Horoscope: Know here Money Guru's tips on 7 principles of investments
7 principles of investments: You should share life's financial goals, and explain where you have invested, besides giving information about salary or business income.
Horoscopes of a bride and a bridegroom are matched prior to marriage generally among Hindus for ascertaining compatibility and ensuring smooth relations between the couple going forward. However, now with changing times, compatibility of financial horoscope too is becoming significant. The new norm in marital relationship is a significant part of financial planning before and after marriage between husband and wife, looking at disputes arising out of the conjugal relationships that shatter the family. Just to provide economic stability to the family, financial horoscope has become very important, and to understand it, Zee Business discusses this topic with Vikas Puri, Vice President, Quant Capital.
Puri tells us why it is important to match financial horoscope before marriage, and how to do financial planning after marriage, besides giving tips on where to invest for small and big goals, and how to balance equity and debt. To make us understand the whole topic in a lucid way, "7 oaths" of marriage have been changed to this - '7 Words of Investment'. Check them out below:
1. According to the expert, the couple should know the financial position of each other. They should give information about loans taken and how long is the loan going to be, how much EMI goes out in a month. Do not hide if you are in debt. Discuss about taking a home loan as well as tax exemption for both husband and wife in joint home loan; and Financial discipline is revealed by giving loan information.
2. You should share life's financial goals, and explain where you have invested, besides giving information about salary or business income; Provide details about property taken; Give information if you have bought any land. This is critical to the relationship between bride and groom as by giving information about investments, it becomes easy to match economic traits.
3. You should provide all the details of your insurance plan; share info about Health, life insurance plans. If you do not have insurance plan, you must take it; must have a term plan as it give cover to your family; include the name of life partner in group health plan after marriage; and take travel insurance for a trip after marriage.
4. At all costs, you should avoid financial infidelity! do not give false information about earnings, do not spend without telling your life partner, do not hesitate to talk about money, don't lend to others without telling your life partner, avoid spending through credit and also avoid wasteful expenses in marriage.
5. You should open a joint bank account, and together make a home budget; take responsibility of household expenses; Look at pay slip every month as well as bank statement; monitor spending patterns; stay alert when sudden expenses increase, and pay your credit card bill on time
6. You should first make an emergency fund after marriage; keep Emergency Fund equal to 6 months' expenditure; Emergency Fund for accidental illness, accident costs; save some money in bank account, and do financial planning with honeymoon plan.
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7. You should decide your financial goals after marriage; make short, medium and long term goals; children's education should be prioritised; increase your investment in mutual funds with SIP, and diversify your portfolio, balancing your investment in equity and debt. Further, you should save for retirement by making investment in retirement funds, and this should begin now to have a better life after sixty.