Create a Seamless Invoice for Services Rendered Example for Planning

Invoice for services rendered example for Planning

dear viewers welcome to this episode of your life your money doctors say you have to go through a regular Health checkup you could be in healthy individual but who knows if something were to be there underneath which you have neglected and which may become a potential Health threat at a later date similarly financial planners have one message for you regularly get your Financial Health checkup done recently we have done video on how to do the financial Health checkup the video become very popular and people asked me to do specific video applicable to the age groups how they can do Health checkup applicable for that particular age this video is in response to your request and today I have taken the most important part of the health checkup and this is for age band 45 to 60 which I call it as pre-retirement stage so what is the kind of Health checkup you have to do what is the specific thing you should look at all these things I'm going to discuss in today's episode stay till the end of the video it can be a GameChanger in your life if you do it the proper way this is NR clinic for you and I Dr Chandra kber your financial guide for a happy [Music] living NRI money Clinic no hype just the right advice dear viewers at the outside let me tell you my voice is not that clear today I have a small throat infection and because of which it's taking longer than usual for the voice to come back to its normal turnone so it has nothing to do with the technology if you don't hear me very clearly like every other video is just have to do with my throat Health Financial Health checkup for the pre-retirees is a very detailed analysis it's not something you can brush aside things you have to get into as much detail as possible to make sure that you'll have a good retired life whenever you retire at 60 or Beyond therefore I'll try to make it as simple as possible for your understanding first let us look at what is the objective of doing Financial Health checkup for the pre-retirees when I talk about pre-retirees I will include age group 45 to 60 the earlier you do the effectiveness of Financial Health checkup will be more beneficial for you and if Corrections are required it can be easily put into the scheme of things therefore do not delay if you have an intention to create a good retired life the time to do your Financial Health checkup is now now let us look at the four objectives of doing Financial Health checkup for the pre-retirees number one to check are you on course to build sufficient enough retirement Corpus by the time you retire as per current conventional knowledge as things stand today if somebody is going to retire tomorrow in my personal opinion to have a decent life you should have a minimum of Corpus of 3 CR rupees in addition to health insurance plus a house of your own if you have six crores nothing like that so at least are you in a position to build this particular Corpus or not but if you were to retire 10 15 years later these figures will change and every year or every 5 years either you have to update the figures or your financial planners will work on what's Happening and how much money could be requiring objective number two to evaluate your liabilities towards your children which could be funding their education marriage whatever it could be are you in a position to provide for or finish your responsibilities towards your children by the age 60 or by the time you retire objective number three to decide on where you going to retire and when should you buy how big the house should be everything related to your retired life where is that's going to be and whether you have a house to stay number fourth objective is to evaluate your health insurance some assured as things stand today so these four things are the objectives of doing a Financial Health checkup for pre-retirees this is not exhaustive list depending on your individual case circumstances you can add other objectives also but the four objectives what I said becomes the basic health checkup requirements now let us look at how to go about doing your Financial Health checkup there is something that you have to do it yourself and there are something you should give it to the professional to handle your situation number one for first general overview it should be an introspection by yourself you should know or you know about what's happening in your life for example I'm an indisciplined spender I earn I don't know how much I'm earning I don't know how much I'm spending I become Reckless I become emotional my family does not cooperate with me children ask me one thing I'm not able to give all these Financial indiscipline if it is there it's a signal of danger which is coming in number two is there a craving in the family a craving is your wife is asking for jewelry your children are asking for some Gadget or something like that and you have not satisfied these requirements of their maybe once you have done maybe many times you have not done if there is a persistent Cravings which have crept into your family this is a sign of danger because because of the pressure of these Cravings all your planning can go for a toss third are you passing through a midlife financial crisis if you have a midlife financial crisis I can say for sure be it yourself or to your planner financial planner or any professional who comes to assist you it is the worst situation and the most difficult thing one can attempt and put put it back on rail it's extremely difficult to recover from midlife financial crisis so if your general overview says that we are indisciplined there is building Cravings in the family and I'm passing through a midli financial crisis make no mistake you need assistance but we cannot say for sure that this is a situation which can be retrieved Beyond this point number two make a Consolidated picture of your assets and liabilities I would suggest this exercise should be done along with your spouse if you do it alone what happens is that you will not make your family a part of this exercise when you make