INVEST TODAY FOR BETTER TOMORROW
Most of the people in india are careless in spending their major portion of Income on certain useless Investment plans , MIP’s & EMI’s which results in poor wealth.
We are here to enlighten you with some mind blowing mistakes you committed in your daily life and its impact.
1.Not buying health Insurance or Buying some waste policies.
We believe that everyone should have a good Medical Insurance Policy for himself as well as for his family , the sum assured should be atleast Rs.1,00,000 per person.
Hospitalisation expenses these days are very high that a person with fixed income cannot afford to dent his finances.
2.Delaying Retirement plans.
Planning for retirement is generally last on the priority list on most of the persons.
If you start it at the age of 20 or middle 20 then can accumulate an amount upto Rs.3 crore on the small investment of Rs.5,000 per month.
However if you start the same policy at the age 30 then you need to pay nearly
Rs.14,000 to accumulate same amount.
3.Paying higher Income Taxe throughout their life instead of make investment in Tax Saving schemes.
There are countless schemes available in market to save Income Tax, some of best among those are :
● Public Provident Fund
● NSc / NSS certificates
● ULIP
● Bonds of NABARD
● Fixed Deposit with any nationalised bank (Not less than 5 years)
● Equity Oriented Funds of UTI
4.Non monitoring their day to day expenses
The major problem with most of us is non monitoring our day to day expenses, You will be shocked with the result if you just wrote down all the expenses you incur in 1 month and start analysing those.
Do this practice for just 2 months and compare the outcome.
5.Not planning EMI’s
Most of the people are unaware of the fact that your planned EMI’s can save lot of your money going in Taxes Plan your Housing Loan EMI’s this way
● Plan your repayment schedule in such a way that amount of principal amount
paid in one year shall not be less than Rs.1,50,000 so as to claim full benefit
of deduction under section 80C.
● If you are paying premium of Rs.50,000 per annum on Life Insurance Policies
so as to claim deduction of that amount, In that case plan your EMI’s to make
payment of principal amount of not less than Rs.1,00,000 in one year.
● Don't forget to claim deduction under section 24 in respect of Interest paid
during the year on housing loan.
● Don’t forget to obtain payment certificate from Bank or Financial Institution.
6.Not buying adequate Life Insurance
Before enrolling yourself for any Insurance Policy whether it is a Life Insurance or Term Insurance Policy, there is a need to review that whether it met all your requirements or not.
If it affect your financial feasibility then do not purchase it , since in that case it ultimately result in premature.
Buy a policy that give maximum cover at minimum cost.
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