12 Ways to Secure Your Financial Future

Many people dream of a brighter, more financially secure future, but it can often feel like an unachievable feat for many. Yet, it doesn’t have to be. Read the 12 ways to secure your financial future.

 

  • Research Financial Planning Services

 

Never rush into making a financial decision, as this could determine your security and happiness in the future. For this reason, you should make an informed decision before hiring financial planning services. You should thoroughly research every individual, organization or business that offers any financial planning or investment products, services or advice. Always check their registrations and licenses through either the Certified Financial Planner Board of Standards (CFB) or the state securities agency. This will ensure your savings and retirement investment is in safe hands.

 

  • Avoid Get Rich Quick Schemes

 

If a financial opportunity sounds too good to be true, it probably is. Spontaneous financial decisions can play havoc with your bank balance, so never invest in a hurry to secure an opportunity. There could be a reason why they are providing limited time deals, as they want you to make a financial investment in a hurry, so you don’t have time to do your homework on the opportunity. If you ever feel pressured to invest, it is a wise idea to step away from the so-called opportunity, which could be one of the best financial decisions you ever make.

 

  • Start Saving

 

The more money you save over the years, the more comfortable your retirement will be. Open a high-interest savings account to maximize your finances. The amount of interest you receive each year will, however, be determined by the current interest rates. Browse the market to identify the best saving accounts for your money.

 

  • Manage Debt

 

A failure to manage debt could result in you accruing more debt over time. It will therefore make it harder to escape the vicious circle. Develop a debt management plan to effectively take control of your finances. You should start by attempting to pay off your most expensive debt first, which typically come with high-interest rate charges, such as credit cards, personal loans and student loans. You could even consolidate debts into one smaller monthly repayment, so you can reduce the interest rates to save a considerable amount of money.

 

  • Spend Smarter

 

Improve your finances and prevent debt by spending your money a little smarter. Look for areas where you can cut back on expenditure. For example, you could skip the daily coffee on your way to work, or you could make your own lunch rather than visiting a restaurant every day. You can trust you will save a substantial amount of money over time. Identify want over need to reduce unnecessary expenses that could impact your financial future.

 

  • Consider Your Future Finances

 

Protect your finances by saving for the future. For example, if you are a parent to young children, it might be a wise idea to start saving for their college education, which could be ten to 15 years from now. You may also want to establish a trust fund, so they will have a financial safety net once they leave college.

 

  • Pay Off Your Mortgage

 

Your mortgage will more than likely be your biggest expense each month. You can therefore enjoy a healthier financial future by paying off your mortgage. All you need to do is overpay on your mortgage each month to pay for your property at a faster rate, which will also reduce the interest rate on the property. You can then enjoy a mortgage-free life, which will allow you to considerably increase your savings.

 

  • Credit Shelter Trusts

 

It goes without saying that your family are very much a factor in a secure financial future. For this reason, you will want to ensure your loved ones are financially protected following your death. For this reason, you should consider a credit shelter trust, also known as a bypass trust. This will allow the donor to bequeath an amount up to the value of the estate tax exemption, and the remainder will be passed to their partner tax-free thanks to unlimited marital estate tax reduction. Visit Practical Planning System to find out more.

 

  • Talk to Loved Ones About Money

 

It is never a wise idea to hide financial secrets from your partner. Couples must be open and honest not only about their existing finances, but their financial goals. Make time to discuss your financial dreams, so you can both work towards a shared vision. If you have children, sit them down to teach them about the value of money and the importance of hard work, which can ensure they are financially responsible throughout their life.

 

  • Be Cautious with Personal Information

 

Unfortunately, there are many unscrupulous people in the world who will happily steal your hard-earned money. For this reason, you must be cautious with your personal information. Never give your bank account details, social security number or private information to any individual or organization you have not verified or do not know. Many criminals will often attempt to gain this information via email, over the phone or on various websites.

 

  • Review Your Financial History

 

Identity theft can impact your financial future. Routinely review your financial history to ensure you are not a victim. For example, regularly review your bank statements, question credit card charges and pay close attention to your credit report. It could result in financial losses or damage to your credit report, which could impact your ability to secure a mortgage or loan.

 

  • Insurance Coverage

 

Insurance coverage can provide financial protection to safeguard your lifestyle and money. For example, you can take out life, car, health, disability and homeowners insurance coverages. It is also important to review your coverages regularly to ensure they are consistent with the initial quotation, as you may need to adjust the coverage amounts following a major event, such as a serious illness or burglary.

