Each individual need to have financial planning done to sail through different phases of life .
Savings made through earnings has to be invested in different categories .
Financial planning covers following areas.
TAX PLANNING: Every govt deducts some amount from individuals earnings in form of taxes. Also
provides some rebates in condition of long term investment in govt schemes.
Hence One has to plan to save tax and add savings for longer term.
INSURANCE PLANNING: Insurance plays an important roles in ones life insurances are for risk
coverages.Different form insurances are
1. Life insurance
2. Vehicles insurance
3. Loans insurance
4. Health Insurance
5. Asset Insurance etc
RETIREMENT PLANNING: Some amount of savings should be kept for old age. As cost of living and
others expenses has to be met from that kitty.Several saving schemes are available for such plan.
CHILD FUTURE PLANNING: You have to plan children education cost and marriage cost etc
INVESTMENT PLANNING : You can invest a portion of your savings in such options .
One should be careful about The risks involved in such category .
EQUITIES ,BONDS,MUTUAL FUNDS,FOREX,COMMODITIES,GOLD,COMPANY DEPOSITS,BANK
FIXED DEPOSITS
INVESTMENT TOOLS
EQUITIES
MUTUAL FUNDS
INSURANCE
BANK DEPOSITS
GOVERNMENT BONDS
FOREX
GOLD
COMMODITIES
PO SAVINGS/CERTIFICATES
COMPANY DEPOSITS