The first step to creating a financial plan is to assess your current situation, Financial planning is very flexible. It varies with different people. The type of plan that suits you will depend on your present situation. Make sure you assess the following and base your financial plan on these parameters

• • a) Your current expenditures (daily expenses, rent, telephone/electricity bills, etc.)

  • b) Assets that you own (land, buildings, cars, bank accounts, etc.)

  • c) Liabilities you possess (debts, loans taken, EMI’s)

  • d) Family members (the number of members in your family who are dependent on you financially)

  • e) Income (the amount you currently earn, your prospects, and your job security)

The next step is identifying what do you want to achieve with this plan.

It is important that you set a goal that you want to attain. There can be many goals that you may want to achieve, but it is important to prioritize and organize your goals and take them one at a time. The more focused are you on your goal, the better your financial plan can be.

Contingency planning refers to planning for emergency and unexpected happenings.

It is necessary that you maintain an emergency fund along with your financial plan. A financial plan is not just for your investments but should help you with savings as well.

Having a contingency fund by your side will act as a safety cushion that you can rely upon. Emergencies can occur at any time, and if you haven’t planned for them in advance, then they can hit you and your plan hard.

Having an emergency fund will help you in your time of need so that you do not have to withdraw from your investments.

Here are the steps you can take.

• • a) Buy Term Cover - Most Affordable

  • b) Buy Health Cover - Unexpected Decease

  • c) Build Emergency Fund - Build your emergency fund & Ensure investment in liquid

It is advised that you should have at least 6 months of your salary as your emergency fund.

An investment plan is an important part of your comprehensive financial plan. Your investment plan will ultimately fight for space in your monthly budget. Adjusting your budgets with an investment plan will help you prioritise your present money flows for a better future.

The quality of your investments will ultimately determine whether or not you will be able to achieve your goal. Investment planning is a major part of your financial plan.

Appropriate investment planning needs to be done so that you can choose an investment that best fits your preferences and goals.

Here are the steps you can take.

• • Chose Investment option that Best fit to your Preference & Able to Achieve Your Goals

  • Invest where Risk is Optimum but Gives Higher Return

  • Goals Oriented Investment Planning for Each Goal

  • The Most Important thing is to Diversify your Portfolio Assets

You work hard all your life and try to build long-term assets. You would like to make sure your family gets the best of these assets

Meet the Regular & Higher Studies Expenses of your Child

Your Investment must be maturing or withdrawal of funds available at the time of Child Marriage

Easily Transfer of Assets and Give Gift of Debt Free Future to your children's

Start Own Business or Start-up with Own funds instead of Loans

One important milestone that you may want to achieve will be a successful retirement. After retirement, you no longer receive your income. With all the relaxation, there are certain questions that crop up.

• • Will your corpus be enough to take you through your retirement?

  • How will you manage your finances?

  • Will your health insurance be valid?

To ensure that your post-retirement life is stress-free, it is important to do retirement planning. It will ensure that you do not have to depend on anybody, even after retirement.

Here are the steps you can take.

• • In Retirement Age No Earning Income - Decide how much income you require to live comfortably

  • Calculate Amount to be received in a lump sum (terminal benefits) at the time of retirement

  • Select the right retirement plan that enables you to meet your post-retirement requirements

  • Live Comfortably with Guaranteed Income Plans

  • Start investing early so that you have time on your side and can enjoy the power of compounding

Investment is like a TREE that you have Build in form of Long-Term Assets so that your Family Get Fruits out of it

The Passing of Assets to future generations After you are gone, This can be done through Legacy Planning in which you will be able to pass your assets to your loved ones so that your legacy is forwarded to future generations. 

Here are the steps you can take.

• • Make a ‘Will’ for yourself

  • Add Nominees in your policies, name and update beneficiaries/nominees. 

  • Appoint Legal Heirs to Distributes Your Wealth

  • Talk to a professional regarding estate planning

Tax planning can help you reduce your tax liabilities. A good tax plan will not only reduce your tax outflow for the years of investment but also for the years of withdrawals.

Here are the steps you can take.

• • a. Appropriate and adequate use of Tax-Saving investments

  • b. Tax savings while transferring assets.

  • c. Tax savings on salary or income receipts.

  • d. Income transfer to other family members with minimal tax consequences.

  • e. Tax-free retirement income

  • f. Tax Return Filing with Expert CA for other modes like medical expenses, charity, etc.

Considered following Points while making Investment Decision.

• • Reduce Tax Liability & Higher Return

  • EEE Tax Saving Investment Instruments

  • Tax Free Retirement Maturity Income