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Prof: Vinod Agarwal IBS,MUMBAI
What is Financial Planning ?
planning is the process of successfully meeting financial needs of life through the proper management of finances.
is your roadmap to Financial Health, & Sustainable Wealth creation.
Why you need Financial Planning?
without Financial planning is like Unplanned Vacation. you wish to achieve your financial goals successfully & peacefully you must plan your financial life.
Inadequate . ± mostly near top. investment. term investment.Problems of Random investment Wrong selection Wrong timing Short ± flavor of the month.
you need financial planning.Who needs Financial Planning? Whatever may be level of your income or assets . It . is myth that only rich people need financial planning.
How to do Financial Planning? By scientific Asset Allocation. .
What is Asset Allocation? Investing predefined percentage of your savings in different Asset classes. .
of portfolio return will depend on Asset allocation only. 94% .Why Asset Allocation so important? Diversification. Thumb rule No. 1 Never put all your eggs in one basket. Different asset classes give better return for specific time duration.
Hood and Beebower : Determinants of Portfolio Performance. 1991: ³Asset Allocation helps explain over 93% of a portfolio¶s performance´. 1986. .Financial Planning and Asset Allocation Significance of Asset Allocation Significance Relative to Return Brinson.
Financial Planning and Asset Allocation Asset Classes to Invest Gold Art Financial Planning Insurance Debt Mutual Funds Equity Commodities Real Estate .
How to do Asset Allocation Determine the Current financial situation. What you wish to achieve? Your Financial Goals. much risk you wish to take? Your Risk Profile. How .
Step 1 ± Current Status
out Net saving available for Investment. accumulated till today.
Step 2 ± Goal Setting
is your intention of investment?
put, How much money you need? & When you need the money? (Time horizon) financial goals are vital to financial planning.
Financial Goals - Examples
(1) (2) (3) (4) (5)
Children education Children marriage Retirement Planning. Pension. Purchase of residential premises. Purchase of vehicle.
Billionaire.Financial freedom. Early Retirement . Wealth creation ± Crorepati. Vacation Abroad. Purchase of Luxury items at Home. Luxury Car. Inheritance ± Estate planning. .Optional Goals:Goals:(1) (2) (3) (4) (5) (6) (7) (8) Up gradation of Residence. Charity ± Religious or Social.
. Distant goals > 15-20 years. Long term goals 5-10 years. Short term Goals 1-2 years. (1) (2) (3) (4) Types of goals. Medium term goals 3-5 years.Goal setting Specify amount required & approximate time period when money required.
Aim of financial planning is to get maximum return with minimum risk. . Risk of Purchasing power loss. Strong correlation between risk & reward. Risk of Capital loss.Risk Profile (1) (2) Two types of Risk in any investment.
Liabilities.Risk Profile Financial Capacity (1) (2) (3) (4) Income status. Age:. Dependents in family. Loans taken. .Younger the age higher is risk taking capacity. more important Net Saving status.
How will you react to temporary fall in value of your investment? (1) (2) (3) Risk averse . Moderate risk taking personality.Risk Profile Mental capacity ± Temperament. . Aggressive investor. Conservative.
technical knowledge required to invest in Shares.Risk Profile Technical Knowledge. Art ± Painting. Either take professional help or take Mutual Fund route. Even if financial & mental capacity strong. . Real Estate.
Don¶t chase last year topper Stick to your asset allocation. impulse or under influence of µleft behind¶ feeling. not to get Super high return.Do & Don'ts buy on tips. . Don¶t Basic aim of Financial planning is to get sufficient fund at specific time for defined financial goal.
. FUTURE««... Phase I Phase II Dependant Phase Accumulation phase Child s Marriage Child s Education Housing Phase III Distribution Phase Children Marriage 25 yrs 35 yrs Over 25 .30 yrs Birth & Education 22 yrs Earning Years 60 yrs Age Retirement Age ..Financial Planning and Asset Allocation FINANCIAL PLANNING FOR THE FUTURE««.