your family a part of this exercise the rectifications or building on it becomes easier because you'll have their cooperation so it's a good idea that you sit with your spouse take a pen and paper and write down all the assets and liabilities that you have when I say assets assets could be your mutual funds assets could be your contributions in NPS ppf expected end of service benefit you have a parcel of land you have some buildings over there you have few stocks put each and everything whatever you call as a monetary value which it has put it on one side only thing we should not be added to that is your need based house if that is the house we going to stay or if you're already staying please do not consider that as an asset because that's an essential part of your life so any asset which you don't use it on a day-to-day basis or parting with that will not have material impact on your day-to-day living that should be considered as an asset what should be there on the liability side on the side of the liability you should have your loans credit card outstandings what you have to give for private parties could be borrowing within the family friends whatever it is your car loans your home Home Loans your personal loans the amount of money you have to build for safekeeping or the provisioning for your children's education should come on the liability side so you have assets on one side you have got liabilities on the other side now total of both the things if you have total assets higher than the liabilities then generally I can say for certain that you are more or less in a safe Zone what I mean to say is your liabilities are lesser your assets are higher but let's let's say for some reason something goes wrong then you have an opportunity to liquidate assets and square of the liabilities that's what I mean to say but I cannot say for certain that all the time your assets are higher and liabilities are lower there can be cases where in which your assets could be lesser and your liabilities could be more one example is if you have taken a home loan the home loan should be reflected on liabilities and I said that the home in which you are going to leave should not be added under your assets so this is one case where your liabilities may look bigger than the assets that you have when the liabilities are higher than your asset the liabilities have to be reduced from your future income that means from the running income of today you have to contribute for clearing that liabilities on the other hand if you have the assets more and liabilities lesser the current income can be used to do corrective things let's say you don't have sufficient enough retirement Corpus and I would say that you have to contribute so much towards it it can be diverted that right so step two is put a Consolidated picture of assets and liabilities and see where you start number three how does your monthly cash flow look like again this exercise has to be done by yourself not by the professional I'll give you simple steps is it very comfortable I get a salary I get a business income I spend something I save something I am not stressed whatever I get per month I leave within that and I'll provide for whatever I need to provide for I'm comfortable it's a good sign give yourself a thumbs up I struggle to Main maintain balance between the two I get certain amount of income I have certain expenses some months I'm able to save some months I'm not able to save some months it'll completely out of sync struggling to meet ends is the sign of a red signal that is something might be wrong in your case so look at that cash flow what exactly is happening the third is I have a negative cash flow which means I earn certain amount of salary but every month my expenses which include living expenses what I pay to my children wife loans everything is more than my earnings how do I bridge this and I will take one more loan I will draw from credit card I will borrow from friends and relatives so if you have a negative cash flow make no mistake unless you take remedial measures which are drastic in nature it is not possible to create a good retired life once you have crossed these initial works that you need to do the next step is seek professional assistance you must seek professional assistance you could be a doityourself investor you would not have started or you would have done it wrong way or you just need it for everyone I would suggest Financial Health checkup should be done by a professional financial planners why do I say this it's because this health checkup will give you which direction your retirement is going to go if you do mistakes you cannot Rectify it at a later point of time no person till they go through the retirement will not have the experience of of retirement the experience of retirement is there only for a retired person or for somebody who has worked with the retired people has seen the lives of hundreds and thousands of people or who has worked under the guidance of a senior financial planner who has experience of guiding the retirees in creating a good life only those people can understand what can go wrong and how the correctives can be applied so without exception it is absolutely essential that you must seek professional assistance at this stage if you're somebody who is wanting to help create this beautiful retired life you can make best use of services provided by n Clinic we have team of experts on the ground who can do the financial Health checkup of course they have conditions which are attached to that if you are inclined to do your Investments under their agency under their guidance they'll be able to do this Financial Health checkup and make sure that you will have a good retired life if you have an intention all that you have to do is our number is given in the the description box below we have provided a link there click on the link send an exploratory message tell what exactly you need then one of the financial planners from our team will get in touch with you and ready to help you there why delay send that message now so when you seek professional assistance what happens beyond that point I