Cash management funds are funds that invest in debt and money market instruments with maturity not exceeding 91 days. They invest in instruments such as Treasury bill, corporate bond/debenture, commercial paper, etc. The fund is suitable for investment in short term horizon. The fund is suitable for people looking to park their surplus cash temporarily and provides an alternative to savings bank account.
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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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The aim of retirement planning is to have regular income even after requirement and be financially independent. Apart from income for household expenses you also need to income for insurance premium, contingencies, etc. If you also have other goals such as children’s higher education, marriage, your dream home or dream vacation among others, then you will need a higher corpus to accommodate these dreams.
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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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Term plan is a life insurance plan to provide financial protection to the family of the insured in case of death. Many of us delay or avoid buying insurance not thinking what will happen to the family if some unforeseen event takes place. If your family is dependent on you financially, you should definitely get a term plan for yourself. Life is uncertain and by buying a term plan you can secure your family’s future. Here are some of the benefits of taking a term plan.
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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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The Income Tax Act has made several provisions which allow you to reduce your taxable income. Many of these provisions allow you to not only save tax, but also serve as good investment options. The budget 2019 further brought tax cheer to people, especially the middle class. Now individuals with income up to Rs.5, 00,000 will get full tax rebate. Standard deduction has also been raised to Rs.50, 000 from 40,000. Given below are some useful tips on how can save taxes.
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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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