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You get the chance to formally examine your goals, update them, and assess your progress from the previous year when you engage in annual financial planning. If you haven't already, take advantage of this opportunity to set goals in order to build or maintain a solid financial foundation. Here are some objectives you should establish, ranging from short-term to long-term, to learn how to live comfortably within your means, solve your financial problems, and start saving for retirement. Short-Term Financial Goals Financial short-term goals help you lay the groundwork and gain the confidence you'll need to achieve longer-term, more ambitious goals. In as little as a year, it should be possible to complete these initial steps: set a spending limit and adhere to it. Establish a reserve fund. Get rid of the credit card debt that's getting in the way. Create an Emergency Fund You set aside money in an emergency fund, particularly to cover unforeseen costs. $500 to $1,000 ...

A contract that covers any risk save the danger of death is known as general insurance, also referred to as non-life insurance or property and casualty insurance. The purpose of insurance is to protect ourselves and our possessions, such as our home, automobile, and other assets, from hazards like fire, theft, flood, storm, accident, and earthquake. These are indemnity contracts, in which the insurer guarantees to compensate the insured for any losses. Therefore, the insurance company will compensate the insured for their loss regardless of the policy's coverage amount. Since they are typically one year in length, they must be renewed annually. General insurance comes in the following forms: There are three types of life insurance, discussed: • Whole life assurance: With whole life assurance, the policy's pay out only goes to the nominee or the insured's legitimate heir after the latter passes away. • Term life insurance: In this type of insurance, the policy amount...

After crashing to 7,500 levels during March meltdown due to COVID-19, Nifty recovered to its previous high earlier this month and now is trading at its all-time high near 12,800 levels. Investors who did not panic and sell in March / April must now be sitting pretty and investors who used the March correction to tactically invest in equity would have made hand-some profits. There are two types of feelings when the market is at its all-time high. One feeling is of bullishness and expectation of getting good returns in the short to medium term. The other feeling is one of trepidation about an impending correction. If you tune into business channels or read expert views, you may get a sense of optimism and also hear concerns about valuations. You get similar mixed views about the economy. Investing should not be about hope or despair. You should always invest according to a plan and remain disciplined. In this article, we will discuss what you should do in this situation. ...

After crashing to 7,500 levels during March meltdown due to COVID-19, Nifty recovered to its previous high earlier this month and now is trading at its all-time high near 12,800 levels. Investors who did not panic and sell in March / April must now be sitting pretty and investors who used the March correction to tactically invest in equity would have made hand-some profits. There are two types of feelings when the market is at its all-time high. One feeling is of bullishness and expectation of getting good returns in the short to medium term. The other feeling is one of trepidation about an impending correction. If you tune into business channels or read expert views, you may get a sense of optimism and also hear concerns about valuations. You get similar mixed views about the economy. Investing should not be about hope or despair. You should always invest according to a plan and remain disciplined. In this article, we will discuss what you should do in this situation. ...

The benefits of non-public money designing There are uncounted benefits of monetary designing that return straightaway from having a budget. From emotional and health-associated advantages to social and money advantages, money designing encompasses a web positive impact on each facet of your life. While many dozen advantages exist, there are some that have a lot of impact than others. Below are many key advantages that return as an instantaneous result of making a budget. The method of monetary designing helps you set goals Money designing may be a nice supply of motivation and commitment Money plans give a guide for action and decision-making Money plans set performance standards Money design has further emotional and psychological state advantages Money designing is shown to enhance money outcomes With these in mind, let’s take a lot of elaborate to investigate all of those to induce a far better understanding of the advantages of monetary design and also the im...

