Financial planning | Financial Advisor | india

personal finance

2019-11-15T16:33:00.001+05:30

Bharat Shah

What is Personal Finance?

Personal finance is the process of planning and managing personal financial activities such as income generation, spending, saving, investing, and protection. The process of managing one’s personal finances can be summarized in a budget or financial plan. This guide will analyze the most common and important aspects of individual financial management.

Areas of Personal Finance

In this guide, we are going to focus on breaking down the most important areas of personal finance and explore each of them in more detail so you have a comprehensive understanding of the topic.

As shown below, the main areas of personal finance are income, spending, saving, investing, and protection. Each of these areas will be examined in more detail below

#1 Income

Income refers to a source of cash inflow that an individual receives and then uses to support themselves and their family. It is the starting point for our financial planning process.

Common sources of income are:

Salaries

Bonuses

Hourly wages

Pensions

Dividends

These sources of income all generate cash that an individual can use to either spend, save, or invest. In this sense, income can be thought of as the first step in our personal finance roadmap.

#2 Spending

Spending includes all types of expenses an individual incurs related to buying goods and services or anything that is consumable (i.e., not an investment). All spending falls into two categories: cash (paid for with cash on hand) and credit (paid for by borrowing money). The majority of most people’s income is allocated to spending.

Common sources of spending are:

Rent

Mortgage payments

Taxes

Food

Entertainment

Travel

Credit card payments

The expenses listed above all reduce the amount of cash an individual has available for saving and investing. If expenses are greater than income, the individual has a deficit. Managing expenses is just as important as generating income, and typically people have more control over their discretionary expenses than their income. Good spending habits are critical for good personal finance management.

#3 Saving

Saving refers to excess cash that is retained for future investing or spending. If there is a surplus between what a person earns as income and what they spend, the difference can be directed towards savings or investments. Managing savings is a critical area of personal finance.

Common forms of savings include:

Physical cash

Savings bank account

Checking bank account

Money market securities

Most people keep at least some savings to manage their cash flow and the short-term difference between their income and expenses. Having too much savings, however, can actually be viewed as a bad thing since it earns little to no return compared to investments.

#4 Investing

Investing relates to the purchase of assets that are expected to generate a rate of return, with the hope that over time the individual will receive back more money than they originally invested. Investing carries risk, and not all assets actually end up producing a positive rate of return. This is where we see the relationship between risk and return.

Common forms of investing include:

Stocks

Bonds

Mutual funds

Real estate

Private companies

Commodities

Art

Investing is the most complicated area of personal finance and is one of the areas where people get the most professional advice. There are vast differences in risk and rewards between different investments, and most people seek help with this area of their financial plan.

#5 Protection

Personal protection refers to a wide range of products that can be used to guard against an unforeseen and adverse event.

Common protection products include:

Life insurance

Health insurance

Estate planning

This is another area of personal finance where people typically seek professional advice and which can become quite completed. There is a whole series of analysis that needs to be done to properly assess an individual’s insurance and estate planning needs.

The Personal Finance Planning Process

Good financial management comes down to having a solid plan and sticking to it. All of the above areas of personal finance can be wrapped into a budget or a formal financial plan.

These plans are commonly prepared by personal bankers and investment advisors who work with their clients to understand their needs and goals and develop an appropriate course of action.

Generally speaking, the main components of the financial planning process are:

Assessment

Goals

Plan development

Execution

Monitoring and reassessment

Personal Finance Budget – Example

Preparing a budget or a financial plan is critical for giving you the best shot at achieving your personal and family goals. Below is an example of a simple monthly budget that could be used to manage your income, expenses, savings, and investments.

As you can see in the example below, there are three potential sources of income (salary, bonus, and other), followed by a list of expenses (rent, food, groceries, restaurants, entertainment, childcare costs, vacations, etc.), and the difference between the two is the person’s monthly surplus or deficit.

If you’d like to use this free template to help you with your personal finances and planning, please download the Excel spreadsheet and edit it as appropriate to fit your own needs. Additionally, you should always consult a professional advisor before making any financial or investment decisions.

Personal Finance Careers

There is a wide range of careers that relate to personal financial management and advice. If you’re passionate about any of the topics mentioned in this guide, you may want to consider a career in the industry.

Some of the most common careers include:

Personal banker

Wealth manager

Investment advisor

Insurance advisor

Tax advisor

Estate planner

Financial planner

Mortgage broker

To learn more about the different careers in finance, visit CFI’s interactive Career Map to explore options on the corporate side of the industry. Some of the most common jobs on the corporate side include investment banking, private equity, and corporate development.

Additional Resources

Thank you for reading this CFI guide to personal finance. We hope it has helped you understand what managing personal finance is all about, why it’s important, and how to go about doing it.

CFI’s mission is to help anyone become a world-class financial analyst and have a meaningful career. To help you in your journey, you’ll find these additional resources helpful:

Corporate Finance

Public Finance

Return on Investment (ROI)

Salary Guides

Manage the investor, not the investment

2019-11-15T16:20:00.000+05:30

Bharat Shah

Manage the investor, not the investment

RANDS AND SENSE

In the spirit of World Financial Planning Day on October 2 and Financial Planning Week, which takes place from Monday to Friday, is it time to review the way you engage with your clients?

In a tech-obsessed world, where artificial intelligence threatens to eat your lunch, focusing on relationships and helping clients manage their behaviour could be the keys to success.

Gone are the days of analysis, reporting and modelling being the core competencies required to deliver sound financial advice. While these are still important, they are now in the company of softer skills that focus on the human aspects of investing. Sure, you need financial planning skills to build a plan, and investment management skills to pick funds to support it, but you also need empathy to learn what your clients need and behavioural coaching skills to help them stick to their plans so they can get the most out of them.

These were the main takeaways from the recent Humans Under Management (HUM) conference held in Cape Town:

From number-crunching to coaching

Self-awareness is crucial. Understand that when clients discuss their financial situation and aspirations, they are opening up their hearts; this takes immense courage. It is important to take this into account and bring vulnerability, empathy and connection to your conversations. This is what renowned US author and research professor Brené Brown terms the “courage skill set”.

Local author and independent financial adviser Kim Potgieter, who has trained under Brown, offered independent financial advisers (IFAs) who attended the HUM conference insight into this skill set which, if applied, can deepen your relationships with your clients.

Vulnerability

We all experience vulnerability during times of uncertainty, and we tend to “put on armour” to protect ourselves from emotional overexposure. We prefer to hide behind a shield, rather than reveal what is really going on. This gets in the way of open conversations. It takes skill to get your clients to shrug off that shield and reveal their vulnerabilities. But if you can encourage them to do this, you will enjoy a much more real and transparent relationship with them and be able to advise them appropriately.

