Every human being wants to become rich and theirs only one way by working hard If in todays world, you earn 10k or 20k 100k or 200k its not sure whether you will be rich or Poor Your financial planing will going to tell you about this So, Today we going to talk about the financial planing how can we become rich in long term if you are 20 rightnow and when you turn 60 Then you will be Rich How? We going to talk about all the strategies in detail We have to understand some principles before understanding this Suppose there are two friends, the story that i have already told you and You can check that video here and you will also get a link in the i button and you can see the thumbnail of that video here Suppose there are two friends, a Friend in which earns 10k per month and the other one earns 100k per month, but But the person who earns 10k saves 5k every month and the one who earns 100k, doesn't save anything and spend all the money As the times pass by and after the 40 years that person who used to say 5k every month can earn a lot using a compound interest I have also made a video on this, please do check it for calculating compound interest So he will earn a lot of money but the one who was earning 100k every month, how much he going to have? only his current salary but the other one was also getting the interest on his saving So this is financial planing, a way of becoming rich lets first understand about the investment how we should invest in right way Basically there are three different type of investments the first one is in the stock, the other one is Shares and the last one is cash if you are earning x amount and want to invest it in saving you can put that money in saving account, or in fix deposit or you can withdraw it and save it in your home that money wont get multiplied you will get 6 percent return from bank but if you check the growth rate of india and is higher than 6 percent then indirectly, its a loss for you if you think of taking a interest from your saved money in share market, you invest the money for a long period of time and you might get 12-20 percent return you can see the stats of coca Cola company in this photo you can see that amount of growth in coca cola shares had in past if you would have invested in the stock in the beginning or you parents would have then just think of the money you might have today Next things is Bonds Bonds can be government owned or Privately owned bonds is just like giving a loan to a company and you will get a interest on that i have made several videos on Finance and will link the videos in the i button above Because its not possible for me to tell every topic in detail as it might get lengthy So it better to check out that videos if you dont know about it Third thing is cash and we should have some for emergency suppose we get in a situation, where we need urgent cash Then what you going to in that case? go for Bond, FD? probably not or you can withdraw money from bank, but i am saying to save money in the bank and thats why you should always have some cash next is which is really bad in our country is insurance in our country people do not like to do a insurance you need to have a medi claim and life insurance too I will tell you the reason you may be earning alot of money but if in your family gets a desises and due to this your job or business gets over so your revenue gets stop that way you need insurance so if you had an medical insurance,then it had all your problems gets reimbursed there next is life insurance , means if something happens to you then your family gets save there via this life insurance suppose you are earning Rs 1 lakes a month and you are saving Rs 20000 a month or Rs 30000 sand you spent Rs 70000 according to your status but if something happens to you then where you will get these Rs 70000 will after you your family living of standard will worse? so here life insurance will help you out in this suppose I earn Rs 1 lakes per month and Rs 12 lakes per months and 12 lacks * 20 means Rs 2 crore and 40 lacks this much you can earn if negotiate and plan properly so do check the terms and plans and why ti is for this much of time? if somethings happens to you then all the money is given to your family and if they put in a bank then the interest will be as much to run your family means if my income is Rs 1 lakh and if I will put the insurance money in the bank then I will be getting the interest of Rs 1 lakh per month so that's why this is important some plans like LIC you need to check both the plan there it says you have a life insurance and you need to invest in it too like above but if you calculate you will be getting the return vary less so play smartly and understand all the terms and conditions wisely next is retirement planing so how I will be running my home after the retirement so for this too they have a lot of plans in it,so if you are under 30 then you must have a retirement insurance I too had this plan 1 tip more things which is required do take that and do take one thing which is good this will reduce your overall costing,in flip-kart,amazon you have a debit card emi option so you need a product but you did not have a income for that,suppose you need a product of Rs 50000 and the other product is of Rs 1 lakhs you need the 2nd one but for the alternate you are having 1st one so you can buy the product in emi and about credit and debit card is is credit card is good or bad well it is good ,I personally don't use it why I don't use is because if I am earning Rs 2 lakhs a months then I could only buy a product in credit for Rs 2 lakhs how it works is basically you don't have to pay any interest for 50 days so basically if my credit card limit is Rs 1 lakhs and I wanna to buy a product so the difference between credit and debit card is that in debit you get money from the bank and in credit you get a loan from the bank and the loan is interest free for 50 days and after that you need to pay them the interest and the interest rate is too high now I did not pay them for 51 days then they will be charging me the interest for 51 days per annul so now a days you have a option of auto-debit for the 50 days so why you need a credit card,lets understand you need not to give then money for 50 days and if you keep money in bank for 50 days then you will be earning the interest of it so if you want then do it but keep in mind to save yourself from the trap guys has a salary of Rs 20000 and there expenditure is of Rs 50000,so they keeps on using the credit again and again so here they provide an option,if you have a credit of Rs 25000,then you need to pay Rs 5000 now and the rest in emi but strategically you paid Rs 5000 now and paid an high interest on this means interest/12 months compounded,and you will be paying the same amount afterward so you had a loan of Rs 1 lakhs and you paid Rs 5000 and you need to pay Rs 95000 and you will be charged interest on Rs 95000 and if will become Rs 1 lakhs again so basically you are paying to them from your home so this is how credit card works,people et attracted easily to these schemes and gets trap in a web I have a Rs 1.
5 lakhs limit,and I can have anything now and this puts them in a trap and if you are in a trap then have a personal loan and you can pay them easily at 18% so with this our video ends here,do like and share if someone unable to do a financial planning then do send them this video so share with your family members as they think that LIC,in Rs 5 lakhs you get Rs 5 lakhs so do calculate the plans before having it,I am not saying LIC is bad or good phadega india tavi badega india buy good night whenever you are watching the video.
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