LIC plans. Thirdly, and most importantly, just forget that you have/had this money. • Reallocate your investments. Investments needs to some maintenance periodically, so as to maximize the returns in the long run. Reallocating your investments mean reallocating or reinvesting your current allocations of investments to the target allocation on a periodic basis. One may reduce the share of equities and invest more on bonds, with the current market scenario. • Include an estate plan. A good financial plan includes an estate plan as well as emergency planning. Attention needs to be given to saving for emergencies. Keep six months of salary saved in a bank account for emergencies. Plan for premature death as well. There are employee benefits, life insurance, and personal savings proceeds that can take care of this.
Long-term investments. Successful investment is not a sprint, but a marathon. Focus on developing a strategy for investment and stick with it. Real returns are visible only in the long-term and not with a few years. • The key is capital ownership. Strive to be a capital owner. The appreciations on capital won’t be taxed you decide it to be taxed. Which means that you have control over your investment and the returns. Additionally, these appreciations, will be taxed at the tax rates of long-term capital gains. • Manage your debts. One needs to come up with a strategic debt management plan to really secure one’s future. Without it, the debts will just continue to accrue and put you far behind than planned. Debt management plan includes paying down the debts and mortgages strategically with the most expensive one first, like credit card, personal loans, student loans, and housing mortgage. Debt management is not just about paying down the mortgages, but also to take care about avoiding debts in future as much as possible. • Talk finance with the loved ones. Couples hiding financial secrets from each other is quite common, and usually impacts the relationship negatively. Discuss your long-term financial goals with your partner and try to build a shared vision. Your significant other might be able to give you some useful insights as well.
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