SaveFirst is an initiative by professionals to bring financial literacy to every household. The passion and zeal behind this drive is to create awareness of 3 Situations of Life.
Life offers just 3 situations and you needs to be prepared for them all, anytime and always.
HAPPY TIMES – YOU LIVE LONG REALLY LONG
Everyone of us looks forward to the blessing of living long. Someone says “Yug Yug Jio” makes your moment happier always . Living long means more responsibilities to deliver, more years to spend and more money to celebrate the events of life. Imagine long life without money, sounds like hell. Long life is like a long journey that passes through many milestones like Child Education, Their Marriage, Your Retirement, Money plays an important role to reach and cherish every moment of life. To make every event become memorable in this journey needs lot of money. Just earning is not enough, you need to Save enough and Invest Smart. The magic of Investing Smart lies in Power of Compounding, many people know this concept but very few people actually get benefited by multiplying their hard earned money. Mutual Fund SIPs offer you Power of Compounding and have multiplying factor on your investments, that are smarter and beat inflation as well
SAD TIMES – WHAT IF YOU DON’T LIVE VERY LONG
What if life is cut short by someone’s own negligence or by act of god, what happens to all the financial events of life that one was working for so hard to make them memorable. Someone had build so beautiful hopes and promised sky to his family. Does this mean there will be no higher education after father’s death or there will be no marriage celebrations, who will take care of household expanses for next so many years. If you live long, you need big money to celebrate and if you live short you need to make provision to ensure a big fund to the family in your absence. This fund is nothing but the Term Plan you buy for your loving family so that you may or may not remain but your family will never be deprived of a required financial back up. You are just incomplete without a Term Plan. You must adequately cover yourself with a Term Plan that is min 10 Times to your annual salary.
CHALLENGING TIMES – YOU LIVE LONG BUT STAY CONFINED TO HOSPITAL
You pick up any news paper, on daily basis you will read about accidental injuries, critical illness like Cancer, Kidney failure, Lever transplant etc. Who are these people who get affected, certainly people like us only. Once someone is hospitalized, a critical disease / an accident wipes off all your savings that had been kept with some other goal in mind. Any critical disease should not bring financial stress to the family. Be smart, let someone else does take care of your medical expanse. All you need is a comprehensive health plan that is good enough to give you coverage against all critical disease.
May you stay long, stay healthy and achieve all your Financial Goals of life happy & Smiling. Its advised to be prepared for real peace of mind, it does not take much…..just a smart planning
(Writer is a Founder Director at SaveFirst, all opinions expressed are solely his own with a purpose to spread financial literacy)
