" Just remember - when you think all is lost, the future remains."
Yes, the future is yours, but you got to plan for it financially. The first thing you need to remember while planning for your future….It’s Never Too Early To Start. The best time to begin….Right Now.
So how are you going to plan for your future financially? Simple….Before you start worrying about where you want to go, first know where you are. You need to create a net worth statement….This is nothing but an honest measurement of your current wealth. Calculate the value of all your assets (what you own). Then, subtract your loans and debts (what you owe).
Want to know how to plan for the future financially? Just leave a missed call on IndianMoney.com financial education helpline 02261816111 or just post a request on IndianMoney.com website.
You are young and newly married. The first thing you do? Talk to your spouse and set your mutual financial goals. Financial goals don’t just happen. You have to make your financial goals. You have to decide, where you want to be 5 years, 10 years or even 20 years, from now.
Just answer some important questions:
What if you are single? Well….your financial goals would be different. Your main financial goal would be:
Never step outside your house, without a life insurance plan and a health insurance plan.
“If a child, a spouse, a life partner, or a parent depends on you and your income, you need life insurance.”
- Suze Orman
Why do you avail life insurance? It has to be for risk protection. Your family must not suffer financially, in your absence. Your family must enjoy the same standard of living, they currently enjoy. Your children must not be deprived of a good education and a bright future. The best life insurance plan you can think of….A term life insurance plan. This is the cheapest life insurance, which gives you the best – Pure risk protection.
If you/policyholder meet an untimely demise:
If you survive the term of the plan:
Remember: If you are just married with or without children, you must have a term life insurance plan. If you are the sole breadwinner of your family, don’t forget the term life insurance plan. If you are single and parents depend on your income, avail a term life insurance plan.
Why health insurance? Hospitalization is very expensive. A health insurance plan, would help you settle costly medical bills. If you are married, avail a family floater health insurance plan. Your entire family is covered under one single plan.
Your financial goals are set. You know where you are going. Now all you need to do, is get there.
Let’s end this article with a great motivational saying…. “You are young at any age, if you’re planning for tomorrow. Plan well before you start your journey. Remember the carpenter’s rule…Measure twice, cut once.
Mr C.S.Sudheer is a management graduate. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.