Pranjal Kamras 6-Step Guide to Financial Planning

Investment can be tricky. Influencer and financial expert Pranjal Kamra shares tried and tested steps to financial planning. Read on.

Plan Term Insurance

As per your annual income, you have to take 15 or 20 times more term insurance. If the annual income is Rs 5 lakh then take term insurance for Rs 75lakh-1 crore.

Health Insurance

Apply for health insurance for the entire family. If you can afford Rs 10 lakh cover then surely take that. It will help in the long run.

Savings Account

Keep expenses saved for at least six months in your savings account. If your monthly expense is Rs 20,000 then you need to keep Rs 1,20,000 on auto sweep in your account

Retirement Planning

The best investment for retirement is the NPS plan. You must invest in this plan at the earliest.

Invest in Sovereign Gold Bond 

Instead of investing in physical gold, invest in sovereign gold bonds. They are beneficial in the long run.

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Mutual Funds

Invest in two types of mutual funds: Large Cap Index Funds and Active Flexi Cap Funds. They are flexible and can be customized as per your requirements.