After getting some what comfortable in job or business again it is a start of new journey Married life. It is difficult to find right match for you in this big world, how ever you will find one. Here we are taking a situation where only one member out of two is working Most of the times it happens that as there is no responsibility the major portion of income goes as an expenses. There is a fascination about Gadgets, towards costlier life style.

Your expenses are increasing now, your choices may change now so this is going to be an important shift in your life all the Best !!!

Now you have to change the gear as the responsibility is entered in your life, As there is only a single earning member in family. 

Following are the things which are important in this stage :

1. Take care of your self : You have to take Medical insurance and Accidental & disability insurance. which will protect your from possible loss in wealth in emergency as well as protect your financial well being in unfortunate events. life insurance is now important to you, you should protect your income generating capacity for family. When you think of life insurance think about Term insurance only, calculate your human life value ( there are many online tools are available now for this ). Investments and insurance should go separate, Pl consider insurance premium as expenses.

2. Build cash reserves : You have to have at least 6 months expenses in your cash reserves as the job is not secure now a days.

3. Plan for long term goals : Time is on your side if you plan your investments in right way then you can be wealthy. Here you may have a little bit Idea about the possible expenses in future, try to find out the expenses at that time and start investing for same. break up your goals in to long term , mid term and short term, select right kind of asset for investment and start. starting and keeping yourself on track is a biggest challenge.

4.One more thing you have to keep care that your investment should grow at the rate of salary growth.

It is important for all you have to build assets first and take care that you take appreciating assets not depreciating one.

Any views ???

Fastst way to loose your money !

Most of the people in their life always wonder where really their hard earned money was gone. Why their savings not come to their rescue when most needed? Actually answers lies in their problems itself. Today we try to find out answers on above questions.

In today's time every individual wants that their investment should give highest returns. Ironically whenever asked what they mean the highest returns their response is either pure blank face or some unimaginable figures, which they also don't know from where these figures arise.  I have met so many people who curse their advisors, insurance agents. The reason they feel their investments not giving desired yield but when asked, why they invest without doing proper analysis. Answer is prolonged silence. As my colleague Mr. Ashish Bhave (Chief Financial Planner, ARB Financial Consultant) often says "If you sign without acknowledge for what you are signing then you deserve to be cheated."

                                               Today I will share some brilliant ideas to become poorer in your life. And this also gives satisfaction that most of us are working very sincerely in that direction.

Investment in Insurance:  In today's time insurance has become sure shot remedy for every financial need. Whether it's Child education or retirement, daughter's marriage or pension, wealth creation or market investment one plan is always ready to satisfy ones need. Expert always recommend that insurance is not for investing. But still people happily chose to invest in insurance. I also recommend if you want to fell short in your financials goals then keep taking insurance plans for every financial goal.

Investing without Financial Goals: "Without goals, and plans to reach them, you are like a ship that has set sail with no destination". - Fitzhugh Dodson .Most people don't know why they are working so hard? What exactly they want from their life? As we all know without goal life has no meaning, then why we can't apply same rule with our finances? Most of the people invest like dogs chasing cars without knowing what is the purpose of such investment? Investing in any instrument without proper backing of financial goals can lead it to catastrophic consequence. Objective should be clear while investing. Have we ever seen any archer training without target boards/decoys or football match without goal post? Then whenever investment is concern we always intend to chase wild goose. So if you are seriously looking for losing your money than it's really recommended to invest without prioritizing your financial goals.

Underestimating Financial Risks:  "Risk is like fire: If controlled it will help you; if uncontrolled it will rise up and destroy you." – Theodore Roosevelt. This is very common habit we come across that people always think they don't required Life/Medical cover or undervaluation of financial risk. The reason I am healthy as a young horse! It's really wastage of money and time! I really can't see the requirement in near future etc. etc.  I think Lord almighty ask their permission or prior approval before creating problem/difficulties in their Life. 90% of financial problem in life arises due to such unconcerned deeds. Also many people purchase Life/Medical insurance without understanding the basic concept of insurance; the need means purchasing insurance without Need based analysis. Proper protection plan is like foundation of the house and house future is depending on the fact that how much stronger the foundation is. Under insurance is more dangerous than no insurance. So if you like to see your family's future in deep financial turbulence/complications then keep following above idea.

Inappropriate habit of Credit/Loans

"Debt, An ingenious substitute for the chain and whip of the slavedriver."-Ambrose Bierce. In today's world nothing is out of one's hand. Every bank or NBFC have something to offer one's credit need. Now a day using Credit card has transformed to need then luxury. Most of people do not hesitate to use such facility beyond their capacity of Payment. Then start the infinite cycle of repayment. But ignoring the fact that credit card interest is highest in all lending instrument and fall anywhere between 32% to 38% apart from late payment charges. Some people feel there is no big deal in defaulting the payments and settle in later years when lenders offer them settlement in lesser amount then outstanding. Such blunder work against their personal credit score or CIBIL score. Such acts sometime cost dearer when they required loan for medical emergencies or at the time of purchasing home. As good CIBIL score help to get loans easily and probability to get lower interest rate.  So the person who really want to relish future financial suffering and lose mental peace then my recommendation to preserve  above sprit and start spending like you are not going to see next day of your life.

No/Unplanned Retirement Planning:  "Retirement planning in India means having 3 kids and praying one of them supports u after 60."Recently I came across above excellent quote by known financial planner. This will give crystal clear picture of current opinion on retirement planning. Some people think Retirement planning should be done after completing 45 yrs. of age. Above opinion will lead them to horrifying path of poverty.  As I feel Retirement age is real age when you live for yourself. Very recently I came across update on Facebook where a 65-70 year old man selling face shape puppet gloves and ironically peoples like this update and praising the spirit of that man. But nobody bothered to understand why he has to work on that age? Who want to sacrifice enjoyment and peace of mind of their golden days, to earn more money? Such situations arise due to ill/no planning of retirement. This fact is also drawing our attention on the other most important matter that one cannot trust or fully dependent on coming generation. As quoted by George Foreman "The question isn't at what age I want to retire, it's at what income."

  So those who are working and still feel that there is much time for retirement planning then my recommendation keep up the good work and pray every day religiously that your coming generation will take care of you.

 This is the first part of my blog I will come up with some more Ideas /concept to become poorer in your life in next blog. Till then stay tune……

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