Once you have selected the financial advisor/planner of your choice, the next step will be to meet them and discuss about your financial plan. Your advisor will need to ask you questions related to personal and professional matters to get to know you better and to device suitable plan for you. This means that you should be honest with your advisor with questions relating to these matters, especially when it comes to disclosing your income.
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The purpose of financial planning is to achieve your goals. Your goals help you to shape your investments as per your requirement. Therefore, you must be very clear about your goals before you start planning your finances. Your financial advisor will also be able to help you better if you are clear with your goal. Here’s what you should consider before finalising financial goals.
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Portfolio Management Service (PMS) is a financial service designed for High Networth Individuals (HNI). HNI investors generally prefer customized investment options and thus PMS is suitable for such investors. PMS is offered by various entities such as asset management companies, banks and brokerages registered with SEBI. PMS Managers are highly qualified investment professionals with extensive knowledge and research experience.
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When it comes to planning you finances it will be best if you seek help of a financial advisor. Not everyone has knowledge about financial matters and it will be better if you take professional advice for managing your finances. By managing your own finances or taking advice from friends and relatives, you may not be able to successfully manage your finances and thereby miss your goals.
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LTA doesn’t need any introduction; but has a tricky claim process & understanding.
First & foremost, one can claim LTA only for 2 years in a block of 4 years (current block is 2018-21). In case of no-claim in this block of 4 years, you are allowed to carry forward one-year, i.e. if you have not claimed in previous block (2014-17), now for current block, you can claim for three years 😉.
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It is seen that many people take financial decisions based on recommendation by their family, friends, colleagues, etc. These are the people whom we know well and therefore take their advice without thinking too much. However, these people may not be knowledgeable enough to give you advice or recommend a financial product.
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Are you among those people who think that they are too young to start saving for retirement? If yes then there is a need to change your outlook. Many people start retirement planning only when they are close to retirement. This is not a good idea as the later you start the lower will be your retirement corpus and vice versa. This is because it takes time for money to grow and give reasonable returns and if you start late your money will not have enough time to grow.
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Every parent wants the best for their child. They want them to get the best of education and be financially secure and are willing to compromise or postpone their own dreams for the sake of their children. It therefore becomes necessary to choose the right financial plan for their future. Planning for their future needs to be started as early as possible. Assuming an inflation of 8%, it is safe to conclude that cost of education will rise significantly in the next 10 to 20 years. Many companies offer Child plan for these needs. So is Child plan the right option for your child’s need or should you consider other options?
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Good investment strategy is the key to achieve your financial goals. This can be done by minimizing risks and thereby maximizing returns. Risks can be minimized by diversifying your investments. In simpler terms it means `do not put all your eggs in one basket’. Your investments should not be focused on just one asset class. It should be allocated strategically in different asset classes. Diversified portfolios are proven to have reduced losses in events such as economic crisis or bearish stock market.
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Planning abroad trip is high on the bucket list of many families. People love to explore new countries, its places of heritage, their food, culture and traditions. Travelling abroad is quite different to travelling in your country. It requires advance planning and a bit of research. So if you too are planning an abroad trip, here is how you can do it.
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