Empathy

Empathy is essential if you want your clients to feel comfortable and able to reveal their vulnerabilities. Understand the difference between sympathy, “I am here to fix you”, and empathy, “I am in it with you”. Sharing your own vulnerabilities with your clients may help them feel less at sea - but guard against taking over the conversation with your stories or “silver-lining” things. Rather speak openly, recognise and embrace emotion and be mindful of your clients’ circumstances.

Connection

The energy that exists between people when they feel seen, heard and valued, when they can give and receive without judgment, and when they derive substance and strength from their relationships, builds great connections. Adopting a coaching way of being works well for connecting with clients: ask open-ended questions and actively listen to the answers. And then try to take things a level deeper: understand the individual; don’t judge their dream of fulfilment.

From financial planning to life planning

This approach may feel uncomfortable at first, given that we are generally encouraged to leave our emotions at the door when dealing with financial matters. But financial advice globally is moving in this direction and the shift may be the answer to thriving in the changing advice landscape.

Mitch Anthony, a well-known author and proponent of this approach, sums it up well: he says the time has come for IFAs to change their central value proposition from “return on investment” to “return on life”.

Anthony maintains that clients are looking for more than just a product picker; they are looking for an IFA who can demonstrate wisdom, experience and insights, and help them clarify their life transitions, priorities and goals. He suggests using a process of discovery, that uncovers and discusses:

* Client history;

* Current and approaching life transitions;

* The importance of making goals tangible; and

* The principles that guide clients’ lives and money.

To help your clients frame their priorities, you could consider using George Kinder’s Three Questions. Kinder, recognised as the father of the life-planning movement, believes this is the best way to get to the essence of what is important in a person’s life:

1. Design your life. Start by asking your client to imagine that they are financially secure, that they have enough money to take care of their needs, now and in the future. Then ask them: how would you live your life? What would you do with the money? Would you change anything? Let yourself go. Don’t hold back your dreams. Describe a life that is complete, that is richly yours.

2. You have less time. Next, ask your client to imagine they visit their doctor who tells them that they have five to 10 years left to live. The good news is that they won’t ever feel sick. The bad news is that they will have no notice of the moment of their death. Then ask them: what will you do in the time you have remaining to live? Will you change your life, and how will you do it?

3. Today’s the day. Finally, let your client pretend they have only one day left to live. Ask them to confront the feelings that arise as they face their very real mortality. Ask them: what dreams will be left unfulfilled? What do you wish you had finished or had been? What do you wish you had done?

These questions should inspire a rich honesty that gives you real insight into what your clients value, rather than simply eliciting generic responses.

Having gathered all the above information, you will be well positioned to craft a plan that resonates with your client and to help them stick to it. You can build on this conversation at each interaction and use these insights to help moderate your clients’ behaviour - particularly during times of uncertainty.

ESTATE PLANNING

2019-11-08T16:06:00.003+05:30

Bharat Shah

What is Estate Planning?

Believe it or not, you have an estate. In fact, nearly everyone does. Your estate is comprised of everything you own— your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, personal possessions.

No matter how large or how modest, everyone has an estate and something in common—you can’t take it with you when you die.

When that happens—and it is a “when” and not an “if”—you probably want to control how those things are given to the people or organizations you care most about. To ensure your wishes are carried out, you need to provide instructions stating whom you want to receive something of yours, what you want them to receive, and when they are to receive it. You will, of course, want this to happen with the least amount paid in taxes, legal fees, and court costs.

That is estate planning—making a plan in advance and naming whom you want to receive the things you own after you die. However, good estate planning is much more than that. It should also:

· Include instructions for passing your values (religion, education, hard work, etc.) in addition to your valuables.

· Include instructions for your care if you become disabled before you die.

· Name a guardian and an inheritance manager for minor children.

· Provide for family members with special needs without disrupting government benefits.

· Provide for loved ones who might be irresponsible with money or who may need future protection from creditors or divorce.

· Include life insurance to provide for your family at your death, disability income insurance to replace your income if you cannot work due to illness or injury, and long-term care insurance to help pay for your care in case of an extended illness or injury.

· Provide for the transfer of your business at your retirement, disability, or death.

· Minimize taxes, court costs, and unnecessary legal fees.

· Be an ongoing process, not a one-time event. Your plan should be reviewed and updated as your family and financial situations (and laws) change over your lifetime.

Estate planning is for everyone.
It is not just for “retired” people, although people do tend to think about it more as they get older. Unfortunately, we can’t successfully predict how long we will live, and illness and accidents happen to people of all ages.

Estate planning is not just for “the wealthy,” either, although people who have built some wealth do often think more about how to preserve it. Good estate planning often means more to families with modest assets, because they can afford to lose the least.

Too many people don’t plan.
Individuals put off estate planning because they think they don’t own enough, they’re not old enough, they’re busy, think they have plenty of time, they’re confused and don’t know who can help them, or they just don’t want to think it. Then, when something happens to them, their families have to pick up the pieces.

If you don’t have a plan, your state has one for you, but you probably won’t like it.
At disability: If your name is on the title of your assets and you can’t conduct business due to mental or physical incapacity, only a court appointee can sign for you. The court, not your family, will control how your assets are used to care for you through a conservatorship or guardianship (depending on the term used in your state). It can become expensive and time consuming, it is open to the public, and it can be difficult to end even if you recover.

At your death: If you die without an intentional estate plan, your assets will be distributed according to the probate laws in your state. In many states, if you are married and have children, your spouse and children will each receive a share. That means your spouse could receive only a fraction of your estate, which may not be enough to live on. If you have minor children, the court will control their inheritance. If both parents die (i.e., in a car accident), the court will appoint a guardian without knowing whom you would have chosen.

Given the choice—and you do have the choice—wouldn’t you prefer these matters be handled privately by your family, not by the courts? Wouldn’t you prefer to keep control of who receives what and when? And, if you have young children, wouldn’t you prefer to have a say in who will raise them if you can’t?

An estate plan begins with a will or living trust.
A will provides your instructions, but it does not avoid probate. Any assets titled in your name or directed by your will must go through your state’s probate process before they can be distributed to your heirs. (If you own property in other states, your family will probably face multiple probates, each one according to the laws in that state.) The process varies greatly from state to state, but it can become expensive with legal fees, executor fees, and court costs. It can also take anywhere from nine months to two years or longer. With rare exception, probate files are open to the public and excluded heirs are encouraged to come forward and seek a share of your estate. In short, the court system, not your family, controls the process.

