Swachh financial life Mission !!!

Investoshashtra!!!📜📜📜
ईन्वेस्टोशाष्त्र!!!📜📜📜

Our PM Shri Narendra Modi embarked a revolution on birth date of Father of our nation in 2014 named *"Swachh Bharat Mission".*

The mission aimed to achieve a swachh bharat by 2019 as a fitting tribute to Mahatma Gandhi on his 150th Anniversary..

Lot of debate can be done about effectiveness of mission. But I think everyone will unanimously agree that it brought a big change in our mindset and specially of next generation. I don't have any doubt that our next generation will have a *real swachh bharat.*

Habits are difficult to change whether it is related to cleanliness of our surroundings or *finances*. So keep. Bharat clean but do not forget cleaning up your financial life as well.

*Financial life cleanse doesn't require too much of time. Only thing it needs is determination, decision, action and little professional help.*

So this weekend:

1) Get rid of Investment done in obligation or low return giving insurance policies.
2) Buy a term insurance.
3) close down high cost loans by withdrawing low return investments.
4) Compare returns net of taxes.
5) check asset allocation - don't overboard any one asset class.
6) have adequate health coverage
7) consult a professional financial planner.
8) don't leverage...never ever take loans for investment.
9) Have proper and updated record of investments and discuss it with your spouse.
10) make a will.
11) reduce dependence on credit card.

*Have a Swachh Financial Life.*

Regards,
Raj Talati
www.rajtalati-abminvestment.blogspot.com

Inheriting Wealth or Mess

Investoshashtra !!!📜📜📜
ईन्वेस्टोशाष्त्र !!!📜📜📜

When we born we were like tender flower.But in zest of living life unknowingly we accumulate so much of trash (for others) which becomes difficult to manage for next generation.

Recently, I come across couple of cases where children's have settled down abroad and parents are no more. 

Parents had bank account with multiple banks, investments in all possible instruments like LIC, Bank FD, Postal Schemes,MF,Shares, SCSS etc etc.. and cherry on the top had several real estate.

Misery is now kids themselves doesn't know about what they have inherited whether it is a wealth or mess.

More than grief of losing parents they are worried about sorting out this mess in little time they have.

In Gujarat this is the story of most of the  families and will grow bigger as migration of next generation is increasing more and more.

So if you are one of such parents try consolidating holdings and limit it to financial assets as you grow older, which will ease transmission. 

Most important - Create will. If you fail to do so you become a reason for dispute amongst your own children's who had harmonious relationship when you were alive.

Try and *inherit memories, values together with wealth, but not the mess.*