The current financial year is about to end and now from April 1, we will step into the new financial year. In such a situation, every person must do financial planning in a new way and set new financial goals for himself. It gives you financial stability and strength. But, some people find it complicated to do financial planning. However, financial planning is essential.
Now the question is what should be the financial planning for the new financial year. Keeping this in mind, in this episode of Jagran Dialogue, Manish Mishra, Deputy Editor, Jagran New Media talks in detail with Pankaj Mathpal, CEO, Optima Money Managers. During the conversation, Pankaj Mathpal told many such things, which can be of great use to any person.
Pankaj Mathpal said that because of the experience of the Corona epidemic, people should make their emergency fund equal to the expenses of 12 months and keep a part of it in a savings account, the remaining amount can be kept in liquid funds and ultra short term funds which are savings accounts. will earn more returns than Also, it will be available immediately at the time of need.
Mathpal said that the pandemic has given him the experience to walk away with enough life insurance cover to keep his family financially secure. He said that the life insurance cover should be at least 10 times the annual expenditure of any person including the liabilities.
He said that you should have money for 9 months to 1 year as an emergency fund, but it does not mean that you should keep all this money in your savings account. Keep only one to two months' money in the savings account. Invest the rest of the money where the risk is low and the money can be easily withdrawn at any time.
Mathpal has also given very important suggestions regarding goal-based investing, portfolio review, and tax saving.
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