FORTUNES DEPEND LESS ON LUCK, MORE ON DILIGENCE
Maintaining a consistent life style and improving it
over the years is indeed a desire we all aspire for.
A good income, a steady career or successful business,
are key to building such a lifestyle. But is this shielded
against every eventuality? Certainly not. There arises
a need to manage not only your present life style but
ensure a higher standard in future, if not similar.
While you are a master of your present, the future demands
foresight. A good financial plan with an appropriate
mix of insurance and investment would be the correct
answer to your needs.
When do we need to have a financial plan? Depends upon which
stage in life we are at. Let us analyse, how typically we
pass the stages of our lives, each with different perspectives
and priorities:
The Adolescent Years -12 to 20: Engrossed
in education, free from responsibilities. No worries
of finances. Parents meet all our needs.
Start of Career - Early to mid 20s:
First taste of independent money, larger expenditure
on entertainment. Savings and investments for future?
Not on priority list.
Settled in Career-The mid 30s: You are
married. Beginning of newer responsibilities. Needs
emerge. Life's comforts become necessities. Family size
expands, so does the need for acquiring assets.
The Middle Aged Years -Age 40 to 55:
Things settle down, children grow, so do their needs.
Money has many stakeholders - Education, Personal Loan
repayment, Children's marriage and the retirement funding
plans.
The Superannuating Years - 55 to 60:
You are close to retirement. Children are more or less
settled. Responsibilities get cleared one by one. Finance
required essentially for leading a comfortable 'retired
life', meet medical expenses and satisfy spiritual needs.
A good financial plan must reckon the right priorities
and prepare you to meet these needs.
A VALUABLE TOOL
CALLED INVESTMENT
Investments done prudently enrich the quality of your
life. And help you in achieving your personal goals and aspirations
once you're clear about where you are and where your destination
lies. This is where our professional advice, backed by thorough
research can make all difference. THE IMPORTANCE OF INSURANCE
Overtime with all your hard work, you have accumulated many
an asset, be it business, property, or vehicle. Buying insurance
is buying peace of mind, more so, when it concerns your life.
It merits being part of every comprehensive & sensible financial
plan.
PLAN OF ACTION
What you need is composite planning. A complete financial
health checkup based on which you plan on achieving your goals.
A simple illustration underlines the need for long term planning:
Course
Scene 1
Scene 2
Scene 3
income
5,00,000
7,00,000
10,00,000
Inflation assumed per
annum
6%
7%
7%
Period
10 years
15 years
20 years
Income
required per Annum to maintain same lifestyle
