During your lifetime, your financial needs will evolve with changes in your income levels, spending patterns, family concerns, and retirement plans. Planning ahead for each stage can help ensure you're ready for the changes that will occur as you enter the work force, marry, buy a home, have children, advance in your career, and retire. Below given are some of typical life stages (also typical age group is mentioned) one goes through and the various goals and financial needs of an individual and his/her family. And professional Financial Planning can help one prepare and achieve them.
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Single & Earning (Age Group: 20-30)
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- Post Graduation in India or Abroad
- Repayment of Education Loan
- Initial start up corpus for starting new business / profession
- Contribution towards Household expenses
- Life style expenses for personal recreation
- Buying a Vehicle (Bike / Car)
- Debt Management including planning for repayment of Loan
- Insurance needs for personal protection including health and personal accident
- Life Insurance needs for protection of dependents
- Planning domestic/international vacations with friends/spouse
- Having a good investment strategy to build wealth for the future
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Early Married Life (Age Group: 25-35)
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- Increase in Out of Pocket expenses for recreation and touring with spouse
- Growth in Job / Professional career
- Increase in contribution towards Household expenses
- Inflow of additional income if spouse is earning
- Buying a Vehicle (Bike / Car)
- Debt Management including planning for repayment of Loan
- Insurance needs for personal protection including health and personal accident
- Life Insurance needs for protection of future needs
- Investment for Future goals
- Planning for taxation aspects
- Buying / Leasing a house
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Married With Kids (Age Group: 30-40)
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- Increase in Out of Pocket expenses for recreation and touring with family
- Increase in Household expenses
- Primary and Schooling Education expenditure
- Reduction in inflow of income if earlier spouse was working
- Buying a Vehicle (Bike / Car)
- Buying / Leasing a house
- Debt Management including planning for repayment of Loan
- Vacation Planning with Family
- Insurance needs for personal protection including health and personal accident
- Life Insurance needs for protection of future needs
- Insurance for Minor Child
- Investment Planning for Wealth Accumulation
- Planning for taxation aspects
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Middle Age (Age Group: 35-55)
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- Out of Pocket expenses for recreation and touring with family
- Increase in Household expenses
- Sending Child abroad for IB Education after Schooling
- Buying a Vehicle (Bike / Car)
- Buying / Leasing a house
- Debt Management including planning for repayment of Loan
- Vacation Planning with Family
- Insurance needs for personal protection including health and personal accident
- Life Insurance needs for protection of future needs
- Investment Planning for Wealth Accumulation
- Planning for taxation aspects
- Child’s Future Planning
- Planning for Childs Further Education in India or Abroad
- Child’s Future Planning specifically his/her Marriage planning
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