Hotline: 1800 102 2007
X
Search Business Opportunities
Financial planning 2018-09-05

Lessons On How Teachers Can Plan Their Finances

Having A Good Coach Is Greatly Beneficial For Your Financial Life As Well

By Content Writer
Lessons On How Teachers Can Plan Their Finances

Teachers are the guiding light in every student’s life. They not only add value in academics but also help in developing a person’s overall personality. Many teachers get so involved with mentoring their students that they often tend to neglect their own financial security.

Here are some financial planning tips every teacher should consider to have a healthy and wealthy life.

Risk cover  

The cost of medical care are skyrocketing, a single hospitalization can cost you a fortune. Regardless of your wealth, you and your family need a health insurance, life insurance and contingency planning. You may probably have dependents, so life cover is a necessity to take care of their needs. Also, maintain a detailed cash flow data, listing down all your expenses. You have to make a budget; then you can make better decisions.

Financial goals Clarity

Investments are most likely to be successful when they are well planned and well affiliated to your goals. Random approach to investment doesn’t perform as expected and won’t satisfy you either. So, before creating a financial plan, consider your family’s goals and make investments that will assist in achieving them. Make sure to stick to your decided financial plan; don’t contribute to ad hoc schemes or policies.

Plan your taxes

Taxes are an integral part of financial planning. You can easily maximise your tax savings by planning your investments profusely. But for that you should have complete knowledge on how to utilise the options to avail maximum benefits. For instance, you can save income tax under Section 80 for life insurance, PPF and Mutual funds. Housing loan and Children’s tuition fee are also eligible for tax deductions.

Professional advice

Many people tend to ignore the importance of professional financial advice. A professional financial advisor is qualified and equipped to advise on personal finance. They would help you to plan your goals and manage your savings and investments and take a holistic view of your finances without stress.  

Organise your financial documents

All the teachers know the importance of keeping all documents safe and sound so that they can access it from the desired place. Similarly, when it comes to financial planning, organising all your financial documents will save a great deal of hassle. Keep all the necessary documents related to insurance, investments, bank and real estate in an accessible and safe place.

 

Comment
Related opportunities
  • Departmental/Unisex
    About : The brand name, “Sweet Dreams” enchants the heart and..
    Locations looking for expansion Maharashtra
    Establishment year 1989
    Franchising Launch Date 2018
    Investment size Rs. 20lac - 30lac
    Space required 500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Mumbai Maharashtra
  • Car wash / Ceramic Coating / Detailing
    About Us: Green Salute is a novel concept designed to allow..
    Locations looking for expansion Maharashtra
    Establishment year 2016
    Franchising Launch Date 2017
    Investment size Rs. 5lac - 10lac
    Space required 00
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater PUNE Maharashtra
  • Ice creams & Yogurt Parlors
    About Us: Gelato Italiano is one of the pioneer brands of..
    Locations looking for expansion Maharashtra
    Establishment year 2000
    Franchising Launch Date 2017
    Investment size Rs. 5lac - 10lac
    Space required -NA-
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Mumbai City Maharashtra
  • Competitive Exam Coaching Institute
     About Us: Bansal Academy is a premiere coaching institute in Chandigarh..
    Locations looking for expansion Delhi
    Establishment year 2003
    Franchising Launch Date 2018
    Investment size Rs. 30lac - 50lac
    Space required 5500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities
More Stories

Free Advice - Ask Our Experts