Financial Planning

It would be better to link them to long-term goals such as retirement Tax-Saving ELSS funds are fairly popular. Along with the obvious benefit of tax saving, they also provide potentially higher returns because of their investments predominantly being in equity. But I regularly see people investing in ELSS funds randomly and just to save taxes and get some good returns. Nothing wrong in this approach. After all, what can be wrong about saving taxes and earning good returns? Unfortunately (and unknown to most), this approach doesn’t take them anywhere. It’s true that Section 80C savings provide tax benefits. But 80C investments shouldn’t be made just for savings taxes. Rather, they should be linked to financial goals. It would be better to link them to long-term goals such as retirement. Saving for goals Because these ELSS funds are nothing but equity funds. And when it comes to equity, it is advisable to hold it for the long term (generally 5-7 years or more), to get th...

People go to the Himalayas to find inner peace. But what about financial peace?Well, the good news is, you need not go anywhere in its quest. All you have to do is practice these financial mantras.  Mantra 1: Analyse your financial status You yearn for peace when something starts disturbing you or when something is not right. So: First find out what's wrong with your finances. How:  Take stock of your financial life.Qualify all your assets and liabilities. List down all your income and expenses. Don't forget to list down your financial strengths and weaknesses. Mantra 2: Seek Financial Advice When you are going through constant lows in life, you want someone to talk to you, to console you, & guide you. They could be be your friends, teachers, parents, mentor or even a counselor. So:  Look for someone whom you can talk to about your finances  How:  Find out about Financial Adviser from friends, colleagu...