Passion - Improve personal finance portfolio

Improve personal finance portfolio

14th Feb, 2015 By TeamLiveLife

We all wish to build a wealth that allows us to live life comfortably but it is not at all easy to sacrifice your today to make investments for future. You must know how to spend your earnings to make more money. Start saving at an early age and get rid of your credit cards since it allows you to spend money you do not have. Learn smart ways to save your tax and invest in stock market when you are confident that you would get good returns, do not forget to check with your financial advisor before you make any investment.

Goals

16th Feb2015

Weigh and adopt a health insurance

Choose combined policies and get the maximum benefit, go through all terms and conditions of policy before you actually finalize it. Read each clause carefully since there is always a catch; take time to compare with other deals to make a decision.

Tasks

Invest in long term bonds

Go in for combined policies in case you have family

Check for the health benefits included in package

Understand the no claim clause clearly

Choose a cashless Policy

Ensure your coverage is high minus the services taxes included in premiums

16th Feb2015

Talk to a financial planner to know what is best for you

Read terms and conditions of the policy carefully. Take help of a financial advisor to understand the clear meaning of clauses you do not understand. You must have a clear idea of how much you can actually invest along with your regular expenses.

Tasks

Do not invest money in unsecure channels

Read policy terms in detail

Discuss doubts on finances with your advisor clearly

Do not hesitate to ask for clearer clause explanations for borrowing

Take time to weigh how much investment you can safely commit to

16th Feb2015

Fixate your targets for building a savings bank

Fix your budget keeping all expenses in consideration; make sure you save a fixed amount to continue your investments. Make your plans according to your budget, do not get tempted to buy useless stuff that has no or less use in your regular life since one needs to be really careful with his/her expenses while saving for future.

Tasks

Target a fiscal standing by 30 years of age

Plan costs of a bigger home

Plan costs for marriage

Judge if you are ready for marriage

Do not be lax on finances

16th Feb2015

Set aside a capital if you are into business

It is important that you always keep some amount for an urgent situation. It has to be a separate amount from what you have kept to invest in your business plan; do not use this money for your regular expenses.

Tasks

Fix your capital up

Avoid depreciating your capital funds

Do not spend on monthly needs from capital pool

Avoid taking on major loans against capital

Do not set up overdrafts on business capital

16th Feb2015

Go in for small money saver schemes

You must not take a risk to invest in schemes that guarantee good returns but demand heavy investments, choose short-term schemes instead. Invest comparatively less amount since these schemes usually are beneficial and do not involve a lot of risk.

Tasks

Take up recurring savings scheme

Regularly monitor the growth in money

Do not use up the additional interest frequently

Go in for minimal recurring figure

Avoid taking up a large figure to invest

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