Financial planning 21
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The document discusses the importance of financial planning and provides tips for effective financial planning. It emphasizes starting investments early to benefit from the power of compounding returns. It also stresses the importance of having adequate life and health insurance coverage. The document recommends having specific, measurable, and timed financial goals and working with a financial planner to develop a tailored plan. It highlights that financial planning ensures security for one's future needs such as children's education, retirement, and unexpected expenses.
Financial planning 21
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- 4. Lifestyle spending Saving Investing Financial planning Like a car which can only run on 4 wheels, our life also has to run with all the four factors.
- 14. Income Expenses
- 16. An individual should have enough financial cover ; at least 5 to 10 times of current income. As he/she climbs up the income levels, cover should be proportionately raised. Remember, you should be covered for the whole of your life and not only a part of it.
- 20. Do not be dependent on office group health cover alone. It may not be sufficient. In case of job changes, new company may not have same cover. Make sure your dependent senior citizens/parents have adequate health cover. You can always save taxes under section 80D for health insurance premiums.
- 21. Children Childs education. Childs future. Financial security Life insurance cover. Health cover. Future Plan for retirement. Plan for regular income.
- 26. Investment Rs 10,000 PM Mr. Arun @ 30 years @ 9% Mr. Varun @ 35 years @ 12% Mr. Tarun @ 40 years @ 15%
- 27. Mr. Arun accumulates Rs 67.30 Lacs @ 9% over 20 years. Mr. Varun accumulates Rs 50.45 Lcs @ 12% over 15 years . Mr. Tarun accumulates Rs. 27.86 lacs @ 15% over 10 years. START EARLY, Power of compounding is @ work very silently Mr. Arun just by starting early has accumulated more than the other two, though his yield is the lowest.
- 28. Investment Rs 10,000 PM Mr. Arun @ 30 years @ 15% Mr. Varun @ 30 years @ 12% Mr. Tarun @ 30 years @ 9%
- 29. Mr. Arun accumulates Rs 1.52 Crores @ 15% over 20 years. Mr. Varun accumulates Rs. 1 Crore @ 12% over 20 years . Mr. Tarun accumulates Rs. 67.30 lacs @ 9% over 20 years. Dont just START EARLY, but start SMARTLY Mr. Arun just by starting early and smartly has multiplied his money.
- 31. Rs 10,000 PM Mr. Arun @ 30 years @ 15% Mr. Varun @ 35 years @ 15% Mr. Tarun @ 40 years @ 15%
- 32. Mr. Arun accumulates Rs 1.52 Crores @ 15% in 20 years. Mr. Varun accumulates Rs. 68 lacs @ 15% in 15 years. Mr. Tarun accumulates Rs. 27.87 lacs @ 15% in 10 years.
- 33. Rs 10,000 PM Mr. Arun @ 30 years @ 15% Mr. Varun @ 35 years @ 12% Mr. Tarun @ 40 years @ 9 %
- 34. Mr. Arun accumulates Rs 1.52 Crores @ 15% in 20 years. Mr. Varun accumulates Rs. 50.45 lacs @ 12% in 15 years. Mr. Tarun accumulates Rs. 19.50 lacs @ 9% in 10 years.
- 38. Dont leave money in the bank a/c which earns just about 4 - 6%.. You work hard for your money, make your money work hard for you
- 39. Have a monthly saving plan through EMI
- 40. Having ample life insurance is vital to ones financial security
- 41. Its important to understand the power of compounding which is working very silently
- 42. Inflation is a monster, which can swallow the hard earned money
- 43. Specific, measurable, attainable, relevant and timed goals for successful financial future
- 44. Financial planning is all about knowledge Hence the importance of a financial planner
- 48. ` Financial Planning Coach. Founder and CEO Gopalakrishnan V Money Avenues gopal@moneyavenues.co.in +91 9 55 11 55 11 6