PLANNING TO GROW YOUR FAMILY FINANCE

  Like for achieving any important mile stones in a family  - be it educating your child, getting them married, sending them abroad for higher studies or  building your first home - you plan with great care and attention, You  need to make a conscious decision to plan  for growing the family finance and wealth. It is a critical activity which  must be undertaken without delay, at what ever stage of life you are in. As a first step, identify the major mile stones of your family  and the corresponding financial outlay required in the next five years,ten years and so on up to the next 25-30 years.

  Next compare these periodic financial targets  to be met at important mile stones with  the current  and future level of income to see whether it would be adequate enough to meet those needs. What is the monthly saving required to meet the future goals? If it is not adequate what is the next step to be taken ? You  need to  give  a serious thought to answer these questions.

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