5 Must-Have Skills For Financial Planning 2021
A financial plan is an attempt to put your money life in order by ensuring you invest right.
But it’s about more than just investments. It’s about having the right skills and plan.
The most important skill is financial literacy! Knowing not just how much money you have, but also how to invest it wisely, gain tax benefits and grow your wealth.
Setting Attainable Goals
We all want our wealth to grow exponentially - but be realistic.
Keep your goals in line with your income, expenses, risk appetite and pandemic fluctuations.
Anticipating Big Expenses
Big expenses will arise - car/home purchase, renovations, tuition for your child’s education abroad.
Take these into account and plan for them.
There are unavoidable payments each month: bills, EMIs, school fees, groceries.
Keeping this in mind, create a budget, setting aside 20-30% of your take-home as savings.
Multiple Income Sources
You need active and passive income (money you earn without having to do too much, like rentals, investments, etc.) Multiple income streams = more financial security.
Start Planning Today
The pandemic has taught us that things can change massively in a matter of weeks - so make your 2021 stress-free financially, by investing right and planning smart.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.