NEW YEAR 2019

As we are heading towards a new chapter of 365 days, we all will try to use each day efficiently and progressively to achieve and fulfill our dreams.

Here are a few important things to remember that will help you to keep healthy, financially.

1. Health Insurance Coverage:Other than education, the highest inflation exists in the health industry. Treatments are getting costlier day by day and with current lifestyle and pollution levels, increasing your health coverage is a must. Adding top ups along with cancer and heart protection policies makes sense.
2. Life insurance Coverage:If you have people dependent upon you then you must check your present term insurance coverage. I have specifically mentioned term insurance because that is the purest form of insurance, the rest are more of investment products with huge expenses that are just meant to make insurance companies and intermediaries rich.
3. Create your WILL if not done till this time:Your hard earned money should go into the hands of the people you want is the best thing that can happen after you have lived your life. Unnecessary litigations after you can really spoil the efforts that you have put in to generate this wealth.
4. Check your CIBIL scores: Sometimes, small mistakes or ignorance can impact our credit score which can really create problems when you are looking for loans in future. It is better to get it done right now then repenting in future.
5. Review your portfolio:Please sit with your advisor and see how your portfolio is doing viz a viz your goals and benchmarks. I am not saying that you need to churn it but better asset allocation and understanding will always help us to reach our goals.
6. Increase your SIP: Discipline and patience are the two tools for creating long term wealth. With inflation and your growing income, don’t forget to increase your SIP amount. Topups in existing SIPs can really help you to increase the wealth.

By no means the above mentioned points are comprehensive but not bad to give a kick start to your new year.

Will keep on adding to these in near future,Till then enjoy this cold weather with a cup of green tea and my wishes

Nipun Madan, CFA