Ideal for long term goal. Gold. Ideal for short term goals. Ideal for medium term goal.Type of Assets Assets ± Cash. NSC. Savings a\c. (2) Income generating Assets ± Bank F. Floating rate mutual fund.D. Art. Bonds. Real Estate.PPF.. (3) Capital appreciation Assets ± Equity.Shares. (1) Liquid .
Financial Planning and Asset Allocation FEW EXAMPLES OF ASSET ALLOCATIONS .
Creating long-term wealth for retirement Stocks 75% . Joydeep ( Age 28 years ) Financial Goals Investment Strategy Planning to purchase a house Aggressive Growth Portfolio in the next 5 .Financial Planning and Asset Allocation INVESTOR PROFILE Mona.8 years Short-term Bonds 10% 15% Planning for family in 2 years time.
Shekhar ( Age 37 years ) and two kids Financial Goals Has a housing loan Providing for children education (7-10 years) Planning for child¶s wedding (15 .20 years) Take care of old parents Planning for retirement Investment Strategy Balanced Portfolio Stocks 60% Short-term 15% Bonds 25% .Financial Planning and Asset Allocation INVESTOR PROFILE Sheela.
Financial Planning and Asset Allocation INVESTOR PROFILE Maura & Akash Chaudary Financial Goals Retired Regular Income Medical Costs Investment Strategy Conservative Portfolio Stocks 15% Bank Deposits 40% Bonds 45% .
Tips for asset allocation
Thumb rule 2
100-Age in years = Maximum % allocation to Equity.
Equity will give highest return in long run but Equity is very risky product for < 2 years horizon. Risk of capital loss in Equity investment almost zero if invested for > 5 years but as high as 30% in 3 months.
planning new investment, it is very important to prepare emergency kit to Protect your Current financial status.
is first & vital step in any financial planning.
± Financial Compensation for any unexpected loss. Cover the Risk.
Risks. Loss of income. Property Risks. Damage to property. Liability Risks. Losses due to damage to others.
Insurance should be taken for financial risk protection only NOT for Investment or Tax planning.Basic Aim ± Financial protection to your dependents in case of your premature death. Life of earning member of family. Insurance is very bad investment product . . should be insured. ONLY.Life Insurance .
Money back. Best option is Term Insurance + PPF / ELSS scheme of mutual fund. Pension Schemes.Which type of Policy? Term Insurance It is purest form of insurance & so best. Children plan or Unit Linked Plans ULIP. Most of us need only this insurance. Capital protection plan. Whole life policy. Do not buy Endowment. .
200*Monthly home expense + Loan taken + Pending Financial goals . 10 times your annual gross income. .Current value of your financial assets (excluding your residential premises).How much? Income based calculation. You must take Term insurance = Loan taken. Need based calculation.
(3) Critical illness Insurance Available as rider with life insurance.General Insurance policies Personal Risk protection (1) Accident Insurance. Pays sum assured on accidental death + pays income loss due to Partial or permanent disability due to accident. (2) Mediclaim Insurance. . ICICI Lombard has family Mediclaim policy.
Property risk insurance. Insurance against damage to Residential Property. (3) Personal assets ± Householder Policy. Damage may be due to Natural calamities. (2) Vehicles Comprehensive cover. . theft. (1) Business assets.General Insurance cont. fire.
insurance equal to loan amount.Liability Insurance Professional Third Term Indemnity insurance. party insurance for Vehicle. .
Interest & Installment payments on loan taken = Saving ( cash available for investment) .Taxation . Take Home Cash ± Home expense .Cash Flow Management Income ± Business Expense = Take home cash.
Investment in Expense generating assets ( ? Liabilities).Cash Management. (2) . Options (1) Investment in Income generating assets.
or Rent . Gain from investment . Dividend . Capital This additional or Alternate income will supplement your business income. .Income Generating Assets Regular Income in form of Interest . increase cash available for investment & when it crosses your professional income you will achieve financial freedom.
