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Financial Planning

» Financial Planning

What is Financial Planning?
Financial Planning is the process of meeting your life goals through the proper management of your finances. Life goals can include buying a house, saving for your child’s higher education & planning for retirement. The Financial Planning process consists of six steps that help you take a ’big picture’ look at where you are currently. 
Start now At Swaraj Money we first ask our client what is your life’s biggest goal and most of the time we listen that I want my children must be highly educated, well settled, successful & happy. This is the goal what most of us also believe the biggest goal of life but the story doesn’t end here, you also want to have grand marriage and another most important ample amount of money when you get retired.

Child Education Planning

Let us first look at the important Goals in our lives:-

Responsibility No 1: Child Education

Assume your child age is 3 years and inflation rate is 6%.

 
Q. What is the Average Age when a child needs Higher Education? 

Ans.
20 years
 

Q. What is the Average Cost of Higher Education Today?

Ans.
M.B.A
Rs.8 Lacs
 
Medical  
Rs.15 Lacs
 
Foreign Study 
Rs.25 Lacs 

Q. How much would the Higher Education cost you at the maturity?

Ans. After 17 yrs  
 
M.B.A
Rs.21 Lacs
 
Medical  
Rs.41 Lacs
 
Foreign Study 
Rs.67 Lacs

Are you on the right path to provide good education for your child?

Solution:

You can get around Rs.21 lacs or more for your Child’s Higher Education by investing Rs. 1,500 per month.

Education 
Target 
SIP Amount per month
M.B.A   
Rs.21 Lacs    
Rs.1500
Medical  
Rs.41 Lacs
Rs.3000
Foreign Study
Rs.67 Lacs
Rs.5000

SIP mean Systematic Investment Plan. 

Assuming returns of 20% rate per annum from equity Mutual Funds in India, though the average return for the last 10 years has been more than 35% per annum in top ranking diversified equity Mutual funds

“Top Ranking Indian Mutual Funds gave highest returns for the last 10 years: up to 35% PA.” 

Child Marriage Planning

Responsibility No 2: Child Marriage

Assume your child age is 3 years and inflation rate is 6%.

 

Q. What is the Average Age when a child gets married?

Ans.
24 years

Q. What are the Average Expenses of Marriage Today?

Ans.
Rs.10 Lacs

Q. How much would your child’s Marriage cost you at maturity?

Ans.
Rs.34 Lacs  (after 21 years) 

Solution:

You can get around Rs.34 lacs or more for your child’s marriage by investing Rs. 1,500 per month.

Purpose
Target 
SIP Amount per month
Child Marriage   
Rs.34 Lacs    
Rs.1500

SIP mean Systematic Investment Plan. 

Assuming returns of 20% rate per annum from equity Mutual Funds in India, though the average return for the last 10 years has been more than 35% per annum in top ranking diversified equity Mutual funds

“Top Ranking Indian Mutual Funds gave highest returns for the last 10 years: up to 35% PA.” 

Retirement Planning

Responsibility No 3: Your Retirement

Assuming; your current age 28 years,Inflation: 6%  p.a.


Q. What is the Average Retirement Age?

Ans.
60 years
 

Q. What is an Average Monthly Expense of a Middle-class House Hold?

Ans.
Rs.10,000/- p.m.
 

Q. How much Retirement Kitty would you need at Retirement?

Ans.
Rs.2.20 Crores
 

Monthly Expenses would grow from Rs.10,000/- now to over Rs.64,500/- at Retirement & would continue to growth thereafter, So to get Rs.64,500 per month as pension after 32 years you have to invest Rs.2.20 Crores in the  investment kitty which provide 6% P.A. return.

Assumption: 

Current Age: 28 years. Retirement Age - 60 yrs. Life Expectancy - 90 yrs. 
Assuming inflation @ 6%. Returns on Retirement Kitty – 6%

 

Solution:

You can get around Rs.2.20 Crores or more for your comfortable and honorable retirement by investing Rs. 1,000 per month.

Purpose
Target 
SIP Amount per month
Retirement 
Rs.2.20 Crores   
Rs.1000

SIP mean Systematic Investment Plan. 

Assuming returns of 20% rate per annum from equity Mutual Funds in India, though the average return for the last 10 years has been more than 35% per annum in top ranking diversified equity Mutual funds

“Top Ranking Indian Mutual Funds gave highest returns for the last 10 years: up to 35% PA.” 

Times of India, News Delhi, Date:-20-11-06

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