Discover and read the best of Twitter Threads about #financialplanning

Most recents (24)

There are two main types of IRAs:

Traditional IRAs and Roth IRAs.

There are a few things to consider when deciding which to pick, this includes contribution limits, tax implications, and your specific financial situation and retirement goals.

Let's discuss:
Keep an eye on fees:

When investing in an IRA, it's important to keep an eye on fees such as annual expenses, trading fees & account maintenance fees.

These fees can eat into your investment returns over time, so it's worth comparing options and choosing an IRA with low fees.
One key difference between the two is how they are taxed.

Contributions to a Traditional IRA may be tax-deductible in the year they are made, depending on your income and whether or not you have access to an employer-sponsored retirement plan.
Read 8 tweets
To all of you who are new to the workforce… Congratulations!!! You have secured your first job.

But are you confused about how to best use your current salary? (1/n)

#salary #cashflow #payday #money
Most people complicate things. It is only natural when there are so many investment products to choose from. That need not be the case.

Here are some simple tips for someone just starting! (2/n)

#equity #fixedincome #gold #realestate
#1 Start Building an Emergency Fund

This should be your first priority. In case of emergencies, you shouldn't be left empty-handed.

Having 3-6 months of expenses set aside will be optimal. (3/n)

#emergencyfund #savings
Read 16 tweets
Have you ever wondered how much you need to save for your retirement? Ever wonder if you will make it or fall short?

Over 600+ clients have benefited from our Financial Planning engagement!

Here are FIVE ways financial planning can help you! (1/13)

#financialindependence
Before we begin, financial planning is a very personalised process. Every person's need is different. That is why we aim to craft tailor-made financial plans to meet each individual's needs. (2/13)

#financialplanning #personalfinance #savingstips
#1 Achieving Your Goals

Managing your finances in a way through which we can help you meet your goals is the crux of the planning process.

Proper planning can help you accomplish goals that you thought were far out of reach! (3/13)

#financialplanning #financialgoals
Read 13 tweets
Have you bought a car on the occasion of Diwali?🧨 While purchasing a car is an enjoyable process, choosing the correct insurance often becomes confusing.

Here is a short #thread on 7 things you should consider before buying #CarInsurance. (1/n)
#1 Should you take insurance from the tie-up dealer or with an outside agent?

Insurance from the dealership is often more expensive than when individually purchased. The reason is the dealer passes on the commission received on selling #insurance to the customer. (2/n)
✅What You Can Do: A prudent thing to do would be to check outside before going ahead with your dealer. This can also help you to negotiate better prices with your dealership. Policy bazaar is a great place to compare quotes from different insurance providers. (3/n)

#insurance
Read 14 tweets
As the world watches the Twitter vs #ElonMusk saga unfold, and questions, “What is happening?”, let’s take look at a question that’s been on many investors’ minds for a while - “What does #assetallocation actually mean, and why should I care?” (1/6)
The short answer (within 280 characters), is that asset allocation divides your investments across different asset classes like #equity, debt, #gold etc., in order to achieve a specific investment goal, at a certain growth rate. (2/6)
Why is this necessary? For starters, it ensures that you stay invested for the duration needed, while also helping you decide how much you should invest in sub-asset classes like #large-cap or #mid-cap equity, low duration funds or liquid funds. (3/6)
Read 6 tweets
Travel is back on the table! With restrictions easing off, most of us are now determined to plan our next exotic vacation.

We have our bucket lists ready, a list of places to see, things to do, and cuisines to savour. But what about insurance? (1/8)

#insurance #travelinsurance
Travelling on a budget is not easy. We know from practice that we need to set aside money for unforeseen expenses. But, when travelling to a foreign land, could we take an extra step to be a little more prepared? (2/8)

#travel #financialplanning
Why should you take travel insurance? It safeguards the interests of the travellers on foreign land.

Imagine falling sick, meeting with an accident, or even losing your luggage & passport. As glum as it may sound, it is essential to prepare for emergencies. (3/8)

#uncertainity
Read 8 tweets
Understanding Lifestyle Creep - A Thread 🧵

Lifestyle inflation, is overspending after your income increases.
It can occur over years and difficult to spot unless
you are on top of your budget

#personalfinance #FinancialFreedom #financialplanning #lifestyle
Basically increase in spending after receiving a raise instead of saving the additional income.

Or if monthly loan payment got over & extra cash now not saved but spent on non essential items

Once this takes over, new cash gets spent as fast as — or faster than — it comes in.
It's normal for lifestyle spending to increase when we get a better income. We want to treat yourself after working hard to make that money. Where it becomes problematic is when the increase in lifestyle outpaces the increase in income.
Read 7 tweets
Lessons you can incorporate in your #financialplanning from one of the greatest texts on warfare and military strategy- the Art of War by Sun Tzu.

Thread.🧵 Image
Sun Tzu believes the general that makes many preparations prior to a battle is victorious. Image
Plan your finances with proper research and due diligence, and you've already won half the battle. Image
Read 9 tweets
👍The 4% Rule of Thumb for Withdrawals from Retirement Fund👍

A Thread🧵
#threadbytradersushma
#financialplanning
1/
Generally when people plan for their retirement their main focus is to find out how much corpus is sufficient for a decent retirement life. The spending part is usually ignored.

