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In financial matters, advice from our fathers has played a crucial role in teaching the habits of saving, budgeting, and investing. Their suggestions have impacted how we manage our day-to-day finances. We can easily look up to our fathers for some smart investment tips.
They grew up when financial planning was limited to investing in fixed deposits and gold, apart from keeping and managing high cash balances in hand for any emergency.
When it comes to financial planning, fathers have got some great investing tips for beginners. Let us take a look at the most important ones.
Invest in maintaining a comfortable lifestyle.
Our fathers always encouraged us to invest in risk-free instruments to ensure a comfortable lifestyle for us. A monthly income plan is one such financial instrument that any father would have stressed upon. Monthly income plans in India focus on preserving capital and generating returns through investing in a low-risk portfolio. Investing through this is considered much safer than investing in the equity market-linked avenues.
The almost risk-free aspect of the plan is what made it attractive for our fathers. Guaranteed1 returns option and a chance for long-term savings have made the plan even more tempting.
Plan to secure family’s future.
When we start our work life as fresh graduates, many of us may have heard our father advising on how important it is to save a part of our income and channel it towards investment funds. This is one very sound piece of advice. Cultivating the habit of saving right from the beginning of our career makes it a lot easier to address our family’s financial needs in the future.
We can start by purchasing a monthly income plan insurance that comes with the combined benefits of regular cash flow and insurance cover. Making investments in these policies enables our family and us to maintain a good standard of living.
Set financial goals and stick to them.
Our father’s ensured and prioritized the family’s financial future over everything else. We, too, must take out time to think about the major milestones that we would like to achieve. Without having a set of goals, we can very well make mistakes in managing our finances that can disrupt our lifestyle and put a strain on our well-being.
If, in the long run, we have to give up one goal to achieve another, that means our plans are not clear, and we are confused. The safest way to engage our money is to invest in a plan that gives us guaranteed1 returns, variable premium payout options, riders# protection, and all of this coupled with tax* benefits. Thus, investing in a monthly income plan that includes these benefits will provide us with good financial security.
Go for long-term investments.
We must have observed that our fathers opted for saving in fixed deposits for long periods and were satisfied with the assured yet low-interest rates. We can take a lesson from here.
Focusing on long-term investments like our dads can keep our minds off from the highs and lows of the volatile equity market. Therefore, if we want decent returns and want to avoid market fluctuations, we must opt for a monthly income plan insurance. That way, we get guaranteed1 monthly returns coupled with good coverage for riders# (in case we choose any).
Be prepared for future contingencies.
Thanks to the increasing inflation, living expenses have increased significantly. The prices of almost everything have risen continuously - be it food, clothes, education, medical expenses, travel, etc. Moreover, if we come across any unfortunate event, say, a job loss, accident, or any other unavoidable casualty, it can become very difficult to sustain our lives.
That is when our fathers’ caution comes to mind about being prepared for such times by maintaining a contingency fund covering at least six months to 1 year of our expenses. Monthly income plans in India are a good way to ensure the regular flow of income in such unforeseen circumstances.
Keep a check on expenditures and save wisely.
It is probably the most basic yet the most useful advice we receive from our dear fathers. Since our investments are sourced from our savings, we should focus on maintaining the latter. But to save, we need to keep an eye on how we spend and how much we spend.
By curbing unnecessary expenditures, we can easily build enough funds to invest in relevant insurance plans and enjoy our fruits of patience.
Times have changed as today we have several options to choose from - monthly income plans, plans that come with guarantee1 insurance, and so much more. The Tata AIA Life Insurance Guaranteed Monthly Income Plan (UIN: 110N147V02) is one such plan that guarantees1 monthly income up to 24 years after the maturity date. We can enjoy the flexibility to plan our future financial goals with the added income. The policy can also be used as collateral to avail other loans.
By now, we must have understood how important it is to follow our father’s footsteps when calculating our finances and investing in a good plan. Always remember that the earlier we start, the easier it becomes to secure our family’s financial future.
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1Guaranteed Returns/Payouts depend on Plan Option, Policy Term, Premium Payment Term and Age at entry
*Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
#Riders are not mandatory and are available for a nominal extra cost. For more details on the benefits, premiums and exclusions under the riders please refer to the Rider Brochure or contact our Insurance Advisor or visit our nearest branch office
Insurance cover is available under the product.
The products are underwritten by Tata AIA Life Insurance Company Ltd.
The plans are not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.
For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
This blog is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. The information is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.
Every effort is made to ensure that all information contained in this blog is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.