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Emergency Fund Creation

Anyone at any point of time may be in need of urgent cash due to delay or non-receipt of expected income and sudden unforeseen additional commitments. Under such situations people usually prefer short term unsecured loans at exorbitant rate of interest.

To overcome this problem, every one is expected to be ready with some reserve fund called Emergency Fund. The concept of maintaining reserve fund is uncommon in our country.

One can create emergency fund by investing in one lump sum or create over a period of time through SIP (Systematic Investment Plan) in a liquid fund in Mutual funds. It is suggested to maintain 3 to 6 times the monthly overhead of an individual as Emergency Fund not more than that. (Because Cash is powerful but not a good investment)

Health Insurance

Considering increasing health care cost and uncertainty over health issues due to changing life style of the people, Health Insurance becomes very essential today, as it not only protects your health but your wealth as well.

Because, in the event of hospitalization of any of our family members, our entire focus will be shifted towards treatment irrespective of our financial preparedness. In such situations, Health Insurance will prevent us from liquidating our physical assets or financial assets (meant for some other purpose) for treatment or seeking debts from outside.

So, buying sufficient health insurance is essential today and also review the sum insured over a period of time to match the rising medical costs. Health Insurance cost is not so expensive as Health care cost is.

Most importantly, continuity of Health Insurance is as important as buying it.

Life Insurance

Life Insurance is very essential for a breadwinner to make sure the family maintain the standard of living even in his absence. Buying Life Insurance is easy, Buying Life Insurance right is difficult and Maintaining Life Insurance is much more difficult. Maintaining Life Insurance is as important as buying it.

People today face 2 types of problems in their life insurance products.

Under Insurance: Most of the people do possess life insurance coverage not matching with their income and their family’s life style. In the event of untimely death of the breadwinner, the family finds it difficult to maintain the life style and so the purpose of buying life insurance is defeated.

Persistency: Many people who buy life insurance do not continue their policy till maturity, lapse them in between losing life cover and their heard earned money either in full or partly.

Proper selection of schemes based on your life insurance need at affordable premium is the right way of buying life insurance.

Planning For Dream Home

Owning a Home is an important and essential aspiration of each and every individual who do not have one for them. They should have a simple plan in place to make it happen.

  • Decide on the budget for your home

  • Find out how much home loan you are eligible for

  • How much down payment you need to get ready with (difference between your budget and loan amount)

  • Accumulate down payment fund if the time period is short and invest for the down payment if the time period is long enough

  • When you are nearing your target period, keep looking for a suitable property.

  • Once identified, you can execute the registration process and you can have your dream home.

Planning for Children's College Education

Planning for children’s’ college education is an important objective of every parents. The cost of college education is expensive today and could be significantly high when your son / daughter gets ready for college education at the age of 18 years. So, proper planning would make this important expense easier to handle.

If you start investing for your children’s education right from the first year, your contribution will earn interest and get compounded. The parents who fail to act, go for education loan and end up paying interest. Wise people will choose to take interest rather than paying interest.

Common mistake committed by the parents while planning for their children’s college education and marriage which can be easily avoided once they understand what they are.

  • They defer the planning and end up starting late

  • They underestimate the effect of inflation and fall short of their requirement

  • They choose the wrong product to meet the goal

  • Risk is part of our life. They fail to cover the risk.

Planning For Daughter's Marriage

Daughter’s Marriage is an important occasion in each and every family. Marriage commitment depends on the social status of the parents. Middle class parents need 10 to 20 Lakhs for marriage and rich parents need 1 to 2 crores for marriage. Planning well in advance will help the parents accumulate required funds with the help of power of compounding.

The following illustration will explain the effect of compounding and the advantage of starting early for marriage planning.

Investing Rs. 6,856/- per month on birth of your daughter can give you Rs. 1,00,00,000/- at her age of 23 years. (12% return assumed)

You will have to set aside a sum of Rs. 15,121 per month if you defer the planning by 5 years.

You will have to set aside a sum of Rs. 26,867 per month if you defer the planning by 10 years.

This is only a mathematical calculation used for illustration purpose based on certain assumptions. The actual return will depend on the product you choose and expected return of the product.

Retirement Planning

Retirement Planning is the process of making sure the required cash flow is available during our retired life. Retirement Planning has become very important due to the following reasons.

  • Increasing life expectancy (people live a longer retired life)

  • Inflation increases the cost-of-living year on year

  • Increasing Medical costs (Medical Inflation is believed to be in double digits)

  • Disintegration of joint family system

  • Absence of Social Security Schemes

  • Low returns in conventional investment products