If your all saving is diverted to these investments you will have lesser & lesser cash available for actual investment. Over insurance. Ornaments. Vehicles. your professional income decreases you will be in trouble.Expense generating Investment Residential home. When .
The Balance . investment which takes out cash from your pocket is Liability. The investment which brings cash inside your pocket is Asset. investment in both classes. liability.Financial definition of asset.
Liabilities. .Cash Management Thumb rule No.3 15-20% of your take home cash should go to income generating investments. During Delay expenses. early stages of life allocate higher portion to Assets. Ideally your Alternate income should fund your Luxury. DO NOT delay Investments. Your EMI should not exceed 30% of your take home cash.
Investment Step Step Step Step 1 Asset Allocation 2 Provision for Insurance 3 Cash flow planning 4 Actual investment. .
(2) Bank Deposits. (3) Bonds. Assured return schemes.Investment Options Capital protection + Income generation. (4) Company deposit. (5) Mutual fund Debt schemes . debentures. (1) Govt.
Senior citizen scheme best for retirement planning. Always calculate post tax. (1) Safe ± Capital protected. PPF. NSC. Floating rate funds best for short term investment. inflation adjusted return. Tips PPF is best investment for long term investment. (3) Tax free return. Mutual fund. PPF. (2) Lock in period. (1) Low return ± difficult to beat Inflation. .Income generating investments o o o Pros. (2) Tax rebate on investment. Cons.
Income generating Investment. When interest rate is falling invest in Long term Income or Gilt funds & take floating rate Loans. When interest rates are rising invest in Floating rate schemes & take Fixed rate loans. . Thumb rule 4.
5 Lock in No lock in years as per lock in term of F.P.V.Income Schemes P.F. .C.S.P.D. 8% NO Yes 6 year lock in K.D. Return % Tax-free Rebate on Investment Liquidity 8% Yes Yes 50% withdr awal after 5 years N. 6-8% NO Yes if >5 year Floating rate Funds 5-6% Yes No 7. 8% NO NO BANK F.
.Income Generation + Capital Appreciation MIP & Balance schemes of mutual fund Equity shares with high dividend yield Rented real estate Suitable for moderate risk profile & investors near retirement age.
Mutual fund.Capital Appreciation Equity shares . IPO. PMS.Direct. . Real estate Gold Art ± paintings Equity & Real Estate are best long term Wealth creator & Equity is most tax efficient investment.
Only brokers make money. Never trade with borrowed money.Speculative investment in equity shares. Derivative trading Commodity trading Very risky product. No speculator has become Billionaire. Trading .
managed by Professional manager & Income distributed to investors in proportion to their investment. Market value of investment / Units allotted = NAV . Initial price is always Rs. Investors allotted Units for investment. (2) (3) Market price of unit is called NAV. 10 per unit.Mutual Fund What is Mutual fund? (1) Fund collected from different investors for common purpose.
. Liquidity.Mutual fund Advantages Diversification Professional Income management tax benefits. Systematic regular investment of small amount possible.
(a) Floating rate scheme. (b) Income or bond schemes. Debt schemes ideal for regular income. (c) Gilt schemes.Mutual Fund Types (1) Debt Schemes. . (d) MIP ± 5 to 30% investment in equity. capital protection & short term goals.
Best for beginner in equity market investment. 40% investment in equity. 65% or more investment in equity.Mutual fund Types cont. (2) Balance Schemes (a) Debt oriented. Best for medium term financial goals 2-4 years. . (b) Equity oriented.
Flexi cap diversified equity scheme is best investment for Wealth creation. (c) Sector ± Thematic funds.Equity linked saving scheme.Mutual fund Types cont. (3) Equity schemes (a) Diversified Equity schemes. Best for tax planning. ( b) ELSS . (e) Exchange traded funds. . (d) Index fund.
