If you are the scion of an Arab Sheikh, you won’t be reading this. But you are not. Which means that you don’t have a seemingly endless supply of money to your bank account. Therefore, you must be very careful with what you do with that money.

Spend it on a holiday, sure. Buy luxury items, why not?

And what happens to your medical bills? What about your retirement?

Well, now that you’ve come back to earth, how should you be investing in your future needs?

First off, you need to approach a Financial Services Company. There, you will be financially assessed, based on your income potential and likely expenses. Once you visit a Financial Services Company, nearly all your financial needs and goals will be met; they do offer those many options.

In broad headings, this is what you get under the umbrella of Financial Services in India:

● Investment Advisory --  They do the thinking about what is the best investment for you
● Insurance -- Life or general insurance, pick from offerings of multiple insurers
● Mutual funds -- High-returns or safe investments, you get to choose the mutual fund that suits your style

Apart from these, you can also trade in the stock markets, have your entire investment portfolio managed, finance your loans or service your debt. Just a small fee and your money woes are forgotten. Not a Sheikh, but you’ll be rich enough, soon.

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Financial assessment in India is generally perceived as something that only the wealthy need. That’s a big mistake, though.

How do you generally travel to your destination? You figure out the route, the means of transport, and carry the required luggage. Likewise, you can reach your financial goals through proper planning.

So, you need financial assessment to tell you what liabilities are in your baggage, which investment vehicle would get you to your goal, and what should be your investment pattern along the route.

For instance, when you are young and have a high risk appetite, it could be recommended that you invest a lot in equities. This is so that even if the markets don’t perform as anticipated, you can sustain for a longer duration, by which time the historic averages of return will come through.

But when you are older, your financial assessment would advise you to go for the National Pension Scheme India, so that there’s a regular pension available to you from a very low-risk investment option.

This is just a general example. Actually, financial assessment in India is as comprehensive as abroad. You get investment options customized just for you based on:

● Your income and expenses

● Your financial goals

● Your risk appetite

And that is not all. You get to select from a variety of financial products offered by multiple public and private enterprises. So, get your financial assessment done today.

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By making two simple calculations today, you can ensure that you look forward to a secure future for yourself and your family.

Your calculations will be based on two future events:

1.    If you live to a very ripe old age.

2.    If you pass away when your family still needs you.

Nobody can predict with absolute certainty how life will turn out. But if you are well-prepared for all outcomes, you won’t have a reason to worry.

Let’s consider what happens if you live to a ripe old age. Do you want to depend on someone for your medical bills? Do you want to request someone to take care of your daily needs? You won’t have to do it if you use an EPF Calculator India that websites provide. Know your required EPF contributions today and be vigilant in scaling those up, as per the Provident Fund you require on retirement.

The second event means you won’t be around to take care of your family. Therefore, you must buy life insurance. Use a Human Life Value (HLV) Calculator that helps you determine the value of your life in terms of financial output. It will assist you in finding out how much income your dependents require if you were gone. Your loved ones will lead the same lifestyle that you gave them.

Once you have these two figures, religiously match up your monetary contribution. It’s for the future of your loved ones, after all.

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There’s always some money you can save each month, if you scrimp on your expenses a bit. Like, taking public transport instead of the cab, eating out less, not buying that dress you aren’t likely to wear more than twice. Think about it. There are so many avoidable expenses which can turn into savings. And once you invest in mutual funds, you’ll shock yourself with the sizable returns.

It’s an easy 1-2-3 decision-making process

1. SIP or Systematic Investment Plans allow you to invest small savings on a regular basis. This mode of investment has historically given greater returns than lump sum investments in Mutual Fund Investment Plans. It’s easy on the pocket too.

2. Always look at the taxes when you invest in mutual funds. Because a very sizable chunk of your bounty could simply go to the taxman. There are a variety of Mutual Fund Investment Plans that not only give good returns but are exempt from Income Tax under some sections. Look for them.

3.Don’t overlook the Mutual Fund charges because under one heading

 or another, you’ll be gifting away your income from the investment to the mutual fund. Now why should your money enrich someone else? Therefore, clarify all fees and applicable charges.

A little diligence and you can be comfortably rich, without much inconvenience. Call that mutual fund agent right away!

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