a more robust financial health.
ÊYou must get insurance, depending
on your age, wealth and commitments.
ÊDiversify your investment portfolio
across debt (debt mutual fund, fixed
deposits, bonds, debentures, etc.) and
equity, wisely. However, it needs to be
tailored to your individual needs.
ÊIdentify and review your financial
goals at regular intervals. These are
responsibilities and dreams for which
we earn, save, invest and sometimes
even borrow.
ÊMake it a point to create a family
budget at the beginning of every
month. “The term ‘budget’ can seem
intimidating,” one of my clients once
said. “Call it your spending list instead,”
I advised. A budget is nothing but the
amount of money we are planning to
spend on our various needs and wants.
At the end of each month, you will
know exactly how much money you are
spending and, more importantly, if you
are overspending.
ÊKeep your family members abreast
of all long-term financial transactions
and also keep updating your wealth
documents. It is very common for
financial planners to meet clients
without an updated KYC (Know
Your Customer) with banks or other
financial institutions. This leads to
various problems sooner or later—
for instance, old addresses and other
personal information remain on record
or investments stay linked to dormant
or closed bank accounts. I suggest that
couples go on a ‘financial date’, where
they spend at least two hours every
three months to evaluate their financial
situation, documents and goals.
ÊMaking a will, updating nominations
and re-evaluating health-insurance
needs are a few other habits that go a
long way in wealth creation.
If you want to become a master of
your money, forget magic formulae—
start by developing money-making
and -managing habits through small,
consistent, baby steps until they
become a lifelong practice, and watch
your wallet grow.Gaurav Mashruwala is a Mumbai-
based financial planner and author
of Yogic Wealth: The Wealth That
Gives Bliss.SMS “UTIWIP” to 5676756To know about the KYC documentary requirements and
procedure please visit https://www.utimf.com/servicerequest/
kyc. Please deal with only registered Mutual fund advisors and
to know more visit the SEBI website under “Intermediaries/
market Infrastructure Institutions”. All complaints regarding
UTI Mutual Fund can be directed towards [email protected]
and/or visit http://www.scores.gov.in (SEBI SCORES portal).
Mutual Fund investments are subject to market risks, read all
scheme related documents carefully.readersdigest.co.in 43