360° Financial Assessment with BajajCapital
Instead of investing in an ad-hoc manner, Financial Assessment helps you take a holistic, all-round view. In brief, Financial Assessment can help you with the following:
- Investment Decisions: To make your wealth grow
- Cash Flow Management: To provide for assets and meet the periodic cash requirements
- Minimize your Tax Liability: To save on taxes and increase your income
- Insurance requirement: To protect yourself, your family and your assets
- Children's Future Needs: To give your children a financially secure future
- Retirement: Because retirement is a time to relax, not to get worried
You may have many dreams, needs and desires. For example, you could be dreaming of:
- Owning a new car
- Buying a dream house
- Providing your children with the best education
- Planning a grand wedding for your children
- Having a great time after your retirement
But in today's world of skyrocketing costs and increasing inflation, how many of these dreams can you hope to turn into reality? Financial Assessment helps you see the big picture and invest for specific long-term and short-term goals well in time.
Some personal finance software packages, magazines or self-help books can help you do your own Financial Assessment . However, you may decide to seek help from us if:
- You don't have the time to spare to do your own Financial Assessment;
- You know that you need to improve your current financial situation but don't know where to start;
- You feel that a Relationship Manager could help you improve on how you are currently managing your finances;
- You have an immediate need or unexpected life event such as an inheritance or major illness;
Have a budget. Determine what you actually spend each month. There are fixed expenses like rent, loan repayments, etc. every month about which we can do little. The variable items such as food, clothing and entertainment are often what get away from us. Use your discretion to contain these variable expenses to start saving.
It is hard to apply a rule of thumb toward savings because it varies with age and income level. Ten percent is a good start. If you find that is too high for you, don't let that deter you. You can start by putting a little aside each month and then slowly increasing it.
A Financial Assessment should include your goals and objectives, investment, cash flow, retirement, tax and insurance needs, to achieve the desired objective.
Evaluating your insurance needs is part of a personal Financial Assessment. Insurance takes care of your unpredictable needs and as these needs can arise at any time, insurance is extremely important
