Nothing in the world is permanent. A person’s needs, income and circumstances all change with time. Accordingly, you should also keep changing your financial plan. Nisha Sanghvi, co-founder of Promore Fintech, discussed when it is right to change the financial plan and at what intervals it should be reviewed at the Money9 helpline.
Vivek Goenka: Should we review our financial plan every six months? What are the things to keep in mind while reviewing? Should one make changes based on the fund’s expense, benchmark returns, rebalance of equity debt allocation, etc.?
Sanghvi: Six months is a very short time to know whether your plan is right or wrong. However, basis market dynamics we can assess if we need to modify our plan. For example, last year when the markets were seeing a decline, there was no need to move from equity to debt. You could top-up in equity. You can take the help of an advisor for this, who can guide you according to the time, and what would be the right thing to do.
Watch the full video to know more…
(Follow Money9 for latest Personal finance stories and Market Updates)
One of the trends that got accentuated during the pandemic was stays at small properties of five to 10 rooms in picturesque locations
In India, the segment of ETFs is slowly taking off and several mutual fund houses are offering ETFs to investors.
The NIP will help augment India’s productive capacity, contribute to our overall growth and bring down the logistics costs, improving competitiveness
Diversification is key and should be followed for stable and steady returns in the long run.