February 11th, 2023
Most litigators don't have a steady source of income, retirement benefits like gratuity, PF or medical/health insurance.
When should we start saving?
How can we invest for the future, given the unpredictable income we earn?
What tax benefits can we claim?
Let's ask a financial expert!
Who: Aarti Desikan, Executive Director, Anand Rathi Wealth Ltd.
What: Introduction to the do's and dont's of investing, followed by Q & A.
Why: To stop relying on a male family member or spouse to handle our money and to be financially knowledgeable. With awareness, comes great empowerment 💪🏽
Some of the questions asked and addressed:
Money, Money and Money!
How do I get comfortable with and knowledgeable about investing?
How much of my salary do I need to put away for my future?
What are the pros/cons of saving instruments- RDs, FDs, PPF, Gold, Mutual Funds, Immovable property, any other?
What kind of monthly/yearly investments should I make, keeping in mind my erratic income coupled with consistent monthly expenditure?
Do I need life insurance and Health Insurance?
How risk-averse or risk-friendly should I be while investing?
Does it make financial sense to buy an immovable property and buy EMIs for 15-20 years or just rent residential premises for life?
If I marry, should I keep my finances separate from my spouse’s? Should I have a joint account with him?
Are there any tax benefits that married couples can avail if they invest jointly?
How can I set aside money for my child’s education while still saving for my own retirement?
How can I care for my elderly parents, while still looking after my own financial security? (Do I buy them medical insurance/ life insurance and deposit monthly amounts for living expenses?)
How can I safeguard my financial security while on a maternity break? (How many months’ salary equivalent should I set aside?)
If my marriage breaks down, what kind of financial safeguards can I put in place? How is (monthly or permanent) alimony taxed?
How can I identify a good financial advisor (Credentials, Fee etc)?
How can I safeguard my assets against any debts my family may raise (from parents, siblings or children)?
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