Medical emergencies can strike at any time. Given today's rising inflation and escalating medical costs, an unexpected medical procedure might devastate your life savings like a pack of cards. The youth are constantly preoccupied with work and relationship goals; they are unlikely to think about health insurance. Most young individuals believe that health insurance is only for the elderly and married people. Some people may consider health insurance to be an extra expense that will deplete their funds. Few people believe that their job health insurance is adequate. However, it is more prudent to purchase health insurance before the age of 30 rather than after the age of 40. Here are ten reasons to buy health insurance at an early age. WAITING PERIOD: There is a waiting period in health insurance policies during which the insured individual cannot file a claim, even if it is a medical emergency. The majority of health insurance policies have a waiting period of 30 to 90 ...

The Married Women's Property (MWP) Act was enacted with a view to protect the properties of women against the creditors. Under MWP Act all the properties that belong to the women gets insulated and protected from all the other court attachments or any income tax department attachments that the husband has run up. Let's take an example of a business family; the family could be a trader or a manufacturer or any other business. In due course of business there are some credit limits or there are bank loans, which have been taken by the business. The bank secures these credit limits against the assets of the business and also takes a personal guarantee of the owner of the business which could be the husband or the family. In case of the untimely death of the husband the bank starts recovering their loans and in the process they liquidate the assets of the business and also they attach the properties that belong to the guarantor, which in this case is the husband. In order to p...

After crashing to 7,500 levels during March meltdown due to COVID-19, Nifty recovered to its previous high earlier this month and now is trading at its all-time high near 12,800 levels. Investors who did not panic and sell in March / April must now be sitting pretty and investors who used the March correction to tactically invest in equity would have made hand-some profits. There are two types of feelings when the market is at its all-time high. One feeling is of bullishness and expectation of getting good returns in the short to medium term. The other feeling is one of trepidation about an impending correction. If you tune into business channels or read expert views, you may get a sense of optimism and also hear concerns about valuations. You get similar mixed views about the economy. Investing should not be about hope or despair. You should always invest according to a plan and remain disciplined. In this article, we will discuss what you should do in this situation. *Asset allo...

As suggested by its title, the article advocates that investors work backward. They should begin their plans upon entering the workforce, by specifying their desired income during retirement. Once that is known, and an asset allocation is specified, the required contribution rate can be calculated. This process is aspirational. That is, while Javier's model is fixed, providing investment returns, contribution amounts, and withdrawal rates with assurance, investors enjoy no such confidence. As young adults, they know neither what the financial markets will bring nor (yet) what income will meet their retirement needs. Their lives lie ahead of them. The point of the paper is to change the investor's mindset. Javier wishes to combat the standard practice of keeping one's head down, contributing to retirement accounts according to perceived ability, then looking up as retirement approaches and wondering what the accumulated assets will be able to afford. Better to know th...

Financial Services Intermediaries usually focus on various factors while promoting a mutual fund to the investors, but seldom do we give any importance to the factors that warrant exiting an investment. While the benefits of investing, especially in equity funds, are derived in a longer time frame, that doesn’t mean one should forget about these investments and only take a look at them as the goal nears its target. This is because there are various factors that impact the growth journey of investments. Here I would like to highlight the importance of the right time to redeem mutual fund investments in the financial planning process and look at the major scenarios under which investors should be advised to take an informed decision to exit their mutual fund investments. *When to sell* While it’s true that mutual fund investments should be for the long term, a smart investor must also know when to make an exit and sell his or her mutual fund holdings. For most investors though, deci...

Savings for retirement are important, but they are often ignored. There is plenty of time in it where some people ignore it by thought. At the same time, some people are satisfied that some of their salary goes to the Employees Provident Fund (EPF), but reliance on EPF contributions isn’t just right for retirement. There are three major columns of financial planning for retirement in any country. Here are these: First column: Public pension Second column: Professional retirement Third column: Private or personal allowance Those who are retirement funding need to understand these three. It should also know how this will affect their savings in retirement. First column – Public pension The first column meets the social insurance needs. It’s called a public pension, therefore. It’s used primarily to help the poor and the old. Such pension schemes are entirely run by the government. This is an example of the Old Age Pension Scheme for Indira Gandhi...