Finance Planning For Life Events: Marriage/ Children/ Old ageSubscribe

  Team Orom 2022-08-10 3 Min
               

Life is like a rose. It is beautiful, yet it has thorns. Just like that, life is an enchanting blend of joy and obstacles. One should be ready for the long run to safeguard the peace of life. People chase every opportunity to earn money, but it is futile if it is not invested in a reliable investment mode. Since humans are evolving, our lifestyle keeps changing along with our roles and lifespan. Life goes on from schools to colleges, jobs to marriages and children to old age.

And investment plays a vital role in keeping the essence of life intact. In simpler words, investment is nothing but making a financial discipline where you regularly put your sum amount in the investment mode you rely upon and get higher returns.

What are the major life events when investment comes to your rescue?

1) Marriage - Not having a premarital discussion on finance can lead to divorce because of the differences in perceptions. Before and after marriage, couples must share their perspectives on wealth management. Talking about money can be awkward for some people. However, it is significant to know how you can safeguard your future. As Indian weddings are famous for big fat lavish functions, it can make a hefty dent in your bank account. In such cases, investment comes to your rescue. Ideal investment options could be investing in stocks, bonds and mutual funds. 

2) Children - Bringing a child into this world is magical, but it also needs concrete financial backup for them to grow in a positive environment. Children's care can be expensive from birth to a health care emergency, education, abroad studies, etc. Young couples should start investing early for the betterment of their children. And there are numerous child insurance plans like HDFC Life Youngstar Super Premium Plan, ICICI Pru Smart Kid Solution, Max Life Shiksha Plus Super Plan, etc. Young parents can research, explore and invest in various child insurance plans.

3) Old age - Life in old age depicts the dryness of dried roses, weak yet innocently beautiful. Old age can be thorny for many reasons, including health care, hormonal changes, emotional distress, financial crisis, etc. Hospital bills can be hefty, and with investments like NPS (National Pension Scheme), senior citizens can enjoy their retirement life in bliss and tranquillity. Coping with old age can be exhausting, but an investment you made at a young age becomes your pillar in old age.

Tags:

Marriage

Financial Planning

Investment

Family