21 Thumb Rules for Successful Financial Planning - FinVise India


Rule 1: 30 % of your income must be used for monthly living expenses.

Rule 2: 30% of your income must be used for Liabilities repayments if any.

Rule 3: 30% of your income must be SAVED and  INVESTED for your future LIVING.

Rule 4: 10% of your income must be spared for entertainments, vacations

Rule 5: 6 months expenses must be available for an emergency fund(should be invested in LIQUID FUND, FIXED DEPOSIT Etc)

Rule 6: Home loan must be registered and apply on both husband and wife name. (Both can get benefits on Home loan Tax benefits)

Rule 7: Buying the second house for investment is not advisable ( Survey reports - it will fetch you only around 3% return)

Rule 8: After 45 years of age, not supposed to enter into any BIG LIABILITIES(Higher education of children and wedding of children will happen around 45 to 50 only, so plan now for the same.)

Rule 9: Have a joint account @ Bank savings account.

Rule 10: Property must be registered on both Husband and wife name. (As per legal act – after husband first legal heir is wife, after wife it will go to children only)

Rule 11: Regular check on Nominations at all financial instruments, if not nominated, do it now.

Rule 12: Only in the insurance policy, Claims payable to Nominee. In other financial instruments, the legal heirs' certificate is must get back the settlement.

Rule 13: Must have Term Insurance to financially secure the future of your dependents. Conventional Insurance products can serve as Debt oriented investments and provide assured returns in the present falling interest regime with Tax benefits.

Rule 14: Don’t take any financial investment decisions EMOTIONALLY,  and also Avoid last-minute tax-saving investment decisions, plan well in advance.

Rule 15: MEDICLAIM is must (in spite of Group mediclaim coverage given at office) (After retirement there is no mediclaim coverage, after 50-55 years of age, it's very tough and costly to enter into mediclaim)

Rule 16: For your jewelry LOCKER, Only one lakh is payable by the bank, if theft or fire happens at the bank. Provided insurance done.

Rule 17: Like the same way Government guaranteed only one lakh for your FD also. (Fixed deposits with Banks up to Rs. 1 lakh only are backed by deposit insurance)

Rule 18: Must know all Tax implications. You cannot avoid paying taxes. But you can minimize by way of tax planning and investments.

Rule 19: All financial documents must be kept safely and keep family members informed of the same.

Rule 20: Financial investments must be followed through a personal financial advisor.

Rule 21: Review your portfolio every six months.


For more details on Child's Education Planning, Mutual Funds, Financial Planning & Personal Finance contact us at : 
Phone No. 9582250638
Email Id: contact@finviseindia.com
Visit our website: www.finviseindia.com
Location: National Capital Region

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