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Plan well, plan early in life for financial freedom
Published On , 1 Feb 2019 By ET Wealth
Be disciplined, seek help from financial planners for a peaceful retired life
The word financial freedom could mean different things to different people. For some it could mean joy, while for some it could mean independence of choice and for some it's a window of hope. Planning for finances well in advance could allow every person to enjoy financial freedom, at least during his sunset years.
SOME IMPORTANT ELEMENTS OF A GOOD FINANCIAL PLAN ARE THE FOLLOWING:
Have an emergency corpus
Have a medical insurance for the family
Have a life insurance in case there are people dependent on you financially
Have a portfolio that is a mix of equities, fixed income, real estate and gold
Review your portfolio regularly
Rebalance it only when it's needed
Be disciplined in your investing approach
SOME RULES TO KEEP IN MIND
For the DebtEquity ratio in your portfolio, use the rule of '100 - your age'
To decide on the asset class you should invest in within your investment horizon, use the rule of 72
Along with a good financial plan, aim for a conservative lifestyle, have control over the family's expenses, aim for a savings rate of more than 35% of total income and if you have to take a loan, be judicious about it.
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