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“Desire- a powerful factor in your finances”

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Desire, this one little thing has significant impact on everyone’s life. When we were infants, we had the desire to eat whatever we can, be it mud or father’s calculator. As we grew up to watch things around us, desire emerges as an outcome by the influence of surroundings. Desire to taste an ice cream, desire to own a tricycle, as our consciousness grows so does desire.
As a child, you have constantly been changing the desire to be someone, a soldier or an air force pilot, movie star or a politician/govt. officer e.t.c. but as we come to our teens, the realization hits hard and we work towards some certain career. Very few people in this world come to a point, where they have decided to be someone at 5 or 6 and achieved the same while beginning their working life, be it, Sachin Tendulkar or Sonu Nigam.

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“Best Term Plan in the Market!”

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Please read till the end to know the best term insurance in the market.
So you have decided to purchase the term insurance, which means who are opting for a risk transfer. There are 4 ways to manage risk, let’s go through them and try to insert them in our personal finance equation.
1. Risk Avoidance: We are a master in it and doing it for years. In individual life, one of the biggest risks is the uncertain death of the breadwinner of the family, avoiding this particular risk can hamper your financial world and it will take years to recover from this financial loss.
2. Risk Reduction: Driving your bike carefully, wearing a helmet, putting the seatbelt on, jogging every day and eating healthy & nutritious food every day are some ways to reduce certain health and life risk. You can reduce few risk but not completely, the uncertain nature of various risk exposes you to vulnerabilities.
3. Risk Retention: You have not avoided the risk nor reducing it, you are just bearing the future cost of the loss in present value. This is possible for risk like health issues if you have managed to save enough for a medical contingency, you may retain this risk, but still there will be a risk of exhausting this special fund in the case of severe illness.
4. Risk Transfer: After doing all the due diligence, you have decided to transfer the risk to an insurance company. In the case of an agreed event happening as per the contract, the insurance company will take care of the financial loss.

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