Advent of IT and BPO companies in India has resulted into a scenario where youngsters as young as 22 years old start earning a respectable amount. Many a times - if not most of the times - this financial independence fails to result into financial discipline or a proper financial plan and by the time youngsters wake up they only regret for starting too late. Below is the framework which I had implemented for myself and which has brought substantial stability to my finances. Implementing such discipline resulted in very satisfying results which can be read about by clicking here.
Major steps of a holistic financial framework are as below -
- Tax Planning - I firmly believe that "tax saved is money earned". Hence a proper tax plan has the potential to implicitly increase your earnings by way of saving money spent on paying taxes. Learn how to save tax by following below article
- Debt Funds - The Tax Warrior against FDs
- Income Tax Savings - A Checklist
- ELSS - An expensive neglect
- National Pension Scheme : A Tax Exemption or tax deferment
- Contingency Planning - contingency can come in two variants - professional i.e. job loss and personal i.e. loss of life or medical exigency. For facing job loss scenario one should ensure proper liquidity like e.g. three month expenses should always be in liquid assets like bank account balances or fixed deposits or liquid funds. For medical and life loss issues, one should have adequate life cover and medical cover. For understanding liquidity and Life Insurance you can go through below articles -
- Life Insurance- Your commitment to your loved ones
- Life Insurance : A new perspective.
- Liquidity: The Oxygen equivalent of money
- Target Planning - Identify your financial targets like Retirement , Kids' Education and Wedding. They should form the pillars of a holistic financial plan. One should take into view factors like current expenses, inflation, time horizon etc to figure out how much saving is required for ensuring achievement of these critical goals. (Drop an email on healthynivesh@gmail.com if you want us to plan your lifestage goal planning)
- Diversification and Asset Allocation - Absence of professional investment advisors in India ensures that our approach towards investment is more of a product oriented than being individual oriented. Product oriented approach means that we buy any product which is supposed to be a good investment product without caring about its suitability to us. While investment oriented approach means that any investment decision is taken after taking in view guiding principals of a diversified asset allocation. If you put all your money into FDs or in LIC or in Equity , it means you are product oriented. If you invest across asset classes then it means you are diversified. Learn about diversification and asset allocation in below article
- Avoiding financial mistakes - Guided by vested interests , many of us do commit financial mistakes ignorant of their consequences to our finances. Some of them are explained in below articles -
Just like in life, no article no matter how large and holistic can cover everything and anything that should be part of a good financial plan , but everybody can make a good start based on above steps. I will love to hear your views and experiences about money management. You can drop me mail on healthynivesh@gmail.com with your views, experiences and queries of course.
What an informative post Sir. With job around the corner and no clue on how to spend and save your post is indeed a great help. Specially the insurance part. Totally loved it. Thanks
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