24/08/2024
life rules, one cannot gurantee success,
But if we brings discipline in our financial
Planning success follows automatically......
Financial planning thumb rules:
Monthly income ...
30% households expenses
30% EMI of different loans
10% life style saving ( hoteling and
Family vacations)
30% compulsory savings...
Now we will see how we can save with this 30%
15% short term investments
15% long term investments
When I say short term investments,
It should be of five years of tenure.
Which covers.......
Children's basic immediate educational
Goals.
Fulfilling of dreams of buying a car
House, forign trips.
upgrading your car house and foreign
Trips.
So what are the means of short term
Investments....
• RECURRING DEPOSITS
• MUTUAL FUNDS
• LIC'S MONEY BACK PLANS
• KISAN VIKAS PATRA AND ALL POST OFFICE SAVINGS SCHEMES.
Now what is long term investments....
Long term means minimum of fifteen years
& maximum of thirty five years planning...
Which covers..
Children's education post graduations.
Children's marriages.
Retirement planning.
In simple words long term planning covers
Your life's sure events.
(Sure events means whether you are with your
Family or no,it is going to happen.)
So what are the means of long term
Investments....
A) PUBLIC PROVIDENT FUND (PPF)
B) LIFE INSURANCE CORPORATION OF
INDIA(LIC).
So friends today we have started with basics of financial planning .Everyday I will post some information to upgrade your knowledge. But mark it friends I want this sessions to be interactive ..so you can ask me questions and corect me if I am wrong.
Thank you,
And have a good day.
Shraddha Rajesh.
Financial planning, Retirement planning and corporate risk management adviser , .Mediclaim from Star Health insurance , Total financial literacy module under one roof...