Not everything you own will go through probate. Jointly-owned property and assets that let you name a beneficiary (for example, life insurance, IRAs, 401(k)s, annuities, etc.) are not controlled by your will and usually will transfer to the new owner or beneficiary without probate. But there are many problems with joint ownership, and avoidance of probate is not guaranteed. For example, if a valid beneficiary is not named, the assets will have to go through probate and will be distributed along with the rest of your estate. If you name a minor as a beneficiary, the court will probably insist on a guardianship until the child legally becomes an adult.

For these reasons a revocable living trust is preferred by many families and professionals. It can avoid probate at death (including multiple probates if you own property in other states), prevent court control of assets at incapacity, bring all of your assets (even those with beneficiary designations) together into one plan, provide maximum privacy, is valid in every state, and can be changed by you at any time. It can also reflect your love and values to your family and future generations.

Unlike a will, a trust doesn’t have to die with you. Assets can stay in your trust, managed by the trustee you selected, until your beneficiaries reach the age you want them to inherit. Your trust can continue longer to provide for a loved one with special needs, or to protect the assets from beneficiaries’ creditors, spouses, and irresponsible spending.

A living trust is more expensive initially than a will, but considering it can avoid court interference at incapacity and death, many people consider it to be a bargain.

Planning your estate will help you organize your records and correct titles and beneficiary designations.
Would your family know where to find your financial records, titles, and insurance policies if something happened to you? Planning your estate now will help you organize your records, locate titles and beneficiary designations, and find and correct errors.

Most people don’t give much thought to the wording they put on titles and beneficiary designations. You may have good intentions, but an innocent error can create all kinds of problems for your family at your disability and/or death. Beneficiary designations are often out-of-date or otherwise invalid. Naming the wrong beneficiary on your tax-deferred plan can lead to devastating tax consequences. It is much better for you to take the time to do this correctly now than for your family to pay an attorney to try to fix things later.

Estate planning does not have to be expensive.
If you don’t think you can afford a complex estate plan now, start with what you can afford. For a young family or single adult, that may mean a will, term life insurance, and powers of attorney for your assets and health care decisions. Then, let your planning develop and expand as your needs change and your financial situation improves. Don’t try to do this yourself to save money. An experienced attorney will be able to provide critical guidance and peace of mind that your documents are prepared properly.

The best time to plan your estate is now.
None of us really likes to think about our own mortality or the possibility of being unable to make decisions for ourselves. This is exactly why so many families are caught off-guard and unprepared when incapacity or death does strike. Don’t wait. You can put something in place now and change it later…which is exactly the way estate planning should be done.

The best benefit is peace of mind.
Knowing you have a properly prepared plan in place - one that contains your instructions and will protect your family - will give you and your family peace of mind. This is one of the most thoughtful and considerate things you can do for yourself and for those you love.

How Estate Planning Works

Many people think they don't need to do any sort of estate planning, and they think that the existence of a simple will does the job. However, wills are simply legal documents that express the decedent’s intentions for burial and to whom he or she wishes to pass money and property (the estate) when he or she dies. A judge has to allow the transfer of that money and property from the decedent's accounts to the beneficiaries' accounts. This procedure is known as probate, and it opens the door for relatives or third parties to contest your will and for a judge to misinterpret your wishes, both of which can tie up an estate in court for years.
Furthermore, probate fees can cost thousands and thousands of dollars. There are executor fees, court fees, recording fess and attorney fees, and in many cases, these fees must be paid as the estate is probated, meaning that the heirs will need to come up with the money fairly immediately upon the person's death. A will also does not alleviate the problem of estate taxes.

Why Estate Planning Matters

Estate planning is for everybody, not just the wealthy. Without an appropriate estate plan, friends and relatives can spend a lifetime (and their life savings) battling over your assets. It can be intimidating, but it is a necessary step in ensuring that your assets end up where you want them, without the interference of the IRS or third parties.
Establishing a trust is a great way to mitigate some or all of the estate taxes that would otherwise be owed upon your death. A trust allows a person to transfer legal title of his or her property to another person while they're still alive, potentially saving thousands of dollars in taxes.
A trust also gives the trustee (the person acting on behalf of the decedent) the authority to distribute assets immediately to the beneficiaries based on the terms of the trust. No court is involved, so there are no probate fees and no public record of the value of the estate. Many financial advisors urge clients to have trusts, especially those who live in states where probate fees are especially high or if the client owns a home or real estate. Trusts are not for everyone, however, so it is important to seek proper financial advice.

5 Reasons You Need an Estate Plan

While there are a variety of reasons why people decide to meet with an estate planning attorney and create an estate plan, I have found the reasons listed below to be the top five

Avoiding Probate

Avoiding probate is by far the most common reason why people seek out the advice of an estate planning attorney. While many have never even dealt with probate, they still know one thing - they want to avoid it at all costs. This stems from probate horror stories covered by the media or told by neighbors, friends or business associates. Suffice it to say that for the vast majority of people, avoiding probate is a very good reason for creating an estate plan and can be easily achieved.

Reducing Estate Taxes

The significant loss of one's estate to the payment of state and/or federal estate taxes or state inheritance taxes is a great motivator for many people to put an estate plan together. Through the most basic planning, married couples can reduce or even possibly eliminate estate taxes altogether by setting up AB Trusts or ABC Trusts as part of their wills or revocable living trusts. In addition, a variety of advanced estate planning techniques can be used by both married couples and individuals to make the estate or inheritance tax bill less burdensome or completely go away.

Avoiding a Mess

Many clients seek the advice of an estate planning attorney after personally experiencing, or seeing a close friend or business associate experience, a significant waste of time and money due to a loved one's failure to make an estate plan. Choosing someone to be in charge if you become mentally incapacitated and after you die and deciding who will get what, when they will get it, and how they will get it after you're gone will go a long way towards avoiding family fights and costly probate court proceedings.

Protecting Beneficiaries

There are generally two main reasons why people put together an estate plan in order to protect their beneficiaries: (a) Protecting minor beneficiaries, and/or (b) Protecting adult beneficiaries from bad decisions, outside influences, creditor problems and divorcing spouses. If the beneficiary is a minor, all 50 states have laws that require a guardian or conservator to be appointed to oversee the minor's needs and finances until the minor becomes a legal adult (at age 18 or 21, depending upon the laws of the state where the minor lives).

