Taking that first step towards financial planning makes half of your job done!
When it comes to savings and being financially independent, Indian women have earned their place. A RBI report released this January highlighted women’s share in total credit and aggregate deposits increased to 20.4 per cent and 32.8 per cent, respectively in March 2018 from 19.3 per cent and 32.0 per cent a year ago.
Though such statistics draw a pretty picture, in reality, most Indian women are still not adept with money matters. Only 47 per cent of women surveyed are confident about financial planning, concluded a study by Mussett Wealth Management, an independent financial planning firm.
Whether you are an entrepreneur, a salaried individual or a homemaker – the common thread that binds us all is the aspirations to achieve something in the future. And, proper financial planning is a stepping stone to achieve those dreams. Saba Adil, Chief People and Operating Officer, Aegon Life Insurance, said, “Financial planning is critical and not only from the perspective of earning interests or gaining on stocks or investments. It includes how you plan the well-being of your loved ones, your future, retirement, old age and health care.”
In order to get started, one needs to classify her goals in short, medium and long-term basis. For instance, purchasing gold or planning a dream vacation fall under short-term goal, buying a house or a car can be figured into medium-term goals. Planning for your children’s higher education, providing for dependent parents or saving for your retirement needs fall in the list of long-term goals. For planning for such needs, one needs to assess her risk appetite since different products have different risk-return patterns.
この記事は Outlook Money の March 2019 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、8,500 以上の雑誌や新聞にアクセスしてください。
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この記事は Outlook Money の March 2019 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、8,500 以上の雑誌や新聞にアクセスしてください。
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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