The 4% rule is one such plan which talks of the spending phase.
2/
The 4% rule tells us about how much a retiree should withdraw from his retirement a/c each year which shall continue to provide him a steady source of income without depleting his retirement corpus.
3/
Read 13 tweets
Educational thread: Investment mistakes you can make in your 20s:
1. Not a having a plan: 20s is the perfect time to start thinking about finances. There are less responsibilities, expenditure and the scope of savings is huge. Now is the time to think long-term.
2. Not knowing what to do with your earnings: In this knowledge-driven world, there is no shortage of data needed for research kn investments. Find out the investment options, the risks associated and make an investment plan.
Read 9 tweets
Educational thread: 6 Bad Financial Habits you should Avoid at all costs! Read and share:
1. Biting off more than you chew: While loans, credit cards ease your financial burden at the moment, piling them up is never a great idea. If this is your case, investing will be a distant dream.
2. Bad credit score: Most Indians are unaware of how credit scores are calculated. Even simple things like not paying bills, late payments can reflect adversely on your credit score. This can backfire in your future, if you apply for loans.
Read 9 tweets
A Thread on Financial Planning for Middle Class Family👇

நடுத்தர குடும்பத்திற்கான நிதி திட்டமிடல் பற்றிய பதிவு:

1. நிதி திட்டமிடல்
2. சேமிப்பு VS முதலீடு
3. பணவீக்கம்
4. முதலீடு
5. நிதி திட்டமிடல் செய்வது எப்படி?
1. நிதி திட்டமிடல்:
நிதி திட்டமிடல் என்பது சம்பாதித்த பணத்தைச் சேமிக்க, செலவழிக்க, முதலீடு செய்யத் தேவையான தொகையைத் தீர்மானிக்கும் ஒரு செயல்முறையாகும்.
அதில் வரவு, செலவு, சேமிப்பு மற்றும் முதலீடு ஆகிய கணக்குகளை உள்ளடக்கியது.
இன்று நாம் செய்யும் நிதி திட்டமிடல்களைப் பொறுத்தே,
நமது எதிர்காலத் தேவைகளைப் பூர்த்தி செய்யவும் மற்றும் வாழ்க்கைத் தரத்தை மேம்படுத்த முடியும். நிதி திட்டமிடல் என்பது செலவுகளைக் குறைக்க, முதலீடுகளை ஒழுங்குபடுத்த, நாம் வாழ்நாள் முழுவதும் நமது இலக்குகளை - திருமண செலவு, ஒரு வீடு / நிலம் வாங்க, குழந்தைகள் பள்ளியில்,
Read 39 tweets
Daily Bookmarks to GAVNet 05/18/2021 greeneracresvaluenetwork.wordpress.com/2021/05/18/dai…
To make particles flow more efficiently, put an obstacle in their way

phys.org/news/2021-05-p…

#ParticleFlow
Researchers find order in a process previously assumed to be random

phys.org/news/2016-10-r…

#order #randomness
Read 10 tweets
Important Thread🧵on common #Financial Mistakes which people normally commit.

Credits: CA Govind M Chandak.

#WAFwd #InvestmentPlanning #Investing

Avoid these mistakes for better financial future.

@dmuthuk @Vivek_Investor @VidyaG88 @caniravkaria

🙏 RT to maximize reach🙏
❌ Buying Insurance Policies for investment purpose.

Always go for #TermInsuance
❌ Not able to wisely use Credit Card ...

As always pointed out by @dmuthuk sir & @FI_InvestIndia avoid #CreditCard for purchasing unnecessary stuff on credit.
Read 28 tweets
Kalpfin Wealth Byte (30 seconds read)

Too much, too soon, too fast!

Everyone knows the investing duo of Warren Buffett and Charlie Munger. But 40 years ago, there was a third member, Rick Guerin. The three made investments together.
Then Rick kind of disappeared while Warren and Charlie became the most famous investors of all time

A few years ago, hedge fund manager Mohnish Pabrai asked Buffett what happened. Rick, Buffett explained, was highly leveraged & got hit with margin calls in the 1970s bear market.
Some things scale well. Double their size & you get double the output (or more).Other things don’t, & it is important to know which is which.

A good summary of investing history is that stocks pay a fortune in the long run but seek punitive damages when you try to be paid sooner
Read 6 tweets
You are constantly making #financial decisions. Are you making the best possible ones?
What can a #financialadvisor do for you?
Situational concerns are specific to YOU! There are no right or wrong choices, but there are right and wrong financial behaviors. Who’s helping you master behavior?

