(The author is a financial planning coach, founder and CEO of Money Avenues, a Wealth Management firm based in Chennai. Mail him at: finplancoach@gmail.com)
Achieve financial freedom in a week...... YES.... In a Week...
Review your insurance cover comprehensively.... Human life is invaluable. But, life insurance is the legacy one leaves to his family in his absence. Therefore, @ any point of time a person should be covered atleast 10 times of his annual income to ensure his family is fully secured always. Let's assume, If the annual income is Rs 10 lacs, the person should have Rs 1 Crore cover.
Review your health insurance cover for your family. Health costs are rising up and If the cover is provided by your organization, review the adequacy of the cover. Nevertheless, It's always better to have an additional cover which will be handy during the times of crisis.
Day 3: Review your saving habits:
- Am I saving the right way?
- Is my saving = my EMI ?
- Is my saving getting invested the right way?
Some thoughts on the savings....
Day 4: Review your investments:
- What am I doing with my savings?
- Is my money lying idle in the bank earning dismal returns?
- Am I investing a regular sum every month?
- Can my money work harder to earn better returns?
- Am I investing my money rightly?
Day 5: Review your financial goals:
- Have I identified financial goals to achieve?
- Are the goals on track and in order?
- Do I have a goal for my child's future?
- Do I have a goal for my retirement?
- Have revisited them recently?
- Do I need to make changes?
Day 6: View or review your financial plan:
- Do I have a financial plan for my financial freedom?
- Do I have a plan for my child's future?
- Do I have a plan for my retirement?
- Do I have a comprehensive plan to support my financial goals?
Day 7: Else, Call a financial planner NOW:
When time is the constraint, work is hectic and financial planning is such a maze, it is tough to really focus and do such a comprehensive review... Leave this to a financial planning professional who would this job of assisting you in making a financial plan and make your money work as hard as you.......
You do your work, let the financial planner do his work on your quest to financial freedom.......
(The author is a financial planning coach, founder and CEO of Money Avenues, a Wealth Management firm based in Chennai. Mail him at: finplancoach@gmail.com)
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