In its 78th year of independence, India stands tall with its manpower building a stronger nation in more ways than one. The country has rapidly achieved progress on various fronts, despite the setbacks it may have faced.
Create Independence for Yourself and Your Loved Ones
Without the growth of its people, the growth of the nation may not be considered as sustainable as it may seem. On a personal level, it is crucial to understand and implement certain measures to lay down the foundation of security for yourself, your loved ones, and their future.
Irrespective of your age, financial circumstances, location, and any other factors, you can start creating for yourself today some financial stability, or in words more fitting this national day – financial independence.
Tips For Financial Independence
Start where you are
To begin with financial planning, you do not have to earn a certain amount of money. Rather than waiting for an ideal bank balance, starting where you are can give you a head-start and let you scale up when needed.
Create a budget
To ensure a better tomorrow, you ought to inculcate a sense of discipline today. Take stock of your income and resources and then have a clear picture of your expenses and other spends. Based on these details, decide on your expenses and savings & investments.
Consider life insurance
The increasing number of life insurance policies being sold each year may give insight into how more people are recognising the importance of these plans. Even a basic policy such as a term insurance plan may help you create a secure future without breaking the bank.
Create an emergency fund
Emergency funds are three to six months of your income placed in an accessible place. Highly liquid options such as a separate savings account or a fixed deposit may work well. Having a fixed deposit can also help you earn tax exemptions in accordance with the prevalent tax laws.
Plan your investments
Remember that no amount is too small for investments. If you want to play it safe, you can start with fixed or recurring deposits. ULIPs are an option for those who want a single plan to meet their insurance plus investment needs. Moreover, if you are in need of a loan, you can also borrow them against plans like savings life insurance plans. To achieve specific goals, such as retirement, look for annuity plans. Research your options and choose based on what suits you best.
Review and revise
As robust and effective as your financial plan may be, quick little fixes at regular intervals may not hurt. Ensure to review all your savings, investments, and financial decisions annually, if not more frequently.
The above tips can be your blueprint for achieving financial independence for an overall better quality of life. If you are overwhelmed by the idea of having to deal with many visits and efforts concerning your decisions or purchases for financial planning, know that most of it can be done online in a relatively hassle-free manner. If you think you need professional advice or guidance, do so by consulting an expert before taking any important financial decision.
Disclaimers:
Unit Linked Insurance Products are different from the traditional insurance products and are subject to risk factors. The Premium paid in unit-linked life insurance policies are subject to investment risks associated with capital markets and NAVs of the units may go up or down, based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. IndiaFirst Life Insurance Company Limited is only name of the Insurance and does not in any way indicate the quality of the contract, its future prospects, or returns. Please know the associated risks and the applicable charges from your Insurance Agent or the Intermediary or policy document issued by the Insurance Company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. For more details on risk factors and terms and conditions, please read the sales brochure carefully before concluding the sale.
IndiaFirst Life Insurance Company Limited, IRDAI Regn No.143, CIN: U66010MH2008PLC183679, Address: 12th & 13th floor, North [C] Wing, Tower 4, Nesco IT Park, Nesco Center, Western Express Highway, Goregaon (East), Mumbai – 400 063. Toll free No – 1800 209 8700. Email Id:customer.first@indiafirstlife.com, Website :www.indiafirstlife.com, Fax No. +91226570600. Trade logo displayed above belongs to our promoter M/s Bank of Baroda and is used by IndiaFirst Life Insurance Co. Ltd. under license
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