(The author is the Founder and CEO of Money Avenues, a Wealth Management firm based in Chennai. Feedback can be sent to reachyourviews@gmail.com)
Here are the seven tips to avert a financial tsunami in your life:
It takes an actual tsunami to understand the value of a human life. The first and foremost tip to avert a financial tsunami is to insure your life and insure it well. Take a comprehensive, up to date and a whole life insurance cover which can be a good cover in times of serious distress.
Health concerns are on the rise owing to drastic changes in our lifestyles. It's better to have comprehensive health cover apart from what your organization is providing for.
3. Keep a tab on your debts:
Keep a control on your debts, mainly on the credit cards and the loans. Relook some of them to see if you can retire or restructure them.
4. Have an emergency fund:
Financial emergencies can strike at any time. Create a fund which can take care of the emergencies arising in any form.
5. Save Wisely:
Save wisely and live well within your means. Ensure you save a set amount every month out of your income.
6. Invest Intelligently:
Mere saving is not important; but investing them intelligently is critical. Keep an eye on inflation which is eating your money power. Invest in instruments which can be efficient and return generating. Thumb rule is start saving early and invest at the earliest. Because the power of compounding is at work very silently.
(The author is the Founder and CEO of Money Avenues, a Wealth Management firm based in Chennai. Feedback can be sent to reachyourviews@gmail.com)
Here are the seven tips to avert a financial tsunami in your life:
1. Its your life - Insure it well
It takes an actual tsunami to understand the value of a human life. The first and foremost tip to avert a financial tsunami is to insure your life and insure it well. Take a comprehensive, up to date and a whole life insurance cover which can be a good cover in times of serious distress.
2. It's your health - Insure it well
Health concerns are on the rise owing to drastic changes in our lifestyles. It's better to have comprehensive health cover apart from what your organization is providing for.
3. Keep a tab on your debts:
Keep a control on your debts, mainly on the credit cards and the loans. Relook some of them to see if you can retire or restructure them.
4. Have an emergency fund:
Financial emergencies can strike at any time. Create a fund which can take care of the emergencies arising in any form.
5. Save Wisely:
Save wisely and live well within your means. Ensure you save a set amount every month out of your income.
6. Invest Intelligently:
Mere saving is not important; but investing them intelligently is critical. Keep an eye on inflation which is eating your money power. Invest in instruments which can be efficient and return generating. Thumb rule is start saving early and invest at the earliest. Because the power of compounding is at work very silently.
7. Make a financial plan
Key and crucial ingredient to avert a financial tsunami is to have a well thought out and well designed financial plan. Seek a well informed financial planning consultant to work out a plan.
Experts from Money Avenues can assist you in making a well structured financial plan.
(The author is the Founder and CEO of Money Avenues, a Wealth Management firm based in Chennai. Feedback can be sent to reachyourviews@gmail.com)
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