Five Tips to Become a Successful Investor

The biggest weakness of an investor is recency bias. Recency bias is a phenomenon when the investor is more mindful of the events that have taken place recently rather than things that have occurred in the past. This results in investing decisions, which are not apt and may result in losses. Continue reading “Five Tips to Become a Successful Investor”

5 Reasons Why Health Insurance is a Must

While a few years ago, people were not as bothered to invest in a health insurance policy, today the demand for it has increased rapidly. This is mainly due to the stressful lifestyles and a highly polluted environment, which we live in, thereby resulting in an increase of illnesses like never before. Continue reading “5 Reasons Why Health Insurance is a Must”

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Purchasing a dream car is itself a complex decision making process. One needs to look at features, price, service support, brand value, looks and what not, for taking the final leap of faith! One cannot even forget the associated taxes when you make a choice among so many confusing parameters. So many decision points are involved while buying a car. Continue reading “Choosing a car insurance – Food for thought”

High Return Real Investing with Experts is the Right Way to Go!

Across the nation, there is a fast and growing trend of investors looking around for the best rental property “turnkey” projects to park their hard-earned money in. Though these investments are considerably new for people belonging to the single-family investment segment, they are providing strong opportunities for their investors. Continue reading “High Return Real Investing with Experts is the Right Way to Go!”

3 Reasons You Should Consider Investing in Hedge Funds

Hedge funds got a bad rap in the 2007 Great Recession that took years to recover from. Their exclusivity, too, has alienated many potential investors despite the advantages this brings. Here are 3 reasons to invest in hedge funds. We’ll also address concerns that sometimes scare people away from considering these investment options. Continue reading “3 Reasons You Should Consider Investing in Hedge Funds”

Crux of Arbitrage Funds

Earning a good lot of money in your life is not all that you should aim at. Your aim should be always to save a considerable amount as well for an emergency period or such situation when you would no more be able to earn for you and your family. Keeping this investor psyche in mind most of the investment products are being designed today. One of the important pockets for investing your money in the mutual fund business is the Arbitrage Fund. Continue reading “Crux of Arbitrage Funds”

What is the ‘Right’ Time to Start Your Mutual Fund Investment?

The most common questions- When do I start investing in mutual funds? Is this the right time? Should I wait for the markets to correct? As Warren Buffet rightly quoted- “You only have to do very few things right in your life, so long as you don’t do too many things wrong.” Continue reading “What is the ‘Right’ Time to Start Your Mutual Fund Investment?”

Questions you should ask before choosing a life insurance

Are you looking out for a best life insurance plan? Well if that’s the scenario then it’s important for you to do some research before selecting a well-suited policy plan for you. However, when you are looking to make things convenient you need to make a series of question that you need to ask. Since there are multiple plans available in the market it’s very important that you select one which can give you maximum benefit. Continue reading “Questions you should ask before choosing a life insurance”

Now You Can Easily Open a Savings Account Online

You can now easily open a savings account online from the comforts of your home if you have a 12 digit Aadhar Number and a smart phone. Yes, the mobile banking in India has made this possible.

But, before we discuss how you can open a savings account online in India, let us know what a savings bank account is and how it works? Continue reading “Now You Can Easily Open a Savings Account Online”

Digitalize Your Child’s Piggy Bank!

Teach your child the value of savings with their own fixed deposit, and get them to contribute to their future in a fun and educational manner.

Some of the biggest life lessons for children come by way of their parents. Children constantly observe their parents and begin mirroring their behaviour. So if the parents are sticklers for cleanliness, chances are that the child will pick up this trait and become conscious of being clean and tidy at home and school. But if parents constantly bicker and use abusive language towards each other, children will pick that up, too! They are always watching, observing and mimicking – so the best way to raise a well-rounded individual is to lead by example. Continue reading “Digitalize Your Child’s Piggy Bank!”

How to decide among investment options?

For secure investments, Public Provident Fund andFixed Deposit are great options. You should choose one based on what you need.  Out of these two investment options, fixed deposits are often a preferred choice for busy salaried professionals who do not fall in the higher taxation brackets. Continue reading “How to decide among investment options?”

4 ways that property can help you to make money

If you are wondering where to invest your money, property could hold all of the answers. Investing in property is a fantastic way to ensure that you get a return on your money. It is important to carefully consider what kind of real estate you would like to invest in. If you make the right decision, you could make a lot of money at a minimal risk to your personal finances. Continue reading “4 ways that property can help you to make money”

Can you survive Cancer financially

Cancer is the second leading cause of death globally and accounted for 8.80 million deaths in 2015. According to WHO (World Health Organization) nearly 10 Lakh new cases are reported every year in India. Unfortunately, nearly 5 Lakh people annually die due to cancer and this number will go up and projected to rise five folds by 2025, according to WHO. Continue reading “Can you survive Cancer financially”

Fickle Finances: Credit Cards vs Personal Loans

For those times in life where some financial bolstering is required, there are a number of concerns that wrestle for our attention. Taking out a loan or moving further into debt can fill us with apprehension.  We want a solution where we can access adequate funds, yet not become swamped with oppressive repayments.   Continue reading “Fickle Finances: Credit Cards vs Personal Loans”

Does Better Health Insurance get you Better Service?

This is the age-old question. Does a better service necessarily give you better results? With health insurance figuring as such an important part of your life, it’s important that you make sure you’re getting the best service possible. Whether you’re looking into medical insurance or dental insurance, this guide is going to answer that question once and for all. Continue reading “Does Better Health Insurance get you Better Service?”

