Valuable Financial Lessons from the Festival of Diwali!
This Diwali, light the lamp of financial freedom
Diwali, one of the most awaited festival of the year is here. It is a celebration of good over evil and light over darkness. It is also a time for shopping, delicious sweets and quality time with family and loved ones.
Diwali is considered very auspicious for new beginnings and ventures. This makes it the perfect occasion to start your journey towards a financial freedom.Here are some simple yet powerful steps to get started:
Plan for Your Medium and Long Term Goals
We all have different financial goals and dreams like planning for children’s marriage or education, foreign trip, buying a house or vehicle, retirement etc. However, without a proper plan, many of these goals remain a distant dream. A small but regular saving can help in creating a huge corpus due to the power of compounding with time. If you are not sure about how to create a financial plan, it is best to seek the help of an expert for financial planning.
Get Rid of Your Loans and Liabilities
Just like our home cleansing ritual before Diwali, one should get rid of all their loans and liabilities at the earliest as they put an unnecessary burden on our finances thus leaving very less scope for saving and investing.
Plan for Retirement
Retirement is a period when your income stops but expenses won’t. Besides due to increasing life expectancy people are now living longer than before. By planning for your retirement when you are young and earning, you can not only have adequate income but also live comfortably without depending on others.
Buy Adequate Health Insurance
Health is the real wealth. Medical issues can crop up anytime putting a huge burden on one’s finances. Lack of adequate money in such circumstances can result in a compromise. Health insurance can ensure there that one can avail the best treatment without breaking their hard-earned savings.
Need to Do Estate PlanningEstate planning can be defined as the process of designating who will receive your assets after your lifetime. The basic objective of estate planning is to ensure that your chosen beneficiaries receive your assets in a hassle-free manner while minimizing their tax liability.
Life insurance is one of the best options for estate planning in the world which ensures there is no legal disputes after your lifetime and helps your chosen one to receive your wealth smoothly.