FINANCIAL TIPS FOR 2018

FINANCIAL TIPS FOR 2018
1 Avoid buying property on Loans as it eats most of your earnings unless you have a clear plan for its repayment.It's important to monitor cash flow.Though,the house will be your asset,your liability will be much more

2 Start a SIP at a very young age.Try to save atleast 15–25 % of your earnings

3 Avoid buying a car unless you use it everyday

4 Do not let this sentence scare you.Mutual fund investments are subject to market risks.Please read the offer documents carefully before investing.Most people avoid investing in Mutual Funds just because of this one warning. Yes, there is a market risk,but look at the history and growth of Mutual Funds

5 Try having a simple wedding

6 Atleast 20% of your wealth should be liquid so you can utilize it when necessary

7 Considering inflation, you are actually losing money if it is in the Savings Bank Account.Do not keep huge money in your Savings Bank Account

8 If you invest in stocks,pay due attention

9 If you invest in stocks have a separate account for delivery investment and Intraday investment.It is easy to monitor this way and also makes tax calculation easy

10 Do not have a belief that property and car make you rich.It's what you save and invest,that is important

11 Never invest in Insurance for returns. Insurance is not an investment option.It is a risk management tool

12 Never use Credit Cards for lavish spending.Use Credit Cards intelligently and for needs not for wants

13 Cancel all Credit Cards before you die.Or inform the family about all your Accounts,Credit Cards,Loans and Savings,now itself.Even a small residue will cost your family much

14 Invest on yourself and then on other investments

15 Always try to balance your earnings with your savings first,then on  spending and loans.Never take unnecessary Loans.Always have reserves and utilize them and unless no other go,never take loans

16 Always have a plan for future events on your career, life, spending and finance

17 Always have a reserve on your savings for contingency and urgent situations

18 Your personal life and health are the most important investment.Do have a regular health check and do healthy workout every day.Stay healthy and live happily

19 Always remember death can come anytime ..... so please do buy adequate Term Insurance if you have dependents

20 Must Prepare a Will.It may avoid unnecessary fights after you die