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Personal Wealth Management - How much is enough? by financial advisor
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Personal Wealth Management - How much is enough? |
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Finance & Investment
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As humans, we all often get tensed thinking about money. What if we don’t have enough for our wedding? What if we aren’t able to send our children abroad for further education? These ‘what if’ concerns can really consume our minds and leave us in a state of worry. We wonder how much money is enough to satisfy all our needs but when it comes to saving money, there’s never an ‘enough’. You can go on saving money because after all, the more money you save, the more improved will be your lifestyle. There are a lot of important things in our lives for which we need to plan out our wealth effectively. Here are the top most reasons for effective wealth management: ? Maintaining a lifestyle: As years pass, our position at the workplace rises and before we know it, we’re either the head of the department, the CEO or the MD. What we mean to imply is that as time passes, our standard of living increases to suit our workplace designation. You might wear casuals picked up from the local store at 50% discount at work as an executive when you’re at the start of your career. However, you can’t wear the same clothing when you’re the manager of your department! If you’ve managed your wealth effectively, you will be able to afford everything you please. ? Children’s education and marriage: In India, this is one of the most important concerns. We all bear the costs of our children’s higher education as well as marriage. Though it’s not the same in United States, it applies here in India. We are liable to look after our children through every thick and thin and thus, we need money for the same. Imagine one of your kids coming up to you to say that he’s cleared the entrance at the prestigious ‘Michigan Institute of Technology’ and you realize that you don’t have money to pay his acceptance fee! Would you let such a situation slip from his hands? That’s why wealth management in India is so vital ? Retirement: At the outset of our careers, we never pay heed to retirement. However, as it keeps on coming close, our minds get chewed by the constant worries thoughts of retirement gives us. We wonder whether the money we’ve saved will last us all the while or will it get over early on? Since there’s no scope of income once you’ve retired (unless you’ve your own business), you need to be sure that you’ve investments at diverse places. If you’ve invested in real estate, life insurance policies, mutual funds and fixed deposits, you will not need to worry for as long as you live. Even after you’re not there, the life insurance policy will take care of your spouse’s monetary concerns.
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