1. Advisorkhoj
  2. Article
  3. Financial Planning
  4. Celebrate (F)independence Day on August 15th

Celebrate (F)independence Day on August 15th

Financial Planning

by | Comments | 80 Downloaded | | | 2.5 | 5 votes | Rate this Article 2.55
Financial Planning article in Advisorkhoj - Celebrate (F)independence Day on August 15th

On the eve of Independence Day, I wish that people of India also vow for being financially independent. Let’s celebrate 15th August by not only feeling proud of being a citizen of Independent India but furthermore being a Findependent citizen. A Findependent citizen who is free of financial stress, is focused and in control of Personal Finance. Check if the measures mentioned below help.

  •  Earn-Plan-Spend. Do not Earn-Spend-Plan.
  • Adhere to all your bill payment deadlines. Build your Financial character.
  • Early start pays a lot when it comes to investing. However, it’s better late than never.
  • Draw up a goal based Financial Plan on paper, put realistic figures against it and stick to it.
  • If you cannot make the Plan yourself, seek help of a professional who is independent and unbiased.
  • Take decisions regarding money matters. Do not procrastinate.
  • Take loan within limits. Pay off early if you have surplus.
  • Pay your Credit card dues diligently.
  • Inflation is a menace bigger than you can visualize, do not ignore, fight it.
  • Do some Tax Planning to take advantage of provisions made by law.
  • Look at Gold as an investment asset class.
  • Do not be shy of admitting mistakes with your money matters. Learn from it.
  • Rebalancing of your investment portfolio is a sensible way to stay on track.
  • Be financially savvy.
  • Decide whether you are a speculator or investor.
  • Know you Risk appetite and take/retain risk accordingly.
  • Do not have emotional attachment with you investments.
  • Take control of the behavioral aspect of investing.
  • Timing the market is a futile exercise.
  • Plan for your Retirement, NOW!!!
  • Only Life Insurance you require is Term Life Insurance and that too if you have dependents.
  • Analyze and get rid of traditional and junk insurance plans.
  • Do not neglect having your own Health insurance policy although covered by employer.
  • There is no alternative to Personal Accident and Disability Insurance.
  • Consider Critical Illness insurance as well in case of family history of ailments.
  • Read the fine print of any financial document and understand before you sign.
  • Do not pay cash to your advisor/agent.
  • Avoid dealing with multiple banks and multiple agents.
  • Develop multiple sources of income, if possible.
  • Allocate few hours in a quarter to look after your Personal Finance.



Rate this Article

Harshavardhan Bhusari

Harshavardhan (B.Com., LLB, CFP) is a leading Financial Advisor of Pune. He is a firm believer of the fact that Financial Literacy is the key to financial success of each person. Increasing awareness about personal finance and available avenues helps in wealth creation. He assures of a sincere effort to give you unbiased view of various aspects of Personal finance.

comments powered by Disqus

© 2016 Advisorkhoj - A Gamechanger Business Services (I) Pvt. Ltd. Brand - All Rights Reserved