Old Rule |
New Rule |
My House is an asset and best investment. | House is not an investment and it is a liability which you think as an asset. |
Invest all your money in safe instrument like FD, Post Office Schemes, etc. | Create a Diversified Portfolio of different asset classes such as Equity, Real Estate, and Debt which will give you higher return than the Inflation rate. |
Get a safe and secure Job and work Hard for earning Money. | There is no such thing as Safe and secure Job. Work smartly and create Passive Income to fall back. |
Government will take care of me after I Retire by giving me Regular Pension. | Government will not provide me anything; I will have to create my own provision for Retirement. |
There is no requirement of structured Financial Planning and I can manage my Finance by taking advice from CA, Friends and seniors in the family. | Financial Planning is a Structured Science and taking help from a Professional (CFP, CWM) will go a long way in managing my Finances Effectively. |
I don’t require a Will. After my death, all my estate automatically will be transferred to next generation without any hassles. | Preparing a will is must otherwise there will be lot of legal hassle for distribution of wealth after your death. |
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