Hirannya

Author: hirannya

  • Financial Planning

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    Financial Planning is often rightly termed as blueprint or roadmap of your financial journey. This roadmap is essentially lifelong. At Hirannya FinPlan we understand and acknowledge this.

  • Wealth Management

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    When you set out in the journey of creating wealth, managing portfolio of different investment products takes the centre stage. During creation of the portfolio three things that we consider..

  • Estate Planning

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    You work hard to build your assets—your investments, home, personal property—and to provide a level of financial security for loved ones. Then, doesn’t it make sense to work just as hard .

  • Tax Planning

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    Tax Planning is not meant to be a year-end affair and investing your hard earned money in any tax saving product that come on your way.Tax Planning can be defined as an arrangement of one’s financial.

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  • Education Planning

    Education Planning

    GIVE YOUR CHILD A PROMISING DREAM FUTURE:

    You as a parents dream of fulfilling all the requirements and drams of your kids. You want to give the best to your child. Best of education, best of toys, best of health, best of everything!. The only problem of these best things is that these have the best price tags too. These days Child education is one of the biggest goals of any parents because of the high cost of education and tough competition. It is very important to start saving for your child education. To plan your child’s education check out this ‘education planner’ which will give you an insight on how much you need to save today, to provide for your child’s education at a future date.Cost of education is increasing yearly than inflation. Now a day’s college education is an expensive – but not an impossible one. With the right strategies, you can go a long way to meeting this challenge whether your child is still in preschool or already in high school.

    Step No.1: Generally children’s goes to college for under graduation at the age of 19 yrs and post graduation from 22 yrs of age. You can fix your term depending on your child current age and when you want the funds. Now you know the years left for your child higher education..

    Step No.2: Every parent has different dreams when it comes to child education. The courses like MBBS, MD, MBA, ENGINGEERING, Technology courses are very expensive one. First assume your child is   going to join the college from today then in that case what is the cost of education in today’s value.

    Step No.3: Now you know the cost of education in today’s value. But remember the cost of education is going to increase year on year because of inflation. In that case when your child goes to college after some years then find the cost of education will be that time. This is the amount you actually need at that time.

    Step No. 4: Once you know the target cost of education then you can start preparing for that. Here you have to take an important step before investing either systematically every month or one time investment. You have to find out whether you can achieve your target with the expected rate of return after adjusting inflation. Everybody has a different investment knowledge and risk appetite. Based on these factors you can choose different investment products to achieve your goal. If you are not comfortable in taking risk then just avoid that investment. Having said that generally equity investments gives better return over long period say 10 yrs and more. You have to satisfy yourself with suitable returns which will be able to achieve your target amount. More importantly if you have more years for your child higher education then you can invest monthly which will reduce your monthly outflow significantly.

    Important Decision: Your dream of giving best possible education to your child will be in dream only unless you insure yourself. It is always advisable to take the term insurance plan equal to your target amount. This will take care of your child dream education in case unfortunately if you are not here. Now for more details if you want to start planning for your child dream education planning.

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  • How to save tax in F.Y. 2014-15?

    How to save tax in F.Y. 2014-15?

    That time of the year has come. You receive a reminder from your employer to furnish details of your tax saving investments. It comes with a deadline, e.g. you need to give the details maximum by 1st week of January or February. Then 3 things happen –

    1. You ask and take opinion of the most profound expert in this field – your colleague!
    2. You feel great if someone takes effort to come to your desk and helps you making the investment … even if it is not at all suitable for you!
    3. You forget all these as mandatory year-end tasks and carry on as if nothing happened!

    I recommend you to first take note of the following 3 things instead –

    1. Tax saving investments can be made… err sorry… can be planned at the start of the financialyear itself i.e. in the month of April and not when you are asked to furnish details.
    2. Know your tax liability first. And it is easy; you need not even consult a CA for the same. Numerous websites are there to help you, just Google. Or even a simpler way is there – visit our website www.hirannyafinplan.com and try ‘tax calculator’.
    3. Make plan to achieve all your financial goals – short term, medium term and long term. Take care of your contingency. Make sure you bought adequate term cover and health cover and renew the same without fail. If all these investments also allow you to claim tax benefit – fine! If not, then also follow the plan ditto and pay tax instead.

    You can save taxes under various sections – 80C to 80U. You can check the details of all these sections in our website very soon. Before that I would like to bring your attention in the following 3 sections – most discussed and popular –

    80C

    Limit raised this year up to Rs. 1,50,000. Tax exemption on the amount invested can be claimed if investment is done in any of the following – Life insurance premium paid (only if yearly premium is less than 10% of sum assured), ELSS Mutual Fund, Tax Saving FD of 5 years tenure, NSC. REMEMBER first to find out the total EPF contribution that you make in the whole year + term insurance renewal premium that you pay + PPF investment if you make any + principal component of all your home loan EMIs + tuition fees part of school fees paid on children’s education. If the total is equal to or more than Rs. 1,50,000 then you need not to make any investment under this section. If the total is less than Rs. 1,50,000 – you can make investment of differentiate amount under this section –provided it makes sense or in line with your planned investment.