How to Buy Gold Online Without Getting Duped

Gold is the best hedge for cash assets against future financial uncertainty. Gold offers an attractive way to own an asset that will always have value, even if the market comes crashing down. You can also trade with gold. To enjoy the benefits of gold, you must own the physical metal in bars, coins, or bullion. You can now buy gold online. However, scam artists are rife in the online gold dealing sphere, so you should proceed with extreme caution. Here are several tips for protecting yourself when buying gold online: Continue reading “How to Buy Gold Online Without Getting Duped”

Tips for Buying a Car with Bad Credit

By the time you’re done reading this short post, you’ll see that getting a car loan is not difficult even if you have bad credit. While it’s true that the following can help anyone (no matter what their credit) secure a deal with an interest rate that won’t unduly tax their monthly budget, this is specially-designed for people with low credit scores. There are lenders who specialize in bad credit car loans, and here is what you should do before you approach them. Continue reading “Tips for Buying a Car with Bad Credit”

Use of Calculators to estimate loan amount and tenure

Till few years back, you had to visit branches and offices of financial institutions like banks, NBFCs to get all your loan related questions answered. How much loan will you get, what is the interest rate, what are tenure options, can you reduce your EMIs, etc.? Continue reading “Use of Calculators to estimate loan amount and tenure”

How Credit Card Companies Thrive on People not Redeeming their Rewards

For those who do not understand the basics of how a credit card works, it’s simple – imagine the next time you are out making a purchase at a grocery store or out shopping for new clothes, and you can pay the bill without having to pay using cash or your savings! Sounds like a compelling proposition, right? Continue reading “How Credit Card Companies Thrive on People not Redeeming their Rewards”

India’s First Digital Only Bank digibank offers more than Kotak 811

With the whole idea of going cashless, the banking sector has completely revamped the way transactions are made. Several banks have come up with digital wallets, efficient banking apps and services. However, DBS has taken it to a next level with a revolutionary way to bank with digibank, India’s first downloadable bank account. It is an app that allows you to open a savings account without physically visiting the bank and helps you do transactions on the go. The digibank app provides a trusted, hassle free way to update the KYC information post which an executive visits you for the biometric information. The app lets you shop, pay utility bills, do mobile recharges and make online payments and also enjoy cash back offers at the same time. Continue reading “India’s First Digital Only Bank digibank offers more than Kotak 811”

PPF, FD, RD: What Should you Choose?

For secure investments, Public Provident Fund, Fixed Deposit, and Recurring Deposits are great options. You should choose based on what you need.

Have some funds on hand and want to find a good investment venture to make your money work for you? Traditionally, Fixed Deposits have been the go to scheme for short term investments. If you’re looking to lock in money for a longer period, then you can choose Public Provident Fund. Recurring Deposit is another option that’s a great idea to cultivate a systematic savings habit. Continue reading “PPF, FD, RD: What Should you Choose?”

Transferring the personal loan: Understanding 5 factors

You can easily transfer your personal one from one bank to another, but there are important factors to consider before doing so.

Taking a personal loan has many advantages, for both business and personal purposes. The loan is disbursed fairly quickly and the monies can be used for a variety of needs. Traditionally, people have been averse to taking loans for purchases, but lately, it has become somewhat of a trend to borrow personal loans, vehicle loans, house purchase loans, etc. In the face of mounting expenses and rising inflation, one may not have the financial wherewithal to buy expensive items on an outright purchase basis. Continue reading “Transferring the personal loan: Understanding 5 factors”

5 Ways a New Homeowner Can Save Money

Buying a home means something different to each person. But one thing is the same for just about everyone – it’s going to be expensive. In addition to saving up 5-20% for a down payment, on average homebuyers pay 2-5% of purchase price in closing costs as well.

If you want to realize the American dream of home ownership, you don’t have to be house poor. There are ways you can use your living situation to save money each month and offset the cost of buying. Continue reading “5 Ways a New Homeowner Can Save Money”

Top 10 Benefits of New Models of Mutual Funds

As more and more people realise that investment needs a lot of prudence, financial services companies are focusing more and more on bringing out new models of mutual funds which are attempting to provide higher returns to potential investors based on their risk exposure. Continue reading “Top 10 Benefits of New Models of Mutual Funds”

Putting Health Back in Health Insurance

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Term Insurance Calculator: Do the math before you buy a term plan

Deciding to buy a term plan is easy – doing the calculations for the right plan is even easier! We explain why using a term plan calculator is a wise option.

It is basic human nature to worry about the future. You must have experienced it yourself: even during the times that you are happy and content with life, you may feel a twinge of worry about your loved ones. No, you won’t constantly worry about what happens to your loved ones unless you are a paranoid person. But it is fairly normal to wonder what your family members would do if you were suddenly absent from their lives. Continue reading “Term Insurance Calculator: Do the math before you buy a term plan”