#riskmanagement
Read 7 tweets
Smriti was always an organised person, yet her finances were all over the place!
#Tax was her nemesis.
She:
Paid more #TDS than required
Rushed her tax saving investments
This time on Essence of Planning, we’re showing you how financial planning changed Smriti’s life for good!
She started by preparing a #Financial checklist of things review financially. How many things have you crossed off? Comment your answer below!
Read 8 tweets
January is named after the Roman two-faced god #Janus. It’s time to look back at what you’ve achieved and look forward to what you’ve got to do.
3 solid reasons to review your #financialplan in 2021. Are you confident that your financial plan is still relevant and adaptable? Are you in the best of #financial health?
You are not the only one influencing your #financial future! We show you how the world is influencing your financial outcomes. Tell us how you tackled these changes in the comments below!
Read 9 tweets
#MCPersonalFinance | Coming in April, a new standard home insurance policy: Should you buy it? @Preeti__Kul explains: moneycontrol.com/news/business/…

#HomeInsurance #Insurance #IRDAI
#MCPersonalFinance | Many senior citizens suffer from inadequate cashflows. Reverse mortgaging their residence would enable them to get a steady income over their lifetime, writes @thanawala_hiral.

#SeniorLiving #FinancialPlanning
moneycontrol.com/news/business/…
#MCPersonalFinance | Mutual funds vs unit-linked insurance plans - Here are some factors that can help you assess the products and decide what suits you.

(By Joydeep Sen) #MutualFunds #Investment #Insurance
moneycontrol.com/news/business/…
Read 5 tweets
The new wage rules come into effect in April 2021. In this thread, we break down
•How this could impact you
•How a financial adviser can help
The government is seeking feedback on these rules and is yet to publish the final rules.

#newwagecode
What: Basic component of #salary to be at least 50%
Impact for Individuals: Contribution to #PF increases, Take home reduces.
Impact for Corporates: Employee costs go up
Should you be worried that your take-home is less? No, because you’re not losing money. In Richard Thaler’s book Nudge,he highlights the importance of automatic contributions to #retirement accounts. You’ll end up saving more money towards retirement without any additional effort
Read 4 tweets
#FirstThread #FinancialPlanning
நிதி திட்டமிடல்

கொரோனாவுக்கு அப்புறம் உங்களோட நிதி நிலைமை சரி இல்லனா நீங்க முதல்ல செய்ய வேண்டியது இனிமேல் உங்க வரவு செலவை திட்டமிட்டு செய்தல்தான் உங்களை காப்பாத்தும். இதை கவர்மெண்ட்டே செய்யறதில்லைங்கிறது வேற விஷயம்!
எதுவுமே நிலையில்லா வாழ்க்கை இதுன்னு இந்த கொரோனா நல்லாவே உங்களுக்கு காட்டிருக்கும்னு நினைக்கிறேன். இனி வரும் காலத்தையும் நிதானமாவும் பண நெருக்கடி இல்லாமையும் முடிந்தவரை எல்லா வகையான வாழ்க்கை சூழ்நிலைகளையும் சமாளிக்க நீங்க உங்களோட நிதி நிலைமையை திட்டமிடனும். குறிப்பா முதல் முறையா
இதைப்பற்றி யோசிக்கிறவங்களுக்கு என்னோட இந்த பதிவு உபயோகமா இருக்கும்னு நினைக்கிறேன். அதுக்கு முன்னாடி நிதி திட்டமிடலையும், பட்ஜெட்டையும் குழப்பிக்கவேணாம். ரெண்டுக்கும் சில வித்தியாசங்கள் இருக்கு அதுல ஒன்னு முக்கியமானது பட்ஜெட்னா உங்களோட வரவு செலவை முறையா பராமரிக்கிறதுன்னு சொல்லலாம்
Read 31 tweets
OK, some people in Aussie #FinServ are clearly unsettled by Vanguard's decision to boldly have a crack (again) at #superannuation.

So I'm gonna break it down in this thread.

I may be on the money, or way off base. You decide.
It's important to note that @vanguard_au was its first presence outside the US.

From memory, around 1995-96.

So this hasn't exactly been an overnight success story.

For much of the first two decades, & paying $0 commissions, it was broadly shunned by #financialplanning.
The prize that lured Vanguard to Australia was #superannuation.

But the cost of client acquisition for retail is high.

Funds without a dedicated salesforce (or default status) struggle.

Plum, the corp super JV with MLC, was a bit meh for market penetration.
Read 14 tweets
1/13
A thread on
#CreditCards a " Yes" or a "No" ?

Decided to write an honest opinion on the usage of credit cards & whether it is "As bad as it made out to be" or "That good as claimed" !!

Disclaimer: This is MY experience & my opinion on the issue addressed at hand .
+
2/13
Points in favour
1) #Convenience !!
2) Lot of reward points .Yay!
3) Usage at airport lounges & movie tickets & the likes (subject to T&C)
4) Extra time to repay the debt. Duh !! Who doesn't like that!
6) Kind of a status symbol . Mere paas AMEX card hai ,
hain.... 😎
+
3/13
Points against usage

1) Too much convenience results in thriftness. We end up spending much more.
2) Reward points come with a host of T&C. Are we actually being rewarded also ?
3) Freebies to keep our inflated ego in check . Many a times changed/stopped overnight! 🤷
+
Read 13 tweets

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