You can prevent family discord and costly legal expenses by taking the time to designate a guardian and trustee for your minor beneficiaries. Or, if the beneficiary is already an adult but is bad at managing money or has an overbearing spouse or partner who you fear will squander the beneficiary's inheritance or take it in a divorce, then you can create an estate plan that will protect the beneficiary from their own bad decisions as well as those of others.

Protecting Assets

Lately, asset protection planning has become a very important reason why many people, including those who already have an estate plan, are meeting with their estate planning attorney. Once you know or even just suspect that a lawsuit is on the horizon, it's too late to put a plan in place to protect your assets. Instead, you need to start with a sound financial plan and couple that with a comprehensive estate plan that will, in turn, protect your assets for the benefit of both you during your lifetime and your beneficiaries after your death.

You can also provide asset protection for your spouse through the use of AB Trusts or ABC Trusts and your other beneficiaries through the use of lifetime trusts. This can also include electronic assets.

TAX PLANNING

2019-11-08T15:24:00.000+05:30

Bharat Shah

Everyone who earns an income in India is liable to pay taxes on it as per the Income Tax Act, 1961. Though no one likes to part away with their hard earned money but paying taxes is obligatory and as law abiding citizens we must pay our taxes.

What is Tax Planning?

Tax planning is the activity undertaken by a taxpayer who could be an individual, a business or an organization to reduce the total tax liability by optimally utilizing all the allowances, deductions, rebates, concessions and exclusions available well within the legal framework. Simply put, tax planning is the art of managing your income and taxes in an efficient manner so that you pay the least amount of tax on your total income.

However, one of the biggest problems in India while doing tax planning is that most of the taxpayers tend to restrict tax planning to just tax saving investments, but in reality tax planning is a much broader concept.

Tax planning is an important aspect of financial planning and a process which cannot be carried out as a one-time activity. As a taxpayer you should make use of all the tax exemptions, deductions and the benefits available to you to help you minimize your total tax liability and enhance your financial position. Efficient tax planning can help you achieve your financial goals if you explore all the possible tax saving options available to you and make the most of it.

How Tax Planning Works

Tax planning covers several considerations. Considerations include timing of income, size, and timing of purchases, and planning for other expenditures. Also, the selection of investments and types of retirement plans must complement the tax filing status and deductions to create the best possible outcome.

How to plan your taxes?

Tax planning does not mean avoiding tax or investing in tax savings products only. It means building your portfolio through tax saving products by making the most of the power of compounding!

Step by step process to Plan your Taxes:

In order to plan your taxes, you need to first compute your gross taxable income.

Gross Taxable Income = Income from salary + Income from house property + Profits and gains from business & profession + Long term and short term Capital Gains + Income from other sources.

Then calculate the Net Taxable Income after deducting the tax saving deductibles.

Then calculate your tax liability from your Net Taxable Income from the current tax slab of 2019-20.

	General Category	Senior Citizen	Very Senior Citizen
Till RS 2,50,000	NIL
RS 2,50,001 to RS 3,00,000	5%	NIL
RS 3,00,001 to RS 5,00,000	5%		NIL
RS 5,00,001 to RS 10,00,000	20%
More than RS 10,00,001	30%

In the FY 2019-20, it has been proposed in the Interim Budget that a resident individuals having an income of INR 5 lakhs or less, after Section 80 deductions, will get a FULL rebate on Income Tax payable Up to INR 12,500 under section 87A.

However, there would be no impact for individuals having an income more than INR 5 lakhs per annum, after Section 80 Deductions.

What are the Tax saving deductibles?

Here are some of the things you should consider in your tax planning which can help you lower your tax liability within the legitimate framework.

Step 1: Making the most by investing in tax saving investments under Section 80C, 80CCC and 80CCD

One of the most important components of tax planning is availing the investment benefits under Sec 80C of the income Tax Act. There is a huge list of financial investments for all types to investors to choose from. Some of the best investment options under Section 80C include

PPF
Equity Linked Savings Scheme
Pension Plans
Tax saving Fixed Deposits
Life insurance policy
Contributions made towards Employee Provident Funds
National Savings Certificate, etc.
Home Loan

Investments made in one or more of these financial avenues is exempt from taxation up to the limit of RS 150,000. Since most people are aware of this aspect of tax planning, it is usually taken into account. But, you need to look beyond 80C.

Expert Tip:

Salaried: Since most salaried people get Provident Fund as a part of their CTC, the contribution made by the employee towards the same gets accounted for 80C. Hence, salaried people have a lesser worry to fulfil their RS 1.5 lakhs U/S 80C for their tax saving investments.
School Tuition Fees: In case you are unable to invest RS 1.5 lakhs in any of the 80C investment products, you can also include the tuition fees paid for that year up to RS 1.5 lakhs for two children. However, it is not advisable because in that case, you are not building up your investment portfolio but just saving taxes.

Step 2: Investments in NPS (National Pension Scheme)

The National Pension Scheme, managed by the Pension Fund Regulatory and Development Authority (PFRDA) is a generic pension scheme for all such that you have an option of investing in both equity and debt while building your retirement corpus according to your current age. This also provides as additional tax benefit of RS 50,000 per year, over and above the RS 1.5 lakhs of 80C limit.

Expert Tip:

Investments made specifically in NPS enjoy an additional deduction of RS 50,000 under Section 80 CCD(1b) and in such case the total deductible limit is RS 2,00,000.

Step 3: Tax Deductions for your Housing Loan

Repayment made towards the principal amount of your housing loan can be claimed as deduction under Section 80C up to the maximum permissible limit i.e. RS 150,000. Additionally, you can claim a deduction of RS. 2 lakh on the interest component as well under Section 24(b).

Expert Tip:

So, if at all, you are looking to pay your housing loan then avoid paying the entire amount as your housing loan is critical in your tax planning and can help lower your taxable income considerably as payments made towards both principal and interest payment help in lowering your tax liability.

Step 4: Through your medical insurance policy premium

Given the rising healthcare costs it is extremely important to have medical insurance. Premium paid towards medical insurance policies take for self and family are allowed as deductions. The maximum deduction allowed under this section is RS 100,000 subject to various sub-limits.

Coverage for	Exemption Limit	Preventive Health Check-up Limit	Total 80D Deduction available
Self (with spouse and kids)	RS 25,000	RS 5000	RS 25,000
Self (with spouse and kids) + dependent parents	RS 25,000 + RS 25,000 for parents	RS 5000	RS 50,000
Self (with spouse and kids) + dependent parents > 60 years of age	RS 25,000 + RS 50,000 for parents	RS 5000	RS 75,000
Self (with spouse and kids)> 60 years + dependent parents > 60 years of age	RS 50,000 + RS 50,000 for parents	RS 5000	RS 1,00,000

Expert Tip:

Even if you are less than 60 years with senior citizen parents, you can maximize your tax deductions by paying a higher premium, which in turn would provide you with a higher sum insured.

