Dear Investor,
Each and every one among us wish to welcome every new year with happiness & joy in our hearts.
But,
it is necessary that we also work hard to improve our financial health
& come closer to achieve our ambitions, dreams & aspirations.
Fix Your Goal Appointment With Us...
Financial Planning can enable you to make your dreams a reality.
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We
at Master Mind Financial Advisory, have listed few resolutions which
all of you must adopt to achieve financial success. And the same must be
forwarded to your nears & dears, as its in best interest for each
and every one of us.
1. I will be well prepared for emergencies: Some
emergency situations such as loss of job, medical emergencies and so on
can lead you to break your investments. Hence, it is imperative to
maintain some contingency reserves (minimum 6 to 12 months of your
expenses) in a savings bank account or liquid fund or fixed deposit or
recurring deposit. These contingency reserves should never be used for
meeting any unimportant expenses or bills and should be reserved only
for unforeseen circumstances.
2. I will make a list of all my financial goals: Metaphorically
speaking, unless you know where you are headed, you won’t get there.
Hence, it is important to make a list of all the goals that you wish to
achieve. Also, involve your family while undertaking this activity as
their inputs and support will be extremely imperative in setting and
achieving your goals. Please remember, simply listing down your
financial goals is not enough. You need to determine how much money you
would require in today's term to fulfill your goal; and what is your
time horizon for achieving them. Thereafter, calculate the future value
of your financial goals, after taking into account a realistic inflation
rate. In short, make sure that your goals are -
Specific, Measurable, Adjustable, Realistic, Time Bound.
| S.M.A.R.T |
3. I will chalk out a suitable asset allocation pattern: Once
you know the amount of corpus you would need to achieve your goals, you
must chalk out a suitable asset allocation pattern. Asset allocation
refers to distributing your investible surplus across asset classes such
as equity, debt, gold, real estate in a pre-defined proportion. This is
important as it may help you earn adequate returns, minimize your risk
and taxes, have sufficient liquidity in your portfolio and also help
your investments align as per the time horizon of your financial goals.
Once, your asset allocation pattern has been determined, you must
calculate the amount that you need to save and invest per month to
achieve your financial goals (taking into account a realistic rate of
return on different asset classes). Also, keep reviewing your asset
allocation pattern from time to time to make sure that you achieve your
financial goals in time.
4. I will review my existing investments: Before
making any fresh investments to achieve your objectives, you must
review your existing investments to analyze if they are well suited to
your risk appetite and financial goals. This will also help you
understand the amount that you need to invest further for the
fulfillment of your financial objectives. Remember that, making ad-hoc
investments or keeping unsuitable products in your portfolio can harm
your and your family’s long term financial well-being.
5. I will take informed investment decisions: You
must make sure that you never invest in any investment product randomly
on the basis of incomplete information or just because everybody else
is investing in it. Remember that, every individual has a different risk
taking ability and different time horizon for investments. Moreover,
Master Mind Financial Advisory is of the view that a research oriented
unbiased approach should be adopted every time you make any investment.
6. I will adhere to my expense budget and keep my debts in check: You
must create a budget for all your personal and household expenses and
make sure everyone in the family sticks to it. This is extremely
important if you wish to fulfill your dreams and wishes in life. It is
also necessary to keep your debts in check. Remember that using credit
cards or opting for loans is not bad as long as you have the means to
service it. If your habit of spending extravagantly lands you in a debt
trap, then it would be extremely difficult to meet your financial goals
and keep your financial health in pink.
7. I will protect the future of my family: If
you are the only earning member in your family, then the financial
future of your family is dependent on you. Hence, it is extremely
important that you analyse whether you have a suitable insurance policy
and have adequate insurance cover that can take care of the needs of
your family in your absence. If not, then it may be a high time for you
to cover yourself adequately with a Term insurance policy. At Master
Mind Financial Advisory, we believe Term insurance policy is the best
option for safeguarding your family's financial future and thus you
should never mix your investment and insurance needs. It is also
important that you and all the members of your family are covered with a
suitable personal accident insurance policy, health insurance policy as
medical expenses can burn a huge hole in your savings.
8. I will take the help of a financial planning expert if I need to: If
you can determine a suitable asset allocation pattern, review your
existing investments, decide on where and how much to invest, take an
adequate life, personal accident insurance policy and health insurance
policy etc. all by yourself, then you don’t need the help of a financial
planning expert. However, if there are any of these things that you
can’t do yourself, then you definitely and immediately require the
services of an unbiased & qualified financial planner or advisor.
Remember,
that it won’t do you any good to be 'penny wise & pound
foolish'. In other words, don’t let the fees charged by the planner or
advisor deter you from availing his or her services.
Under
the guidance of ours at Master Mind Financial Advisory we are of the
view that if you sincerely adopt the above mentioned resolutions, then
your dream of living a stress-free financial life can easily become a
reality.
If
you have any queries on financial planning or investment planning or
insurance planning or tax planning etc. you can feel free to write us
on vaid.varun@yahoo.co.in & we will be happy to guide you through our endeavors in the ensuing you until then, HAPPY INVESTING!
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"Financial planning is of utmost priority & inevitable to delay. Wake up and do the needful, not regretful." - Varun Vaid
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Disclaimer: The views mentioned above are of the author only. Data and charts, if used, in the article may have been outsourced from available information and has not been authenticated by any statutory authority. The author do not claim it to be accurate nor accept any responsibility for the same. Please read the detailed disclaimer on the website of our's www.vaidvarun.blogspot.in
_______________________________________________________________________________________
Do share your prestigious thoughts with us, keep referring us like always to your nears & dears.
Do keep forwarding these insights, as it is the sole best way to impart your link-ups financial well being importance.
____________________________________________
___________________________________________
____________________________________________
___________________________________________
"Financial planning is of utmost priority & inevitable to delay. Wake up and do the needful, not regretful." - Varun Vaid
_______________________________________________________________________________________
Disclaimer: The views mentioned above are of the author only. Data and charts, if used, in the article may have been outsourced from available information and has not been authenticated by any statutory authority. The author do not claim it to be accurate nor accept any responsibility for the same. Please read the detailed disclaimer on the website of our's www.vaidvarun.blogspot.in
_______________________________________________________________________________________
Do share your prestigious thoughts with us, keep referring us like always to your nears & dears.
Do keep forwarding these insights, as it is the sole best way to impart your link-ups financial well being importance.
____________________________________________
___________________________________________
"Let's Make Future Bright, Safe & Secure."
Varun Vaid
+91-9814612907
+91-0172-4623907
Twitter: @vaid_varun
LinkedIn: http://in.linkedin.com/pub/varun-vaid/15/9b3/277
Website: www.vaidvarun.blogspot.in
@FB: www.facebook.com/MasterMindFinancialAdvisory
