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What is the Future Wealth Creation Calculator?

Building wealth is a process. It takes time and patience. It is not the result of an overnight effort. However, the process does not have to be difficult. It can be made easier with the right strategy and the right tools. While you can rely on a financial advisor for the strategy, we have tools like the Future Wealth Creation Calculator to help you reach towards your goals. 


The Future Wealth Creation Calculator helps you work out the costs involved in any financial goals, whether they be long-term, short-term, or mid-term. Whether you want to build wealth to buy your dream house, fund that long-planned vacation, or ensure an easy retirement, you can rely on the Future Wealth Calculator to help you get there. 

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Future Wealth Creation Calculator

How Does the Future Wealth Creation Calculator Work?

Also called the Future Wealth Prediction Calculator, the tool works by using the information you provide to give you an estimate of how much you need to save today to achieve your goal tomorrow. 

Suppose you need to build wealth to be able to pay the down-payment for a house in five years’ time. The Financial Wealth Calculator can help you estimate the money you will need to save today to reach that goal by the end of five years. You get a detailed report which includes how much your goal will cost and what you need to save today to reach there comfortably. 

Carrying out manual calculations by using a complex formula may take up more time than intended. Instead, you can rely on the Wealth Creation Calculator from IndiaFirst Life to get the desired output and start working on your goals. 

How to Use the Future Wealth Creation Calculator?

To use the Future Wealth Calculator, you can follow the given steps:

Browse over to the Future Wealth Creation Calculator on the IndiaFirst Life website.

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Choose which goal you want to calculate the wealth growth for (buy a dream house, fund a dream vacation, retirement planning, etc.).

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Enter the following information as required: 

  • The current cost of the goal, i.e., the amount you will need to achieve the goal today

  • The age at which you wish to achieve the goal

  • The inflation rate

  • The existing funds you have accumulated towards your goal.

  • How much you expect to increase the savings each year towards the goal.

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Click on ‘Calculate’, after which you will be asked to share your name and current age.

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After you have given the details, the Future Wealth Calculator will give you a detailed report including the future cost of the goal and what you need to invest today to reach there.

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Note: Like most investment calculators, the Financial Wealth Calculator only gives an estimate of the figures. The actual costs for your goal may vary based on real-life factors, such as unforeseen inflation rates, fluctuations in the value of investment plans, or changes in your income flow. 

Benefits of Using the Future Wealth Creation Calculator

There are various benefits to using the Future Wealth Creation Calculator: 

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Provides Accurate and Quick Predictions

As the tool is based on an algorithm, there is no scope for manual errors, which results in quick and accurate future wealth prediction figures. With this tool, you do not have to spend hours poring over calculations to take your financial planning ahead. All you need to do is enter the required info and you will get the results in a matter of seconds. 

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Helps Set Clear Financial Goals

The Future Wealth Calculator can make it easier to plan for goals by allowing users to estimate how much they need to invest today to meet future needs. You can plan for goals such as a dream home, a vacation, or retirement. You can also ensure your loved ones have enough life insurance coverage in case an unfortunate event comes knocking. It enables you to structure your wealth journey in an easier manner so that you can achieve financial freedom faster.

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Gives a Visual Representation of the Estimates

After you have provided the input, you get a report that also includes visuals on where your current finances stand in comparison to the goal you want to reach. This helps you in better wealth management, as you get a clear idea of how far or near you are to your goal and the steps you need to take accordingly.

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Allows You to Test Out Various Scenarios

With the wealth calculator, you can test out various scenarios to check the different ways you can build funds towards your goal. By tweaking inputs, you can check how your wealth creation goals can be better achieved.

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Provides Options for Wealth Creation

The detailed report you receive also suggests the best investment options to make better use of your funds. You can invest your funds in various investment plans that can help you reach your goal faster. For instance, if your goal is retirement planning, you can opt for life insurance policy options that double as investment vehicles. This way, you get the opportunity to earn potential market-linked returns as well as peace of mind about your family’s future. 

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Future Wealth Creation Calculator FAQs

How does the wealth creation calculator help in retirement planning?

Answer

 

With the help of the Wealth Creation Calculator, you can estimate the amount required during and after your retirement to lead a stress-free life. This calculator serves two purposes, one - the amount you need to save for retirement goals; Two - the amount you have saved so far. Along with this, it also informs you about the future growth in savings

How does the wealth creation calculator help with the dream vacation?

Answer

 

Wealth Creation Calculator helps you estimate the desired amount that you will need in the future to plan your dream vacation. It helps you understand the new investments required for your holidays. Basically, it helps you plan your investments better.

How does the wealth creation calculator help in buying a dream home?

Answer

 

It helps you plan the amount required to buy your dream home. It gives you a basic assessment of investments so that you can take the next step according to your needs.

Create wealth today to secure your tomorrow

Answer

Wealth creation is all about making the right investments and this is essential because -

  • All your future goals can be accomplished with funds generated through wealth creation plans.
  • A steady income helps in providing security to your loved ones to lead a stress-free life.
  • It makes your retirement phase less difficult as it gives you the financial freedom to take care of your medical as well as personal expenses.

Useful tips for long term wealth creation

Answer

  • Start as early as possible

    As they say, the sooner the better, and so is the case with wealth creation. Early investments help you understand the power of compounding, which means your wealth grows over time.

  • Set the time-constraint

    Whenever you set a goal, always make sure you set a time frame for it. This habit will help you make the right investment decisions, choose the right plans, and know about the exact financial corpus.

  • Be persistent and grow your savings

    It is important to be regular in investing as it will reduce the burden of meeting lifestyle needs both in the present and future.

  • Be strategic with asset allocation

    In the process of building long-term wealth, you must allocate your assets with a proper strategy that will help you take the next step toward the journey of wealth creation.

How can wealth creation calculator help you analyse your future expenses?

Answer

To calculate future wealth creation, the best way is to use IndiaFirst Life's Future Wealth Creation Calculator. It requires a few details about retirement, dream home, and dream vacation. Once you fill in the details, it provides you with an analysis of future expenses and how much you need to start saving now to meet those goals.

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