Step 5: Through your Education Loan under Section 80E

If you take an educational loan for yourself, spouse or children then under section 80E the interest paid on such education loan is exempt from tax and can be claimed as deduction. There is no maximum limit on the amount that can be claimed as deduction. However, the deduction is only for the interest component and not the principal.

Step 6: Through deduction under RGESS

For taxpayers with an annual income of less than 12 lakhs, they can claim a deduction under Section 80CCG for investments made in specific shares and mutual funds.

Expert Tip: However, this deduction is only allowed for investors who are investing for the first time and existing investors cannot claim this deduction.

Step 7: Other Tax Saving Avenues:

a) Through donations made to charitable organizations:

Claim deductions for donations made by you to charitable trusts or relief funds. You can claim deductions on the amount donated by you provided such donations are made in cash/cheque and not kind.

b) Interest Income under Section 80TTA

Interest income upto Rs 10,000 for interest earned on your savings account is exempt from tax under Section 80TTA.

Step 8: By setting off Capital Gains

You are liable to pay capital gains tax on the capital gains made by you from your investments. However, the Income Tax Department also allows you to carry forward your capital losses for a period of 8 consecutive years. Such losses can be set off against the capital gains made by you. However, long-term capital losses can only be set off against long-term capital gains.

Step 9: Investing the long-term capital gains from sale of property

You will be liable to pay taxes for any long-term capital gains arising from the sale of property. However, if you invest such gains in specific instruments like another property from the sale proceeds or 54EC Bonds then you will be able to claim an exemption on your capital gain.

Step 10: Other than these, there are some other aspects that can be worked upon for:

A) For Salaried Employees: By Restructuring your Salary

A higher CTC package does not always tantamount to a higher net take home salary. How your salary is structured can play an important role in tax planning. Salaried employees should make use of the various deductions and exemptions available under the Income Tax Act, in order to make their salary more tax efficient. Though under the new budget the government has taken away the deductions for medical reimbursement and travel allowance and introduced a standard deduction of RS 40,000 per year there are still many things you can do to make your salary more tax efficient such as:

Ask for employers to make contribution towards NPS: Under section 80CCD (2d), contributions upto 10% of the basic pay made by the employer towards NPS fund is exempt from tax.
House rent allowance (HRA): If you stay in a rented apartment, you can claim HRA buy submitting a copy of rent agreement and the rent receipt. The amount exempt from tax is lower of

Actual HRA received
50% of basic pay (40% in case of a non-metro) or
Actual rent paid – 10% of basic salary.

Include food meal coupons as RS 50 per meal Upto 2 meals per day is tax exempt for total number of working days in the company.
Include telephone reimbursements as expenses for phone bills and internet connection can be claimed against actual.

Include expenses for newspaper and periodicals as the same can be claimed against actual expense incurred.
Include leave travel allowance as employees can claim LTA once in every 2 years in a block of 4 years.

B) For business people:

(i)Distribution of profits amongst the partners

All the partners can saves on taxes by distributing the profits of the partnership firms amongst themselves. As the partnership firm already pays taxes so the profit which is distributed will not be taxed in the hands of the partner.

(ii) Claim deductions for travel and hotel expenses

As a businessman you can claim expenses for the amount spent by you on travel for business purposes. Such expenses made from one’s own pocket can be shown as expenses incurred on business and claimed for deduction from the income.

(iii) Expenses incurred on food
a businessman meets a large number of people such as vendors, customers, associates, etc. for carrying out his business. Expenses incurred on food and outings on such meetings can be claimed as a deduction from the income.

CONCLUSION

The purpose of tax planning is to ensure that you are able to minimize your tax liability and make productive investments to meet your financial goals and at the same time claim deductions and exemptions without making any tax evasion. Tax evasion and tax planning are two very things and as a taxpayer you must ensure that whatever you do to save on taxes should be legitimate so as to avoid paying any penal charges later.

RETIREMENT PLANNING

2019-11-07T16:43:00.001+05:30

Bharat Shah

Retirement Planning

DEFINITION of Retirement Planning

Retirement planning is the process of determining retirement income goals and the actions and decisions necessary to achieve those goals. Retirement planning includes identifying sources of income, estimating expenses, implementing a savings program, and managing assets and risk. Future cash flows are estimated to determine if the retirement income goal will be achieved.

BREAKING DOWN Retirement Planning

In the simplest sense, retirement planning is the planning one does to be prepared for life after paid work ends, not just financially but in all aspects of life. The non-financial aspects include lifestyle choices such as how to spend time in retirement, where to live, when to completely quit working, etc. A holistic approach to retirement planning considers all these areas.

The emphasis one puts on retirement planning changes throughout different life stages. Early in a person's working life, retirement planning is about setting aside enough money for retirement. During the middle of your career, it might also include setting specific income or asset targets and taking the steps to achieve them. Once you reach retirement age, you go from accumulating assets to what planners call the distribution phase. You’re no longer paying in; instead, your decades of saving are paying out.

Retirement Planning Goals

Remember that retirement planning starts long before you retire -- the sooner, the better. Your “magic number,” the amount you need to retire comfortably, is highly personalized, but there are numerous rules of thumb that can give you an idea of how much to save.

People used to say that you need around $1 million to retire comfortably. Other professionals use the 80% rule, i.e., you need enough to live on 80% of your income at retirement. If you made $100,000 per year, you would need savings that could produce $80,000 per year for roughly 20 years, or $1.6 million. Others say most retirees aren't saving anywhere near enough to meet those benchmarks and should adjust their lifestyle to live on what they have.

Whatever method you, and possibly a financial planner, use to calculate your retirement savings needs, start as early as you can.

7 reasons why retirement planning should be on your priority list

If you’re someone looking to spend a quality retired life, then retirement planning should be on your priority list. Often in our busy schedules, we forget to foresee the future and keep delaying our plans. But what we need to realize at the outset is, the sooner we start, the more we shall be able to accumulate till retirement.

