Key Points
Bhanu Pratap Singh, a 35-year-old father of two, is a responsible individual who values the. financial security. of his family..
With a stable job and his wife working as a teacher, they have taken the necessary steps to plan for the future..
This, in turn, would reduce the amount they need to set aside from their current income, allowing them to allocate those funds towards other goals or improving their family's quality of life...
Funds needed for emergencies should be readily available in bank accounts and deposits, while long-term goals can be supported by investments that offer better returns over time...
Furthermore, it is important for Singh to regularly review and adjust his investment portfolio to ensure it remains suitable for his current goals and preferences...
You might be interested in
Why you need to invest, instead of saving
19, Feb, 24The money that you are saving is an asset that has the potential to generate higher returns, which will help him reach his goals faster. The amount that will have to be set aside from the current income will come down since the returns that will be generated will add to the corpus being created for their future needs.