will tell you the simple steps they follow number one they will check have you started your retirement saving account or not it could be your ppf it could be your NPS it could be anything but the professional will check have you started with it or not if you have not started now they will insist on you to start it if you have already started what do they look for they look for where are your funds logged in if you're somebody who is building funds only through a bank fixed deposit then you may be in a danger zone because one taxation could be an issue reinvestment could be an issue and the principal work of creating a wealth will not happen with a fixed deposit so you you may have any NPS account NPS is a good account but what if you park all your money in debt funds then you have it's it's like you know operation successful patient died so you might be saving but if you do not create wealth it becomes a problem so wealth creation in a retirement account is essential and required at all stages except probably post 75 years whether you are 45 35 55 60 65 70 a portion of your retirement Corpus has to be all the time creating wealth for you if you don't don't do it the inflation can knock you down the financial planners are going to check they are going to suggest you what correctives you have to apply and how you can do it and how you can minimize the tax incidence thereby improving the yields on the savings that you have the professional will also help you to prioritize a prioritizing is during the health checkup you notice several things right I have to build funds for my children's education I don't have a house of my own I need to do clear some of the respons responsibilities there could be many when they take you through the fact find session and when they ask you questions and when they put all the data on a paper they start getting a clear picture and they will start guiding you on how to prioritize uh if you have some four different things which you have to work on it may not be possible for you to do all the four or the planner may see that you run short of the money and you can attempt one or you can attempt to which one you should do and to what extent that can be done the prioritizing help they will give you should go in this particular direction do not take the other side if you're a person who is doing it on your own what happens is you will succumb to emotions in this you will fail to prioritize for example you have children they are Darlings at home and they need a colossal amount of money for their education and that's your dream and in this emotion what you forget is you should contribute sufficient enough money for your retirement cpose and you put all the money for children's education by the time you retire you are empty-handed or you have felt amount of money for your retirement days and when your child goes to employment and when he sets down as a the family man you start becoming a leech on your child and from there onwards things will become really s so it's very essential to prioritize if you have to prioritize between children's education funding versus your retirement planning first attempt retirement planning give the required resources for child education planning there are multiple options are available if your child is good in studies he can get a scholarship today government of India has schemes for the education loan of the children children don't get married so soon after their graduation they'll spend 5 6 7 10 years before they're getting married but they'll have handful of salaries in their hands so they can use these resources to pay off these loans and there are multiple options are available in front of them therefore if you are in a tricky situation should I pay all money to my son's education funding or I should contribute enough to the retirement Corpus you should choose the option of funding retirement Corpus the first one planner will also look into your health insurance need if you have crossed 45 health insurance evaluation must be done normally if you are fit and fine uh you don't have diabetes you don't have arthritis you don't have blood pressure issues or anything which is congenital or predisposing into something you can still depend on your employer health insurance if is adequate enough but if it is not adequate enough or you have issues pertaining to pre-ex existing health issues I would suggest you go for your own health insurance at this stage do not count on your employer Insurance let that be an add-on you better have health insurance for yourself a dialog will come many times is that should I buy it now or should I buy it after 2 years 3 years or just after retirement I will say here two solutions for you one 2 to 3 years before you retire you must have your own health insurance and the health insurance should be large enough do not do the mistake of buying an health insurance for 1 lakh 2 lakh 5 lakh 10 lakh no that's inadequate take my words seriously on this even a 10 lakh health insurance today is not adequate enough buying health insurance which is nothing less than 25 lak some assur you get into a hospital the bills are quite high and over a period of time they will continue to rise therefore have a large enough health insurance and suppose you are don't want to spend too much of your money on health insurance because you're still working and you covered by your employer I'll tell you the alternative way to buy the health insurance is buy a topup health insurance let's assume that your employer has given you an health insurance for 3 lakh rupees now you go and buy a top of health insurance for 25 lakh and put the deductible at 3 lakhs that means the first three lakhs will not be charged to the top of plan if the bill is more than that then only it will be charged to the top of plan thereby you can make best use of the limits provided by your employer and because you opted for a topup plan your premiums will will come down negligibly low nevertheless don't do the mistake of not having a health insurance what happens post 45 years is sometimes you get into some trouble and because of which and if the insurance company