Here are seven reasons why retirement planning should be on your priority list:

The money saved for your retirement can help you tide over any untoward circumstances, be it health wise or wealth wise, in the future.
You will be able to meet the needs of your family –from education to monthly expenses-- that may be dependent on you even after retirement.
Not to forget, you can even fulfill your wish of travelling the world – all with the help of your own hard-earned money. This retirement fund will take care of your expenses.
More than anything else, you will not have to depend on anyone financially if your retirement planning is spot on.
You can be a big contributor to your family’s demands. From gifting something big to funding for your grandchildren, you can choose to help your loved ones all thanks to sufficient retirement funds.
Gone are the days when the life expectancy was only 60. With change in lifestyle, the average life expectancy has increased as well. So, naturally, you will need more funds for your future.
Most importantly, you may not have the zeal to work for long. If you have retirement planning done at an early stage, you can take a call to bid goodbye to your workplace as per your choice instead of the work bidding goodbye to you.

Step-By-Step Approach to Retirement Planning

What do you wish to do post retirement?

Take up some social cause?

Get back to your home-town and relax?

Start a business? Or

Spend time with your family

Whatever your dream is, you need to plan for it now. Because once you retire, you will no longer receive a salary/ earn regular income. And to sustain your daily expenses and live your golden years you will need a financial back-up.

The only difference in life post retirement is that you continue living, but you might not have a fixed flow of income. And in order to remain independent, you need to save and invest for your future now.

And mind you, mere savings in the bank won't be enough. Mainly because of the inflation bug. Inflation is the rise in price of goods and services. And hence the value of your money declines because of inflation.

Why Do You Need Retirement Planning?

With a structured plan, you are equipped to handle various factors such as surpluses, shortfalls, and emergencies. You understand how quickly or how likely you are to achieve your retirement goals. Additionally, you gain control on your cash flows, your earnings and expenses, and what level of risk you need to be take to achieve all your goals.

In short, a retirement plan will let you to develop a comprehensive understanding of your life goals (the ENDS) and also define the path (the MEANS) to achieve it.

Why do you need to plan your finances for retirement?

It is easy to cover your expenses as long as you are earning your monthly salary. But post retirement, you need to have enough money set aside to live the rest of your life and maintain a good lifestyle.

1. To cover daily living expenses

All of us have to bear the necessary living expenses even after retirement. Because life moves on and the absence of our monthly income could become a nightmare.

Retirement planning is working towards avoiding this nightmare from becoming a reality. Not many people get pensions or gratuities post retirement and even for those who do receive them; the amount is generally not big enough to cover all of their expenses.

By planning and building a sizeable retirement corpus, you can ensure that your family's standard of living is not compromised post retirement.

2. To cover medical expenses

As one's age progresses, the number of health issues and emergencies also increase. And as you might be aware, medical expenses bear the potential to create a huge hole in your pocket. In fact, these days even dental treatments can cost you a small fortune.

Mediclaim or health insurance policies sometimes may not cover all your medical expenses.

Therefore, your retirement corpus must be large enough to cover your and your family's medical expenditure to avoid a financial crunch in the later years of life.

Read: You’re Guide to Insurance

3. To fight inflation

Inflation refers to the rise in the prices of goods and services. It erodes the purchasing power or value of your hard-earned money.

You see, there has been constant rise in price of goods and services and it will continue to be on a rise until you reach the retirement age.

This means that you would have to pay more for everything in the future. From grocery to travel to accommodation, it is all going to cost you relatively more in the future.

Without a sound retirement plan, that aims to establish an adequate retirement corpus accounting for inflation, life expectancy, rate of return, and so on; it would be impossible for you to achieve all your retirement goals.

4. To deal with uncertainties

Life is quite unpredictable and uncertain. It can sometimes throw us in adverse situations and circumstances which we may not have expected.

Some situations have the power to create a financial as well as emotional turmoil in your life such as natural calamities, loss of loved ones, financial difficulties in the life of family members, and so on.

Having a significant sized corpus to take care of such contingent events can always come to your rescue.

Thus, while you approach retirement, it is imperative that you have a sufficient contingency fund, so that the intermediate period of turbulence and turmoil can be managed better and not hinder your long-term goal of retirement.

5. To meet your retirement goals

Retirement goals are the objectives that you wish to achieve in your retirement years. These could be travelling and exploring new places or taking up hobbies that you have always wanted to pursue.

However, if you do not plan and save for all these retirement goals in your working life, they cannot become a reality in your post retirement years.

Hence, it is absolutely essential to have a strong Retirement Plan that will make you aware where you stand today, and what steps you need to take to achieve this goal.

The Best Approach to Retirement Planning

It is important to understand why many fail at retirement planning. And one big reason is, they start late.

At times, individuals are unable to set aside the requisite amount of money needed for their retirement. They can contribute only a part of it, not all. As a result, they end up postponing their plans.

In our view, this is a wrong approach.

Instead, the right course of action is to start off with what you have and make up for the deficit at a later stage. On the other hand, if you decide to simply wait for an ‘opportune’ time, it might be too late by the time you start.

Another reason for failing to start is that a significant amount of money is often spent on providing for one’s present lifestyle, i.e. shopping and entertainment binges, leaving very little for retirement.

While the importance of satisfying present needs cannot be denied, it does make sense to take care of your future as well. Ideally, one must strive to strike a balance between the two.

Finally, perhaps, drawing up a strong retirement plan and saving for the eventuality – retirement. Maybe the thought of growing old and leading a rather sedentary lifestyle brings with it a certain degree of discomfort and discourages some from working towards their retirement plan.

However, such mindsets need to change.

Looking the other way will only worsen the situation. The solution lies in accepting retirement as an eventuality and being adequately prepared for it.

Making an early start is your best bet at being prepared!

To plan your retirement there are few steps involved. Each step is explained in the next chapter.

Chapter 3: Steps of Retirement Planning

Step 1: Decide Your Retirement Age

The most common retirement age is 60 years, but it may vary from person to person.

Some may wish to work beyond 60 years of age, while a few even wish to retire at 55 ––basically it's a matter of choice.

Estimating your retirement age is an important step, because after this age your regular income stream will stop or at least reduce considerably (in case you are eligible for pension). You will have to depend on your savings and investments to take care of your retirement needs.

This is also the timeframe you are left with to plan for retirement.

For instance, if you are 25 years old and you wish to retire at the age of 50 years, then years to retirement = 50-25=25years.

One of the important factors while deciding your retirement age is the life expectancy rate. In other words the estimated number of years you are expected to live based on the age, medical condition, family history and other demographic factors.

