Key to a Happy Family is a Correct Plan

Remember the times when you were a kid. Life was all about a wish list that was quite long and as you moved into college, it got even longer. Your parents did their best to fulfill those dreams and probably it never occurred to you how difficult it may have been for them to finance those dreams. Well, now that you have grown up, you do. In fact, you feel it even more intensely because the cost of living has shot up by many degrees. Today, dreams come with a huge price tag and if you are planning a family or already have kids, you realize the amount of effort you will have to put in to make those dreams of your loved ones come true. However, realization is not enough. You need to understand the monetary weight of the price tag as only then you would be able to fulfill them without any hassle. 

Plan to fulfill family dreams
Having a family means a lot of responsibilities. Higher education of kids, marriage, health; everything requires you to have adequate money at the right time. Alongside, you also have to take care of family and personal expenses. Your other dreams such as house, car and most importantly your post-retirement life is also to be given adequate attention. If you think that you can do all this without a proper financial plan then you are not aware of the ground reality. Life is not that simple as it used to be decades back. It is no longer about investing in FDs, PF and the like. Times have changed a lot and inflation is at an all time high. Also, the returns on traditional investment products have not kept pace with the changing financial climate. Therefore, financial planning is a must to provide a comfortable life to your family. You need to plan out your earnings, expenses and investments in order to fulfill your personal goals as well as that of your children.

Start investing now
The best way to get rid of worries about your children’s future is to start investing early. You need not wait to get married or have a kid to start planning your finances. You can do so as soon as you get employed. In fact, the earlier you start the better it is for your future as you stand to reap more benefits. When you start investing late, you have to invest more which constrains your expenses and you cannot enjoy life freely. So, once you start earning a decent regular income, you should put aside a fixed percentage of your income each month as investment and you can choose equity funds, stocks and other financial products.

Invest for wealth creation
Merely adopting the idea of investment is not enough, you also need to get systematic about it. You need to adopt a scientific and strategic approach. That is the whole idea of financial planning. You should invest keeping in mind your financial goals, your needs and of course, the rate of inflation. The idea is to make your money work for you so that you are able to keep pace with the rising rate of inflation. The motive should be to invest in financial products that yield handsome returns and lead to the accumulation of a wealth corpus that can fulfill your financial goals in a time-bound manner.

Invest as per risk profile
The most important thing about investment is that you should invest according to your risk profile. You should not go by what others are investing in as it might not work for you. Every person has a different appetite for risk and there are various types of financial products available in the market to go with your appetite. There are low-risk, medium-risk and high-risk products and you can choose a combination of these or just stick to one or two based on your income and needs. It all boils down to figuring out your risk profile which is a matter of analysis and calculation. The right profiling will lead you to the right products and you can reap the rewards of your investment at the right time.

So, put on your planning hat and get going with investments. The right time is here and now! For professional assistance talk to Dr. Finance, through Facebook,Skype, or Google who will answer all your financial queries. Visit Findvise or download the app today to meet your financial goals in future such as marriage, higher education, a dream house, or retirement while having a good time in the present as well.

Findvise is a professionally managed robo advisory platform that will analyze your aspirations and finances in the most scientific way and help you to allocate your savings in the most gainful manner.