Within next few days 2012 will give its spot to a new
calendar year i.e. 2013. All of you must have already made plans to welcome the
New Year, but have you made any plan for your better financial life in the New
Year?
The answer to that would most certainly be “NO”.
Don’t worry if you have not done it till now, you still have
the time to do it…
You just need to prepare yourself to follow some resolutions
for the New Year and you can have a better financial life going forward…
Most of you do your investment without proper planning and
these investments ends up in a mess. You should ask yourself “whether these
investments are best suited to my financial goals”. If the answer is ‘Yes’ then
you do not need to review your investment portfolio but if the answer is ‘No’
or you are not sure about it, then you are in a great mess and you urgently
need to review your portfolio before it gets too late; as the longer you hold
these the more you will loose on the returns on your investments.
Resolution 2: Create a proper Contingency Reserve :
Contingency Reserve is the amount which you should always
keep in your savings bank account for any unfortunate event. Unfortunate events
can be medical emergency, loss of job or can be any other thing for which you
have not planned for. Though you might say I already have 50-60 thousand rupees
in my bank account, but it might not be sufficient as it is always advisable to
keep between 3-12 months of expenses as contingency reserve.
Resolution 3: Consult your family and decide your Financial
Goals :
Many people are unable to achieve what they want in life,
because they don’t know what they exactly want. So you should sit down with
your family, consult with them and decide what financial goals you should be
targeting for various stages of your life. The financial goals which are applicable
to most of the people are Retirement, Child Education, Child Marriage, House
purchase etc. but the more difficult part is to decide how much amount you
require as on today and in how much time do you want to achieve these. You
should have a clear vision of your financial goals as your investment in any
financial product is totally dependent on your risk taking ability and time
horizon set for your financial goals.
Resolution 4: Protect your family’s Financial Future :
If you are the only earning member in the family then the
financial future of your family is dependent upon your income and if in any
misfortunate event something happens to you then your family’s financial future
will be in jeopardy. So you should adequately insure yourself and buy a Term
Insurance policy which will protect your family’s financial future in your
absence.
Resolution 5: Consult the Expert :
If you can review your existing investment, create a
contingency reserve, decide on your financial goals and its amounts, protect
your family’s financial future through a good Term insurance policy and decide
on where and how much to invest, then you do not require services of an
investment expert or a financial planner. But if there is anything which is
beyond your own expertise or you do not have time to manage it then you
immediately require services of a Financial Planner.
Financial Planners are an expert in managing personal
finance just like doctors who manage your health issues. Financial planners can
do a detailed study of your financial goals and can create a customized
financial plan according to your own financial requirement and give you the
right direction to achieve each of your financial goals.
If you follow the above mentioned steps rigorously then it
will definitely improve your and your family’s financial future in the years to
come. If you think you need any assistance in implementing any of the above
mentioned resolutions then feel free to call us or mail us at
samparkonline@yahoo.co.in and our
representative will get in touch with you.
~
Source :personnalFN
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