An estimated life expectancy as projected by World Life Expectancy is as below:

Age	Life Expectancy	Age	Life Expectancy
5	73.5	55	77.7
10	73.8	60	78.6
15	74.1	65	80.1
20	74.3	70	82
25	74.7	75	84.5
30	75.5	80	87.4
35	75.1	85	90.6
40	75.9	90	94.3
45	76.3	95	98.3
50	76.9	100	102.6

(Source: http://www.worldlifeexpectancy.com)

These are indicative figures to give a clue as you plan your retirement. For instance, if you are 30-year-old then you may expect to live upto 75 years. And if you wish to retire at 60 years of age then you need to plan for around 15 years of post-retirement life.

Step 2: Start Early To Retire Peacefully

Like any other goal, start planning your retirement as soon as possible. With several years in hand, you have time and the power of compounding in your favor.

Never delay retirement might planning or else you have to compromise your goal. Worst case you might have to be financially dependent on your children or family. Hence, start early, start now.

Most individuals who are in their 20s and having recently started earning might think that retirement is a distant reality. For them, planning for retirement at this early age may seem like being overly cautious.

However, it is imperative for you to recognize that being young provides you a benefit that is not available to all, 'time'. As it is said, "the early bird gets a bigger pie".

Beginning to invest early in life will enable you to accumulate the necessary corpus required on without much stress. And it gives you a peace of mind.

And if you are in your 30s and haven't even started planning for retirement, then it is still not very late. You still have many years to work, earn and save for your golden years. But make sure you do it prudently and differentiate between your needs and wants.

Step 3: Determine Your Retirement Corpus

Retirement corpus is the amount you require post retirement to meet your expenses and continue with the same lifestyle and maybe pursue your other personal goals.

For this, first ascertain your annual expenses at present.

For that you need to first write down monthly expenses on various categories such as household, medical, entertainment, travel, EMI, and children's school/tuition fees, and so on.

So, it is important that you make an accurate estimate of how much amount you will require, to maintain your present lifestyle after you retire.

Then factor in inflation to calculate how much your present expenses will amount to at the time of retirement. This is referred to as future value of money.

This is the amount you will need every year to meet your post-retirement expenses.

For instance, Mr. X is 35, wants to retire at 60, currently spends Rs. 75,000 a month on household and other expenses and spends about Rs. 5 lakhs a year on travel and medical.

He assumes household inflation is 7% per year both pre and post retirement, travel, and medical expenses inflate at 10% per year, and he will earn 6% per year on his retirement corpus once it is built and he invests it after his retirement.

How much will he need to retire and maintain his current lifestyle?

Over Rs. 29 crore.

Is this achievable?

Yes, it is. Your financial planner can handhold you to set your asset allocation based on your risk profile, select appropriate investment avenues within each asset class, help you manage your cash flows with the needed discipline to invest, and regularly review the portfolio to make sure that you are on track to accomplish this vital financial goal.

Step 4: Calculate the Future Value of Your Current Savings

How much you are able to save every year, after meeting all your expenses, plays a crucial role in building your retirement corpus.

Your saving is the surplus amount that is left after deducting your annual expenses from your net salary.

The ideal way is, to earmark a portion of your savings towards retirement. This part of your saving should be treated as sacred and should not be disturbed unless it is very urgent.

After estimating how much amount you will be able to save annually towards your retirement corpus, the next step is to find out its future value.

To determine this, you have to factor in the expected rate of return on your investment. This is the value of your savings or investments at the time of retirement.

For instance, if you are able to save Rs 100,000 annually for your retirement, and you invest this amount in an avenue, which earns you 10% rate of return p.a., then after 25 years, you will have a retirement corpus of approximately Rs 9,834,706.

Step 5: Cut Down On Unnecessary Expenses

If you are unable to save now to reach the target, cut down on avoidable expenses. Some of the avoidable expenses are your weekly entertainment, impulsive purchases, dining out, foreign vacation, etc.

Cutting down on such expenses can help you invest more and reach closer to your targeted corpus

Step 6: Plan and Create an Ideal Portfolio Seeking Help of A Financial Planner

Depending on your current age and the risk that you can afford to take, you should define a standard allocation to each asset class.

It is important to have a diversified investment portfolio across the asset classes.

Some assets like equities have the ability to offer you a better inflation-adjusted return (also known as real rate of return) than fixed income instrument can provide safety. Gold can be a store of value and act as an insurance in your portfolio.

If you see a swift rally in any of the asset class, and the deviation in your asset allocation, you can timely rebalance by reaping the benefits from the respective asset class and moving it to other asset classes.

Do not forget, every asset class may not be suitable for you. At the same time, you should not be over exposed to a single asset class.

As retirement planning is an exhaustive exercise, seeking help of financial planner can go a long way. But take care to opt for an independent, honest, unbiased, and a competent financial planner who will handhold in every step to plan your retirement.

Your financial planner should be able to come up with a relatively accurate retirement corpus, which can help you negotiate retirement.

More importantly, he/she should conduct risk profiling, whereby the asset allocation can be set and the portfolio can be structure accordingly to achieve your retirement corpus.

Step 7: Track and Review Your Plan Regularly

Your retirement plan needs to be monitored at regular intervals (at least once a year) to make sure you are on target to meet your objectives. Any changes in the income, expenses, retirement age, etc. needs to be incorporated in the retirement plan.

Also, make sure the retirement plan meets your investment objectives in the changing market scenario.

INSURANCE PLANNING

2019-11-06T13:47:00.002+05:30

Bharat Shah

Introduction: What is insurance planning?

Insurance planning is to protect yourself, your family and loved ones, your home, your assets, or your business against unexpected events. The idea behind insurance is to get a group to contribute financially to a fund specifically designed to help individuals recover in the case of an unexpected loss. In this way, insurance eases financial burdens that can occur when disaster strikes.

Purposes of insurance planning

Insurance planning is a critical component of a comprehensive financial plan that includes evaluating risks and determining the proper insurance coverage to mitigate those risks. The principal goal of insurance planning is to identify and analyze risk factors in life and seek proper coverage to attain a peace of mind if disaster strikes. The chances of recovering partly or fully are assured by having insurance. Therefore, insurance is an economic device transferring risk from an individual to a company and reducing the uncertainty of risk via pooling.

Appropriate plans for YOU

Carrying insurance is crucial, but the most important aspect is carrying the appropriate type of insurance. Each person has different insurance needs tied to his/her unique situation, age, health, family structure, economic status, possessions, assets, and many other factors. There are several forms of insurance and there is no "one size fits all". (This is why we need the insurance planning!) Also, any major change in life requires an immediate review of insurance planning to make sure the protection remains adequate.

