Review your financial plan at regular interval for a fulfilled life: Nisha Sanghvi

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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.

Edited excerpts

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…