Financial planing for : Young Married couple with one working member.

After getting some what comfortable in job or business again it is a start of new journey Married life.
It is difficult to find right match for you in this big world, how ever you will find one.
Here we are taking a situation where only one member out of two is working Most of the times it happens that as there is no responsibility the major portion of income goes as an expenses. There is a fascination about Gadgets, towards costlier life style.

Your expenses are increasing now, your choices may change now so this is going to be an important shift in your life all the Best !!!

Now you have to change the gear as the responsibility is entered in your life, As there is only a single earning member in family 

Following are the things which are important in this stage :

1. Take care of your self : You have to take Medical insurance and Accidental & disability insurance. which will protect your from possible loss in wealth in emergency as well as protect your financial well being in unfortunate events. life insurance is now important to you, you should protect your income generating capacity for family. When you think of life insurance think about Term insurance only, calculate your human life value ( there are many online tools are available now for this ). Investments and insurance should go separate, Pl consider insurance premium as expenses.

2. Build cash reserves : You have to have at least 6 months expenses in your cash reserves as the job is not secure now a days.

3. Plan for long term goals : Time is on your side if you plan your investments in right way then you can be wealthy. Here you may have a little bit Idea about the possible expenses in future, try to find out the expenses at that time and start investing for same. break up your goals in to long term , mid term and short term, select right kind of asset for investment and start. starting and keeping yourself on track is a biggest challenge.

4.One more thing you have to keep care that your investment should grow at the rate of salary growth.


It is important for all you have to build assets first and take care that you take appreciating assets not depreciating one.


Any views ???

About the author : Ashish Ramesh Bhave is a CERTIFIED FINANCIAL PLANNER, focused and specialized in financial planing for individuals and families.

Financial planing - Life cycle series - 1

Financial planing for : Young unmarried without responsibilities.
It is a starting point of career and may exist still you feel established. Most of the times it happens that as there is no responsibility the major portion of income goes as an expenses. There is a fascination about Gadgets, towards costlier life style.
As there is no any responsibility no body feels a need for savings. Parents are also not giving any guidance about the savings or making them responsible about taking right kind of decision of career and financial management.
Majority of people whom I met who falls in this category are full of confusion about their future career and financial well being. Actually this is this is the stage in life where you can really build solid foundation of financial future.
Following are the things which are important in this stage :

1. Take care of your self : You have to take Medical insurance and Accidental & disability insurance. which will protect your from possible loss in wealth in emergency as well as protect your financial well being in unfortunate events. life insurance is not needed as there is no financial responsibility.

2. Build cash reserves : You have to have at least 6 months expenses in your cash reserves as the job is not secure now a days.

3. Plan for long term goals : The biggest strength which you have is time is on your side if you plan your investments in right way then you can be wealthy. Here you have little money to invest but as time is there the compounding effect will help you.

4.One more thing you have to keep care that your investment should grow at the rate of salary growth.

If you are at 21 and started investing for your retirement at age 55. and starting with Rs. 5000/- per month in an investment which gives you 12% returns and if your salary rise is 8% then you will accumulate aprox.Rs. 5.52 Cr. , if the rate of interest is 13% you will make 6.62 Cr.


It is important for all you have to build assets first and take care that you take appreciating assets not depreciating one.


Any views ???






About the author : Ashish Ramesh Bhave is a CERTIFIED FINANCIAL PLANNER, focused and specialized in financial planing for individuals and families.

Financial planning - A series -Life cycle.

Financial planing approach is keeps on changing as per the needs and requirements of an individual or a family.
The needs and the requirement of an individual change as per their changes in life cycle and change in family structure.

There are normal situations in the life cycle which keeps on changing the needs and requirements.
These normal situations are as follows :
1. Young unmarried without responsibilities.
2. Young married couple with one working member.
3. Young married couple with both working.
4. Couple with newly born child.
5. Couple with growing children and loan.
6. Couple with working children.
7. Couple nearing retirement.
8. Retired.

But there are some situations which requires special approach.
1. Young unmarried with financial responsibilities.
2. Married with one member disabled.
3. Critically ill married couple. ( now a days such marriages are happening ).
4. Couple with physically challenged child.
5. Couple with critically ill child.
6. Couple without children.
7. Widow / widower with children responsibilities.
8. Divorcee with / without responsibilities.


So as the situation changes there is a change in approach for financial planning. In this series of articles we will be discussing about these different cases  one by one.

So keep reading this approaches may be useful for you.

About the author : Ashish Ramesh Bhave is a CERTIFIED FINANCIAL PLANNER, focused and specialized in financial planing for individuals and families.