For college students and parents, every university offers health information and services. Thus, make sure to check with health services before making insurance decisions. Students age 26 or under are normally (but not always) insured on their parents' insurance plans and are expected to remain insured during their college attendance. However, not all insurance plans are accepted equally. It is the student's responsibility to verify all information with their perspective school, college, or university before attendance and make necessary changes to meet expectations. Graduates and international students are also expected to carry health insurance. They will either purchase insurance provided by the university or buy a plan privately.

You need to think of insurance planning as a fluid process, never stagnant or frozen in time. As your life changes, your insurance needs will have to change accordingly to remain protected. Your focus should be on acquiring enough insurance to match risk factors for you, your family, and your wealth. Here are the elements you need to consider as you embark on your insurance planning:

1. Your age (young, middle-aged, retiree)

2. Your family status (single, married, children)

3. Your health (subsequently your family's health)

4. Your assets (home, car, boat, etc.)

5. Your professional status (student, employed, self-employed, unemployed)

6. Your economic status (insurance access and affordability)

Through a personalized insurance plan, we can help you:

· Protect your income stream in the event of disability

· Provide for your family in the event of a premature death

· Guarantee income for life

· Protect your business

· Protect the value of your Estate

· Prepare for a potential Long Term Care need

WEALTH MANAGEMENT

2019-11-03T11:58:00.002+05:30

WEALTH MANAGEMENT

Wealth Management service is for individuals and families who have a financial plan and would like a professional to review and monitor their investments so they can concentrate on what they do best. Investments would be reviewed in an unbiased manner and necessary modifications will be recommended to ensure it is efficient and stays in line with the client’s goals. We will monitor the investments and keep you informed on your progress. Keep in mind that your funds are invested outside and never with us, we only act as a consultant.

Includes

Portfolio management – Performance monitoring – Periodic reviews – Opportunity alerts

FINANCIAL PLANNING

2019-11-03T10:51:00.001+05:30

Financial planning gives you cleartiy and a roadmapto achive your goals

it applies to everyone,irrespective of your income and networth

FINANCIAL PLANNING

It is a holistic approach to personal financial management. It begins with identifying your family’s short and long-term financial goals, optimizing what you have today and developing strategies to achieve your goals. It is a proven systematic process for financial stability and long-term success.

Your goals could be anything like your child’s education and marriage, buying a home, or retirement planning. Your current age, income or wealth does not matter, if you have aspirations in life, you have better success achieving them with a financial plan.

Products come last

Financial planning is often confused with product selection. Random selection of mutual funds, insurance and other investments without a plan may not help you achieve your life’s goals efficiently. Financial planning is mostly about planning and strategy with product choices playing a small role.

HOLISTIC FINANCIAL PLANNING

You probably go to an insurance agent for insurance, a bank for savings and loans, a broker for mutual funds, stock investments and retirement planning, an auditor for tax planning. You end up with different pieces of information, products and advice which could work against each other.

Holistic financial planning integrates all the different pieces of your financial lives and ensures that they work together towards your goals. The jigsaw is firmly put together in an orderly, tax efficient and cost effective way and the overall picture becomes clear.

__WHY IS IT IMPORTANT FOR YOU? _

We are usually busy with our day-to-day lives, focusing on short-term needs, issues and don’t step back to look at the bigger, more important picture. A financial planner will take an objective look at your situation and help you create a plan which will benefit you in many ways.

BETTER INFORMED DECISIONS

One of the biggest challenges in taking finance decisions is knowing all the options available to you. Product salesmen only talk about the benefits of their products and do not educate you on the other potentially better options. An unbiased, independent planner can show you all the options and educate you on the benefits and limitations of each one of them, helping you make fully informed decisions.

CLARITY OF YOUR LIFE'S GOALS

It will help you quantify your life’s goals and create a plan to achieve them. Eg, saving for your child’s education is a goal, but how much will be needed 15 years from now, and how much you need to save starting now needs to be understood. It also helps to identify future needs much earlier so you can start working towards fulfilling it.

PROPER INVESTMENT CHOICES

There are thousands of mutual funds, hundreds of insurance policies, retirement plans and investment options. A professional planner can research and identify the product that best suits your needs and offers the best value for the lowest cost. Your current non-performing investments and insurance can be replaced or eliminated, also reducing unnecessary commissions and hidden costs.

EFFICIENT USE OF RESOURCES

A plan helps you understand what you have today and optimize your wealth and income for best results. With a holistic view of your finances, all the different pieces of your financial lives work together in an efficient manner.

BETTER PREPARED FOR LIFE'S UNCERTAINTIES

Life is unpredictable and a financial plan helps you and your family be prepared for future uncertainties. Through risk management and insurance planning, you can be rest assured that the risks are taken care off.

PEACE OF MIND

With proper goals identified, quantified, and a plan to achieve them, you can have better clarity and peace of mind that you are on track to achieve your life’s goals and that risks are taken care of. You will know exactly what you need to do to achieve your goals.

Financial planning | Financial Advisor | india

personal finance

What is Personal Finance?

Areas of Personal Finance

#1 Income

#2 Spending

#3 Saving

#4 Investing

#5 Protection

The Personal Finance Planning Process

Personal Finance Budget – Example

Personal Finance Careers

Additional Resources

Manage the investor, not the investment

Manage the investor, not the investment

ESTATE PLANNING

How Estate Planning Works

Why Estate Planning Matters

5 Reasons You Need an Estate Plan

Reducing Estate Taxes

Avoiding a Mess

Protecting Beneficiaries

Protecting Assets

TAX PLANNING

What is Tax Planning?

How Tax Planning Works

RETIREMENT PLANNING

Retirement Planning

DEFINITION of Retirement Planning

BREAKING DOWN Retirement Planning

Retirement Planning Goals

7 reasons why retirement planning should be on your priority list

Step-By-Step Approach to Retirement Planning

Why Do You Need Retirement Planning?

The Best Approach to Retirement Planning

Chapter 3: Steps of Retirement Planning

INSURANCE PLANNING

Purposes of insurance planning

Appropriate plans for YOU

WEALTH MANAGEMENT

WEALTH MANAGEMENT

FINANCIAL PLANNING

Financial planning gives you cleartiy and a roadmapto achive your goals

__FINANCIAL PLANNING__

Products come last

__HOLISTIC FINANCIAL PLANNING__

__WHY IS IT IMPORTANT FOR YOU? _

BETTER INFORMED DECISIONS

CLARITY OF YOUR LIFE'S GOALS

PROPER INVESTMENT CHOICES

EFFICIENT USE OF RESOURCES

BETTER PREPARED FOR LIFE'S UNCERTAINTIES

PEACE OF MIND

FINANCIAL PLANNING

HOLISTIC FINANCIAL PLANNING