Some Important Musts in Personal Finance
Planning:
Have Joint names for various bank accounts, Fixed deposits, Shares/Units/Bonds
on ‘Either or Survivor’ basis.
Nominate Beneficiary in LIC and other Policies, Property and various
Other Savings.
Acquaint your wife/Family members with vital information on what
you have, what you own, what you owe and names and addresses of important
financial counsellers.
Let your family know the places where the important documents viz.
Policies, share certificates, Files etc are kept.
Always be medically insured.
Make a Will in consultation with a Lawyer or Solicitor or a Chartered
Accountant. ………and make it without further delay.
Plan and adequately provide for your social obligations such as education/marriage
of your children, retirement etc.
Plan your retirement …invest in a pension plan.
Evaluate and review on real term basis your and your family’s
net worth, assets and obligations yearly.
The power of compounding:
How much would be Rs.10000 invested annually
be at the end of 25 years compounding at @10% p.a.?
It would be : Rs. 10,81,816 and not Rs. 575000/-
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