    80D

    You should always have adequate health cover. Ideally it should be a family floater cover of amount 5 lakh or more depending on the city you live in or likely cost that you may incur in case of hospitalization. The premium that you pay for this cover could be less or more than Rs.15,000 (the maximum amount that can be claimed as tax benefit). Even if it is less, you should not feel bad as long as you have bought a good and adequate health cover. You can buy health insurance cover for your senior citizen parents also and claim tax benefit up to Rs. 20,000. Here again, the focus should be on right insurance product and adequate insurance cover, and not on tax saving.

    Section 24B

    Most of the young families today, have a home loan to pay. Govt. encourages you to buy home and hence doles out tax benefits. Whereas principal component of your home loan EMI qualifies for tax benefit u/s 80C, interest component qualifies for tax benefit u/s 24B. Here there could be two scenarios – either the home that you have bought is put on rent or you are staying there. If you are staying there, then you can claim tax benefit up to Rs. 2,00,000 of interest paid. For let out properties, there is no such limit.

    Hope the above guidelines will help you in making right decision at right time. If you have any queries whatsoever please ask. Do comment. We are all ears.

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  • Retirement Planning

    Retirement Planning

    Nothing is permanent in this world. Everything that comes will definitely go including us. But we don’t know when. Apart from this everybody would like to live life peacefully as long as they live. You have to decide whether you want to depend on somebody or live on your own without compromising your life style throughout your life. That is why it is best to put our best efforts and save more for the future. The important thing you have to begin with is to have a retirement plan for you today.Retirement Plan is very important in our life. The earlier we construct the structures to attain a wonderful retirement the better for us. Saving for your retirement is one of the toughest and most vital things you will do in your working years. Because you have to save for your children’s college education, paying your home loan, children’s marriage, buying cars and all the other everyday costs.  Everyone has their own retirement dreams as well.The thumb rule is that you will need approximately 70% to 80% of your pre-retirement  income  to maintain your lifestyles in retirement. However, depending on your own situation and the type of retirement you hope to have, that number may be higher or lower.

    THERE ARE LOT OF FACTORS ONE SHOULD CONSIDER FOR RETIREMENT SAVINGS.

    • Retirement Age: This is the first factor you should consider at what age you expect to retire? In reality people say that they will work even after retirement from current job. Here you have to consider like health problem, job instability, or change of workplace etc. Assume that your retirement age is 60 then earlier you retire you need more money throughout your retirement life. It is best to prepare for unanticipated events that may force you for an early retirement.
       
    • Life Expectancy: Nobody knows the life expectancy. There are few factors which may give     you a hint. Your family history – like your parents and your relative’s current age or how long they lived. Common diseases in your family.  Your past and present health status etc. These are all the factors you have to consider when calculating your life expectancy. You will approx find the number of post retirement years you will spend.
       
    • Inflation: Inflation is one of the main factors while you save for your retirement. Just to save for retirement you start saving but forgot the impact of inflation then your savings will not sufficient. If you don’t account inflation while saving then inflation will reduce your value of your savings. So it is very important that your saving has to exceed inflation.
       
    • Your Lifestyle: Different lifestyles are being adopted by different people. Generally Lifestyles are usually simple for most the people. But it is very important that what type of retirement lifestyle you would like to enjoy. Like travel, or hobbies you would like to pursue etc. These are all questions can help you to decide your required corpus for your retirement. Many people tell that they would like to work part time after retirement. But the answer is practically not possible.
       
    • Health: Nowadays it is very important to consider the cost of health care. Health care costs are rising every year than inflation. People get health insurance cover from employers generally till retirement. Very few offers this after retirement. If you are not taking this in to account then it will eat your savings later. It is better advisable to buy long term health insurance for your better tomorrow.

     

  • What is Insurance ?

    What is Insurance ?

    Insurance enables those who suffer a loss or accident to be compensated for the effects of their misfortune. The payments come from a fund of money contributed by all the holders of individual insurance policies. In other words, individual risks are pooled and shared, with each policyholder making a contribution to the common fund.The contribution is known as the premium. Premiums are paid to insurers – these are institutions which accumulate the money into the fund from which claims are paid. The loss is in fact paid for by the policyholder making the claim and by all the other policyholders who have not suffered in the same way.

    Insurers are professional risk takers. They know the probability of different types of risk happening. They can calculate the premiums needed to create a fund large enough to cover likely loss payments. Clearly, only a proportion of policyholders will require compensation from the fund at any one time.

