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Financial Health

HOW SHOULD WOMEN GO ABOUTWITH THEIR FINANCIAL PLANNING:

  • Define your objectives: The most important thing to do while your sit down to plan your finances is ask yourself why you want to invest. You could have variety of objectives ; which once you get down to listing them down will run longer that you had anticipated. We will take the liberty of listing down some of them for you:
    1. Saving for your own marriage, a few year from today
    2. Saving for your children,5-10 years from today
    3. Saving for an overseas trip,5 years today
    4. Saving for an expensive gift for your spouse or parents
    5. Saving for a small business that you want to set up at a later date

    Once you have the objectives in place, the next step is to prepare an investment plan to Achieve those objectives.

  • Getting right advice: Your investment consultant has such an important role to play in helping you achieve your investment objectives and will play critical role in making or breaking that objectives. Make sure that your investment consultant is qualified, certified and competent enough to understand your financial objectives and chalk out an investment plan that can best help you achieve them. More importantly, he should place your interest over his own by being objective and unbiased in his advice.
  • Your investment plan: Once you have identified the right consultant, you must get down to actually implementing the investment plan keeping in mind the investment objectives. You can do this depending on your current financial status, your income, your current and future liabilities, dependants and your level of understanding of financial instrument as well as your risk appetite.
  • Reviewing your plan regularly: There could be several reasons why your investment plan may need to be revised from time to time .The financial environment is dynamic and you need to monitor these changes every time and keep yourself updated at all points of time. Also, your financial status might change with time i.e. your liabilities might increase with increase in number of dependants, increase in household expenses, inflation etc. So it is important to do a review on a regular basis. And if required make the necessary adjustment to your investment plan.

SAVING SMALL AMOUNT EVERY
MONTH IS A GOOD PRATICE

Laxmi
[Front office staff Life care centre,Delhi]