25/04/2023
Financial Planning is not difficult. You just have to follow this four FORMULAS. โบ๏ธ
โญ๏ธ First, How much Life Insurance do you need?
-It Should be 10 times of your Annual Income.
For example: 25,000 Monthly Salary x 12 months x 10
= 3,000,000
That is the grant amount we need to prepare for our loved ones when we die
โญ๏ธ Second, How much DO WE NEED FOR INCOME PROTECTION OR CRITICAL ILLNESS?
-It Should be 5 times of your Annual Income.
For example: 25,000 Monthly Salary x 12 months x 5
=1,500,000
That is the amount we provide for our selves if we have a critical illness and are unable to work.
โญ๏ธ Third, how much do we need to save every month for our retirement?
-It should be 20% of your Monthly Salary which is 5,000 per month for our retirement preparation later.
โญ๏ธFourth and last, how much do we need for our kids education?
It should be 5% of your Monthly Salary which is 1,250 per month, for your child's education.
by: Dr. Sanjay Tolani
Please send me a message for free quotation. Have a blessed day everyone. ๐