  • What is SIP ?

    What is SIP ?


    BENEFIT 1

    BECOME A DISCIPLINED INVESTOR

    Being disciplined – It’s the key to investing success. With Systematic Investment Plan you commit an amount of your choice (minimum of Rs. 1000 and in multiples of Rs. 100 thereof*) to be invested every month in one of our schemes.Think of each SIP payment as laying a brick. One by one, you’ll see them transform into a building. You’ll see your investments accrue month after month. It’s as simple as giving at least 6 postdated monthly cheques to us for a fixed amount in a scheme of your choice. It’s the perfect solution for irregular investors.*Minimum amounts may differ for each Scheme. Please refer to SIP Enrolment Form for details.

     

    BENEFIT 2

    REACH YOUR FINANCIAL GOAL

    Imagine you want to buy a car a year from now, but you don’t know where the down-payment will come from. HDFC MF SIP is a perfect tool for people who have a specific, future financial requirement. By investing an amount of your choice every month, you can plan for and meet financial goals, like funds for a child’s education, a marriage in the family or a comfortable postretirement life. The table below illustrates how a little every month can go a long way.

    CREATING WEALTH THROUGH MUTUAL FUNDS

    What is wealth creation? In the simplest sense – a desire to be rich, a desire to have control over the aspects that effect our financial life, a desire to command respect with the control, our money path and having more than sufficient funds to cater all are needs in future. Through mutual funds we can create wealth and also forgo the market risk factor by a technique called averaging which can be achieved through Systematic Investment plan (SIP) and Systematic Transfer Plan (STP).

  • This umbrella is for all season

    This umbrella is for all season

    Wherever you are, you surely experience monsoon at some time or otherin the year. During monsoon we never forget to carry an umbrella whenever we go out somewhere (We may forget to bring it back thoughJ). The good old umbrella will protect us from untimely showers, will keep us neat enough to carry on our tasks, will help us to keep promises that we have made – even when mother-nature tries to play spoilsport.

    Similarly we need to carry an umbrella throughout our lifetime to protect us and our families,financially from unpredictable events and mishaps. This umbrella will also help us to keep our promises that we all make to our family members (often silent but bold enough). Our life can remain on track, even when luck is not in our side – thanks to this umbrella!

    Bitter Truths:

    1. Man is mortal. Yes, we will die one day. When, nobody knows. An untimely death can leave the family in lurch.
    2. Life is unpredictable. We may face an accident – minor or major – anytime, anywhere. Apart from physical pain, financially also it hurts.
    3. We may get diagnose with some critical illness at some point in our life. We may still survive, but there could be long term treatment. Thus, it can create a big hole in our pockets.
    4. We all know the virtue of spiritualism. But can we live the life of a saint? No. Hence we often find ourselves surrounded by expensive goods, gadgets, artifacts and jewelry. An act of robbery or an electric short circuit can then suddenly take us to Stone Age. So all our belongings as well as our “home, sweet home” are under risk –whether man-made events or natural calamities (earthquake, flood etc.).
    5. We may lose jobs. Pink slip, pay cut, trimming workforce – these words are not from Mars!

    Better Solutions:

    1. If you are married or if someone is/are financially dependent on you, consider taking life insurance – immediately. Remember it should be pure term policy only – online or offline, whatever you are comfortable with.
    2. Taking a standalone health insurance policy (popularly known as mediclaim) over and above the one which is provided by your employer is always a wise thing to do.
    3. While taking a pure term policy you should also opt for a ‘critical illness’ rider. This will come cheap. You may even consider taking a separate critical illness insurance policy altogether.
    4. Home, in most cases the biggest investment we make in our lifetime or the most critical asset we ever possess. A home insurance is thus necessary but often sidelined by most of us. A comprehensive home insurance policy canalso take care of its belongings.
    5. Contingency or an emergency fund should always be there. Take no chance here. This will always come handy when unpredictability strikes our life – whether it is losing our job or meeting an accident or anything you cannot think of now.

    Must not forget:

    1. The life insurance cover should take into account your family’s lifestyle expenses, outstanding liabilities, priority financial goals of your family members, without fail.
    2. While taking a mediclaim, remember, that your lifestyle, your location and standards of nearby hospitals / nursing homes should also matter in choosing the cover amount as well as the service provider.
    3. Before applying for a home insurance cover first checkout with your society members whether a full building coverage is already taken or not; also check your loan papers to find out whether you yourself had bought one while taking the home loan.
    4. Your contingency fund should take care of your 6 months’ expenses at least, including EMI and premium outgo. Also make provision there for emergency medical expenses. Remember, your emergency fund should always enjoy maximum liquidity, so that you can access it even in midnight.

    So, you see, whether it is raining or not, this umbrella is always useful and critical. Make sure – your umbrella is big enough to not land you in any awkward situation.