Moving towards a diversified investment plan to reach desired goals.
Akheel Jain, 36, started his career with Adlabs Films Limited a couple of years back and is currently working at Samsung Electronics India Private Limited as an Area Manager in Sales, Guwahati, Assam. Brought up in a joint family, he is well aware of the fact that savings is followed and maintained as the traditional method of building wealth. He had always known that such orthodox method of savings will not be able to fulfill his desired goals.
With investments in fixed deposits and LICs, Jain acquired the understanding of the benefits of systematic investments from his cousin who used to work in a financial advisory firm in Bengaluru. “Savings should be started from a very early age,” despite believing in this policy, he regretted wasting the crucial time when it was supposed to be started. Jain shared his wish of educating his nine-year-old son, Mahit, in a well-known university and also taking retirement at the age of 60. While gathering information about his existing investments and wealth, he shared that he only owns a few fixed deposits and LICs availed by his father. He currently resides with his parents and siblings as a joint family in his own house.
Jain wanted us to show him the roadmap towards achieving his desired goal being – Mahit’s education and marriage along with the creation of his retirement corpus. He has mentioned that his annual income ranges between 25-30 lakh and can religiously follow the plan advised in building the corpus as wished for.
The direction to creating happiness
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Esta historia es de la edición March 2019 de Outlook Money.
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7 Steps To Refresh Your Finances In The New FY
Setting goals and then making your money work to achieve them can be a gamechanger for your financial life
Turn Of The Tide: Should You Invest In Debt Funds Now?
The past few years have been challenging for debt fund investors, but the case for adding them in your portfolio is now more compelling than ever
Who Should Choose An Index Fund?
Index funds’ returns are similar to their underlying index, so if cost and protection are high on your list and market-beating performance is secondary, they could be an ideal choice.
What Is Depreciation?
Depreciation indicates a reduction in the value of an asset over time. Typically, it occurs due to wear and tear of the asset over time as a result of continued use to calculate the depreciation of an asset, one needs to consider several factors, one of which is the useful life of the asset.
REGULATORY ROUNDUP
Change: The Securities and Exchange Board of India (Sebi) directs asset management companies (AMCs) to conduct stress tests on small and mid-cap funds and disclose key findings on liquidity and other aspects.
Plan Repayment Before Taking Loan
I have a home loan running but need a loan of around `10 lakh for renovating the house.
Fund Life Goals Before Business
I am in my late 20s and want to invest in the real estate sector.
SECRET ROAD TO FINANCIAL DIGNITY
Dignity is something most retirees want once their active work life comes to an end and it is closely tied to the individual’s financial well-being
'Combined Life, Health Plans Won't Increase Complexity'
The life insurance market in India has recorded a consistent premium growth over the years, but insurance penetration is yet to reach the desired level. Quite in line, HDFC Life Insurance has shown a growth of 5 per cent year-on-year in its total annual premium equivalent in the nine months until December 2023 and has grown on other parameters as well. Its assets under management (AUM) went up 20 per cent, while it recorded a net profit of 16 per cent y-o-y, in the period. Even in terms of penetration, the company’s growth in Tier II and Tier II cities are positive. Vibha Padalkar, managing director and chief executive officer of HDFC Life Insurance shared the secret sauce for the growth in a conversation with Nidhi Sinha, editor, Outlook Money, talked about the challenges the insurance industry faces, and the road ahead in view of recent regulatory proposals. Edited excerpts:
BUCKET YOUR WORRIES AWAY
Once you have accumulated a decent corpus in your working life, the next big task should be to smartly deploy it across different schemes through a bucketing strategy so that your regular expenses are taken care of while your corpus keeps growing. This will ensure that you do not outlive your corpus
