"Financial planning is about more than just good advice or investment returns. It is about providing guidance that you can trust."
It is always beneficial to plan out and have a blueprint of your future finances ready. You certainly don't want to make a same financial blunder that you have made earlier. It's also important to plan your investments well.
The Budget 2018 was announced recently and while there is no change in personal income tax, long-term capital gains will be taxed at 10% for amount exceeding Rs. 1 Lakh, without indexing.
So, how should you plan 2018 to make it financially viable?
To make your financial year of 2018 a big HIT, here are 10 financial moves that you can take:
1.) Venture on a Term's Plan or Insurance
Life has its own course of running. You can never be aware of what is going to happen next. It is unpredictable and therefore it's important that you plan ahead.
Invest on a Term Plan, as a way to secure your family's future. Term plan or Term Insurance is a financial protection that helps your family financially in your absence. Term insurances are increasing becoming popular as they come with loads of benefits.
2.) Have a Health Insurance
Health is wealth and there is no denying that fact.
Whether you've family or you're living an independent life, it must be your priority to invest on a health plan. Accidents and ailments aren't uncommon, and the sad part is that medical treatment isn't cheap in our country.
Having a Health Insurance helps you overcome sudden medical emergencies.
3.) Invest in a Systematic Investment Plans (SIPs)
It is one of the most simple and convenient manner to invest money in mutual funds. You have the liberty to venture your money either weekly, monthly, or quarterly. Systematic Investment Plans grant you an already decided amount to be paid uniformly at regular terms. This type of investment in mutual funds is regarded as the most safe and suitable kind in the market.
4.) Buy Real Estate
After the implementation of the Goods and Service Tax (GST) in the year 2017, realty investors weren't very sure about their financial security. However, the picture is likely to change in the year 2018. It seems the government is looking for new ways to revive growth in the real estate sector.
With the Real Estate Regulatory Authority Act (RERA) in place, there is no place for false promises by real estate developers. You'll also most likely not have to deal with cheating or delay in possessions. Also, the rates are low all across the country. Owing to the good market conditions, this can be the right time to purchase a house or a commercial property. But, make sure to leverage the benefits of a home loan while doing this costly transaction. Instead of paying the complete cost in cash, use a home loan to pay a part of the total cost and save on taxes. What better time …