Indian financial planning has come a long way since the days when the gigantic huffing and puffing public sector corporations ruled the roost and a lot of non resident Indians are exploiting the full potential of this strategy through some investment advising. It was the era of large government run companies that scarcely made profits or lived up to the ethos of free market competition. Without reforms in place, people had to be content with whatever was dished out by the enterprises run by bureaucrats. Financial planning is a chart for saving and spending future incomes.
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Road map for the future
It lays out a road map for the future spending and a careful budgetary allocation for all sectors is required. Expenses like utilities, rent and food are accounted for in financial planning. At the individual level, financial planning should start early in your life. You need to plan well ahead to lead a comfortable life in old age. Earlier, people banked on their children and their jobs to take care of their parents during their old age.
Times have changed and so have opportunities.
But times have changed and expenses have shot up. Lifestyle changes in the young have forced them to spend more than their parents. Nowadays, even the young are planning early on in life to ensure a comfortable lifestyle later on in life.
People are also retiring early and spending time on things they would have loved doing instead of working at an office as was the practice earlier. By investing judiciously, Indian people are ensuring they lead a good and comfortable life after retirement.
Top get optimum monetary benefits, senior citizens have planned way ahead. There are many financial schemes that can guarantee a healthy and reasonably good lifestyle by managing their expenses.
You should think of short and long term savings at the same time after incurring your expenses. Usually, people in India leave aside 20 percent of their income as savings for the rainy day. And for long term savings, you should explore all the best investment potentials available.
Wide array of investment plans available for NRIs
You can put aside some money for saving in the bank and then use the wide array of bonds and mutual funds to as well as shares and stocks to make the money grow. Indian financial planning is not restricted to banks these days as you can explore a wide range of investment options online. With the stock market boom, there are several investors coming in and investing in the form of foreign direct investment into the Indian stock market. After all, financial planning is taking good care of your future.
Financial planning in India allows you a wide range of options. You can exercise them according to your will and that could mean buying a car, a house or even taking a holiday overseas.
Many Indians are getting used to a change in their lifestyles for the better. They are exploring newer avenues for spending their newly earned wealth from judicious financial planning. You can get more from your life these days in India than ever before and getting it is easy as there are several loan schemes to back your passions.
With careful planning, you can set your goals and go about to achieve them. There could be various ways you could have received money. It could be from a sale of property or a share lot that has matured.
You can also get loads of money after voluntary retirement and looking for ways to invest it and watch it grow. There are many avenues for investment these days and Indian don’t need to worry as they did decades ago when limited opportunities froze their money making plans.