detects it it may say I will not cover you beyond that point then you may feel sorry for not having bought the health insurance prior the financial planner will also draw your attention to your place of stay and the house in which you going to live in this is a very tricky situation very tricky situation there are no easy answers around that you are lucky if you are staying currently in the place where you want to really retire let's say you're going to retire in Bangalore and your employment is in Bangalore or if you are in ahmadabad whatever it is you're the lucky one things becomes easier for us to solve this mystery but what if you are living in Gulf and you're going to retire either in kuchin in Kerala or in Bangalore or somebody says either in LNO or I might settle down in Hyderabad this becomes very tricky and for those of you who have already purchased a property should I go and stay in that house or should I go and stay in some other place all these dilemas will come in the better thing for you to do at this stage is develop Clarity where is that you're going to retire once you finalize on the place where you're going to retire then a call can be taken how a need based house can be constructed there or bought there if you have an house in ahmadabad and if your intention is to leave in Hyderabad till you come closer to your retirement that Amad house as it is if the land and building price rise the house in ahmadabad area will also rise in price when you come closer to your retirement 2 to 3 years prior to retirement or even soon after retirement also it's okay then you buy the required house in Hyderabad the money which is required for that can be taken out by selling that house which you had in ahmadabad or any other City when you sell that house you are supposed to pay the capital gains tax also when you buy another house this side you can square up that capital gains as well what are the other advantages for you you can buy a house which is brand new closer to your retirement that means it doesn't require a great deal of Maintenance you can buy with a mature mind now you know what's my status where's my comfort what is it I'm looking for so you'll be taking an informed Deion unlike somebody buying a house in 30s or early 40s you can also know how big are the house you need how many people are going to stay in that house when you are young people have uh super inflated OS and they want to live in a big house but when they start getting older the desire to live in Big House slowly comes down so this is something which you can particularly choose what exactly you need and by buying the house closer to your retirement you will also get the Contemporary type of housing see 10 years before 20 years before you know what was the construction quality what are the facilities available but you go and buy a house today you'll get the Contemporary houses whatever reticulated gas or you say anything which is contemporary in nature so for next 10 20 years you don't have to worry too much about maintenance and you'll live a very happy life over there but suppose you don't have any prior house and you don't have a house to leave and you have an intention to buy house for the sake of your retirement when should you buy it if you're not living in the same city where you're going to retire my advice for you is do not buy the house at least 2 to 3 years before your retirement you may have a question then if I postpone that buying then I'll end up paying a higher amount of money because the purchase prices will rise you have an obvious question to ask and it's valid the best way to solve that problem is you may be buying a house 10 15 years later if you are 45 and retiring at 60 you may buy house 12 years later you dedicate certain amount of money put it into a mutual fund portfolio and instead of paying an Emi to the bank you put an sip in the mutual fund and the sips will grow at 10 12 13 14 15% depending on what's happening in the market and when the property price rise your investment is also growing ingly and you will have enough money to buy the house by the time you come back to retirement so these are small small things which the financial planner will help you understand make calculation and show you what is in your best interest the last point you have to take action on is improve your income increase your liquidity improve your income is there are a lot of people particularly nris they own lot of properties in different parts of India and they keep it in lock and key that's that's useless right rent them out get some rent out of that if you get some rentals put that in a mutual fund sip that will start creating an income for you or you sell the real estate uh we have spoken about fractional commercial real estate it generates fantastic cash flows for you increase your liquidity if you have some skill put that skill to use and see whether you can create some income out of that improve your liquidity what it means is you have dead assets for example Parcels of land it doesn't earn new rent you can't go and maintain that you don't know why you have purchased that you came under pressure of a friend fathers one and you bought it sell it off and put that money for wealth creation or cash flow both are very important so at this stage improve your liquidity and improve your income if you do this then you not going to have any particular problem so these are the basic fundamental Essentials of Financial Health checkup for the age group 45 to 60 which can give a proper direction to have good retired life dear viewers if you like the video that I produced today please do give me a thumbs up uh if you haven't subscribed for this Channel please do hit that subscribe button and press the Bell icon do not forget to share these videos with your near and dear ones friends and relatives and on all the social media on which you are connected with thank you very much for watching this episode on N Money Clinic I shall be back with you next Friday with yet another thought on your life your money till then stay safe J hind press the Bell icon for more details and subscribe our Channel [Music]