To ensure that your loved ones
enjoy a good, healthy life it is necessary to follow the below mentioned simple mantras of Personal Finance
- Keep a monthly home budget and track your daily expenses.
- Keep your life insurance cover adequate to match your earnings to support your family well being after you.
- Invest in assets you have good understanding about. Avoid all un-neccessary loans.
- Prepare a personal asset list (balance sheet) with its latest market value from time to time.
- Keep a list of all your bank accounts and lockers.
- Keep all life insurance policies intact and store in one safe place. Also, maintain all paid premium receipts it is required for claims. Keep all contact details of your policy advisor available with your family.
- Involve your spouse / parents in all your financial investments.
- Keep a nominee to all your investments, insurance policies and assets.
- Clear all personal liabilities or mortgages at earliest.
- Keep your financial planner aware of your financial decisions time and daily.
- Do not leave any paper work incomplete and keep an up to date records of your regulatory requirements.
- Plan your estate distribution at appropriate time to avoid disputes ahead.
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