Individual Financial Planning
MR. DAD & MR. HUBBY
Mr. Dad, you can be Super Dad and Mr. Hubby can be the Hero, for your kids & wife, how let’s see,
The cost of living is rising day by day, same way cost of Education, Higher Education, Marriage, and at last Retirement expenses as per the inflation.
Cost of higher education is rising exponentially every year. You know if you want to make your Kid a Doctor, and if the total education for MBBS & MD, costs 20-30 Lac today, then after 15 years it will cost you 65 – 95 Lac at 8% minimum Inflation rate.
If you want to make your kid an Engineer BE & ME, and if it cost you 15-25 Lac today, then after 15 years it will cost you 48-80 Lac at 8% of minimum inflation rate.
If you think that marriage can be done with good food and location, don’t be surprised if Destination Marriage comes in fashion at the time of your Kid. And I’m sure it will cost you 5-10 times more expenses then what you are thinking now.
Same way Retirement life will leave you with no excuses for attending small & Big Functions, parties of Family & Friends, Travel for Pilgrimage, Gifting to Relatives & Friends, etc.
So Mr. Dad and Mr. Hubby, this is only the trailer, get ready for overall expectation with you from your family in coming future.
If you want to beat the inflation and cover the cost of your future, you have to
a)Go through small and disciplined investment structure.
b)Go through the investment which will give you more than inflation
c)Go through the investment which will help in minimizing the risk factor,
d)Go through the investment which will helps in Rupee Cost Averaging,
What you can do with above tips is,
a)You can plan for your Kids Schooling
b)You can plan for your Kids Higher Education
c)You can Plan for your Kids Marriage
d)You can plan for Gifting some Ornaments on your Anniversaries
e)You can plan for something for your House
f)You can Plan for a good Vehicle
g)You can Plan for a Second House
h)You can Plan for Gifting your Daughter in Law
Before going for Investments, you need to make provision of life saver jacket, which will protect your existing savings and investments, like,
1)To Secure your Savings & Investments, own a Family Medical Plan
2)Own a Good Life Insurance for you & your Dependents
3)Own a safety insurance for your House & other Assets
4)Cover your Machinery’s , Vehicles by owning a Insurance Plan