With the new year’s round the corner, you must have already made your New Year Plans and resolutions by now. Haven’t you thought of our client and their financial security? Let’s make the happy start for them too.
All you need to do is plan your client’s Financial Resolution this New Year so that it indeed becomes a happy start to a new decade altogether!
What is the most boring activity that we often miss out on? Paying utility bills! So, if this activity is removed from the (financial) system and all the phone bills, internet, gas, water and electricity bills, wifi rentals, Netflix or Hotstar subscriptions, etc. are all taken care of, life would be so much easier, right? Thus, with the option of moderated Standing Instructions to a specific credit card or account or e-wallet, this activity can be seamlessly executed.
So, why can’t this incident be applied to investing as well! Yes, with monthly SIPs, you can help your client systematically build his wealth portfolio according to his investment goals and asset allocation! However, the concern is to “choose” the best avenue of investment for your specific goal. Once that is done, the process can be easily automated!
Like many mechanical instruments we use in our everyday lives, an automatic mode associated to our money methods also can help us reach a particular goal and that too in a systematic manner.
Here is the list of 4 automation that can be immediately implemented in your Financial Resolution for 2019!
- Spend = Income – Investment, and not the other way around
Investment comes before spending and the sooner you realise it, the better it is for you and your client! It would help you help him build a healthy financial portfolio and reap the benefits as well. Choosing the best option for your client’s financial goal is a very important aspect and Turtlemint helps you with the choice of MintPacks.
Pro Tip: All you, or your clients, need to do is write down your investment goals, in terms of tax saving, child education, retirement planning, etc. and then simply choose the Mint Pack associated for the same.
For example, with the advent of the tax season, your client wishes to invest a monthly amount of money towards creating his Wealth Portfolio along with Tax Savings. Thus, he can opt for Tax Saver MintPack, which has 97% of its portfolio is stocks and other equity related instruments and the remaining 3% in cash. Your client does not need to worry about which ELSS fund is being chosen as a part of his MintPack investing, as the research is being thoroughly done by our backend team and the best portfolio would be offered by the team.
- Invest your Increments: Retirement Plan
So all of us receive increments end of each year- big or small. Many people use raises to inflate their lifestyle. If your client gets a raise in his salary, help him boost savings and investments. Retirement Planning is a very important Financial Goal, and yet often postponed. So, as a responsible financial advisor, why not invest the increment portion towards investment towards a retirement fund? Opt for Retirement MintPack with your increments.
Pro Tip: You can start investing the incremental income systematically in your retirement corpus from Jan 2020!
- Monthly creation of Emergency Fund
What happens immediately after your client receives his salary – the Bank starts deducting the EMIs SIP, etc. and what your client is left behind is simply the monthly household expenses. Thus, creation of an Emergency Fund often takes a backseat! This is where Emergency MintPack comes handy.
Pro Tip: It is always advisable to keep a small portion of liquid money in your bank account to attend to such difficulties. After all your credit card might not be of use everywhere.
- Debt Free Challenge
Sale shopping! Impulse buying! High expenses! Though it is surely not a common syndrome, there might be situations wherein we overspend from our financial capacity and that is where loans and rate of interest play More often than not, we tend to make part payments in such cases thus inviting finance charges.
Try to automate your credit card payments through your bank account immediately for the total outstanding amounts. This would gradually help you cut down on the unnecessary expenses and save some money by not adapting to the late payment habits.
Pro Tip: Just like automating payments, even your automated investments through MintPack will ease your client’s life a lot.
By opting for the MintPack, all you need to do is map the client’s financial goals with a MintPack and then his investment responsibility is taken care off. This is a super win-win situation for you. The client’s needs are being met and investments are being done and yet you do not have to put too much effort to choose the best performing funds, etc. MintPack is thus a complete investment package just to suit your client’s needs, which can be used as a super powerful tool!