Tuesday, October 4, 2011

Simple yet Best Financial Plan for an Individual.

Everybody either buys too many financial products like LIC or ULIP or NFO and things keeps getting added based on how many agents have pushed the products and after a while its too complicated and dont know whats happening or an Individual just dont save anything or totally allergic to any financial planning or most people even want to start investing but procrastinate on things or they put all there money in Stock market and burn huge whole in there pocket.

so I have come up with the most basic but yet VERY VERY EFFECTIVE FINANCIAL PLAN with least monitoring required.

1) Buy a good Health Insurance for the Family (Family Floater plan cheaper)
2) Buy simple pure TERM Insurance Plan for Head of family
3) Start an SIP in good BALANCED FUND (balanced Fund does automatic Portfolio Rebalancing)

Note : you can do an Dividend payout to a Gold Fund to get gold exposure.

Each and every Individual should do this three things religiously at the least.