Skip Navigation
0 of 0 Displaying
 |   Displaying

No Results

    How to Manage Wealth Effectively?

    Last Updated On 29-10-2021

    When you start earning, it can be tempting to indulge in unnecessary spending. While it is essential to pamper yourself every once in a while, spending your wealth without keeping track of where it is going can lead to no savings and wealth creation in the long run. To ensure that you are making the most out of your money, it takes some conscious dedication.

    Get a Callback

    OTP sent successfully

    Thank you for getting in touch with us. We will contact you shortly.

     
     
     

    If you are a beginner in learning how to manage your wealth, here are some vital tips to follow:

    • Set a realistic budget.
      The first step to managing your wealth effectively is to realise where your money goes. The best way to do this is to keep a financial journal, so you can list all your monthly expenses. Once you write it down, you realise you never really needed those extra pair of shoes or that unnecessarily overpriced coffee at the expensive café. By separating your needs from your wants, you can then move on to setting a followable budget.

      Here, you list down what is necessary to spend on – such as utilities, bills, EMI payments, savings account, entertainment kitty, emergency expenses, and the like. Try and make monthly budgets instead of annual ones, as they are easier to follow.
    • Get life insurance plans.
      Safeguarding and growing your wealth is crucial, but so is keeping the source of that wealth creation safe – YOU! If it weren’t for you, you would not be able to support your loved ones and add meaning to their lives.

      To ensure you stay protected from life’s unforeseen harshness, getting various types of insurance is a must. Insurance, by its very definition, is to protect yourself from financial loss. Here are some types of insurance that are must-haves:
      • Whole life insurance plans for long-term financial coverage (up to 99 years)
      • Savings plan for goal-oriented savings, life insurance, and wealth creation
      • Wealth plan or unit-linked insurance plan for the dual advantage of life insurance and market-linked wealth creation
      • Best health insurance plan for financial support in the event of medical ailments and emergencies.
    • Assess your own goals.
      Once you know what your needs are, you can move on to envisioning the goals you would like to tick off in the future. The easiest way to figure out your goals is again, to write them down – on paper or your phone/ laptop. If you cannot put your finger on where you see yourself, try and refer to the path others have taken through research or discussion. Here are some shared life goals you might want to fulfil for yourself:
      • Pursuing higher education
      • Getting married/ starting a family
      • Funding your children’s dreams
      • Travelling around the world
      • Buying your dream home
      • Supporting your parents (especially in their old age)
      Remember, another person’s goals don’t have to be yours – you decide your own timeline.
    • Save and invest.
      Once you have a clear idea of where your money needs to go and what dreams you want to fulfill, you can move on to the next step of financial wealthiness. Remember when your mom gave you those extra coins to put in your piggy bank every month? Well, you carry the same philosophy and set aside a specific percentage from your income or earnings for savings. Saving is a lifetime commitment and paves the way for investing.

      Without investment, your savings will lose value over time (due to inflation). To ensure your money grows with time, you need to invest in various financial instruments. Investing is 100% flexible, and there are several market-linked and non-linked avenues you can dabble in per your risk appetite.

    To sum it up:

    Once you have a regular inflow of money, managing it becomes crucial to avoid developing unhealthy spending habits and incurring devastating financial losses in the future. It is best to start as early as possible and not delay. And remember - managing your wealth effectively is not a one-time act but a lifetime process.

     

    Disclaimer:

    The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.

    PNB MetLife India Insurance Company Limited
    Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
    IRDAI Registration number 117 | CIN U66010KA2001PLC028883
    For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale.
    Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time
    Please consult your tax consultant for more details.
    Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time.
    The marks "PNB" and "MetLife" are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
    Call us Toll-free at 1-800-425-6969, Phone: 080-66006969, Website: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203.

    AD-F/2021-22/556

    Beware of Spurious Phone Calls and Fictitious / Fraudulent Offers!
    IRDAI is not involved in activities like selling insurance policies, announcing bonus or investments of premium. Public receiving such phone calls are requested to lodge a police complaint.

    RELATED PRODUCTS

    WEALTH CREATION

    3 Things To Know When Creating A Financial Plan

    Unlike a pure insurance policy, a Unit Linked Insurance Plan (ULIP) gives investors the benefits of both insurance and investment under a...

    WEALTH CREATION

    5 things you must find time for in 2018!!!

    1. Your health is everything, make it your best friend.. This point cannot be emphasised enough. Your body is the instrument that will take yo...

    WEALTH CREATION

    Benefit from Rising Bond Yields with an Optimum Savings Plan

    Bonds are debt instruments which have a specific maturity period and pay interest on your investments. There are two types of bonds:...

    WEALTH CREATION

    Can ULIPs really give good returns? Let’s find out

    ULIPs (Unit Linked Insurance Plans) give you a combined benefit of life cover and investment returns. So, you can watch your investments multiply t...

    WEALTH CREATION

    Everything you need to know about sum assured in ULIP plans

    Unit-Linked Insurance Plans or ULIPs are a good option for those who want to grow their money and get themselves insured at the same time. Wit...

    Want to know more about how you can protect your family?

    See all our articles

    Disclaimer:
    The aforesaid article presents the view or an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ before making any decision.

    PNB MetLife India Insurance Company Limited, Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka.
    IRDAI Registration Number 117. CI No: U66010KA2001PLC028883. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale.
    The marks “PNB” and “MetLife” are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
    Call us Toll-free at 1-800-425-6969. Phone: 080-66006969, Website: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203
    EC342 LD/2019-20/358

    BEWARE OF SPURIOUS/FRAUD PHONE CALLS!
    • IRDAI is not involved in activities like selling policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

    Disclaimer

    Collapsed Expanded

    As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.

    PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance PlansTerm PlanProtection PlansLong Term Savings Plans , Retirement Plans & Child Education Plan.

    Site best viewed in following browsers
    Chrome 70+ , IE 11+, Firefox 76+, Safari 11+

    Get a Callback Get a Callback

    Hi! I’m khUshi. How can I help you?