(4) Specialty funds.Mutual fund Types cont. . (b) Real estate fund. (c) Art fund. (a) Exchange traded Gold fund.
best plan for wealth creation. .Plans ± Options Dividend plan Options (1) Dividend Payout. Growth plan. (2) Dividend Reinvestment.
Mutual Fund Types Close Open Ended Ended .
.P.T. Systematic Investment Plan Systematic Transfer plan S.P.How to invest? Lump S.I. If you invest directly at fund office or online there is no entry load. sum investment.
. Low NAV. Beware of Agents/ Brokers advise:(a) NFO ± At par offer.Fund Selection Say NO to NFO New fund offer Existing Diversified mutual Fund schemes having consistent performance during last 5 years. (c) Churning ± Profit booking. (b) Dividend declared.
Fixed matur ity funds 1-2 years Bala Equity nced schemes sche mes > 5 years 2-4 year s 7 ± 8 10 ± % 12 % Almo 5 ± st 10 zero % up to 2 year s. 1 ELSS scheme 1 Balanced scheme 1 MIP 1 Floating rate scheme 1-2 Sectoral or Midcap scheme. Ideal portfolio Type of Fund Best for Time Horizon Expected return Risk of capital loss Floati ng Rate fund <1 year 5±6 % Zero MIP. Not > 10 schemes 4-5 Diversified Equity funds. > 15 % 20 ± 30 % in first 3 years. .
ELSS (1) Magnum tax gain (2) HDFC Tax Saver. Sectoral & Midcap (1) DSP ML TIGER. (2) Reliance Vision. (3) Reliance growth. Exchange traded. (5) DSP ML Equity. . (4) SBI Magnum Contra. (3) SBI Magnum global (4) Sunderam Select Midcap fund. (1) HDFC Equity. Nifty BeES. Banking BeES. (2) Reliance Diversified power sector.4-5 star funds Diversified Mutual fund.
Continue Balanced (1) HDFC Prudence (2) Magnum Balanced. MIP (1) HDFC Long Term MIP. (2) ICICI Prudential Income Multiplier.4-5 star funds . .
10% 30% 5-10% 20% 20% 30% 3040% . Diversif Midcap ed Bond ied Sector Fund Fund Age 20-30 Dependent 35-40% 35-40% 20% 1-2 Age 30-40 302030% Children in school 35% 25% Age 40-50 Children in college Age 50-60 Children marriage Higher Education > 60 years Retirement planning Profile Floating rate Fund 10% 10% 1020% 10% 20% 3035% 2530% 1020% 1015% 20.Model Portfolio Equity Equity Balanc MIP.
.PAN card copy required. Make maximum use of tax free income limit Create multiple heads of income tax payer. No cash transaction possible in Mutual fund. Purchasing power of Unaccounted money will slowly go down. ELSS investment can be used for income tax planning & wealth creation.Tips Tax planning is legal.Income Tax Planning .
001 and above ± 30% . Only 10% tax on income between Tax free limit & 5.00.00.00.000 to 8. Senior citizen (>65 years age) 2.90.60.00.001 to 5.000) 5.000 (1.000 ± 20% 8.000.000.40.Income Tax calculation Tax free income limit:Male Individual & HUF. 1.00. Female individual 1.60.000.
5 Years FD.00. Post Office 5 years time deposit senior citizen saving scheme. 20.000 Additional Rs. 1. 1. 1.000 NSC. 80CCF in infrastructure bonds PPF Max. .000 Repayment of Housing Loan Rs.Deductions Under Sec. LIC . 70.000 under Sec. Tuition Fee.00. PF.000 is allowed U/S 80 C.50.Rs. 80 C . Home Loan Interest Rs. NABARD Bonds.
000 If Parents are Senior Citizen then Rs.Deductions Medi-claim Premium Upto Rs. 15.000 is allowed U/S 80 D. Spouse. 35. Self . 15.000 Parents Rs. 20.000/- . Children Rs.
50 Lacs 9270 6180 1030 3 Lacs 14420 11330 6180 4 Lacs 24720 21630 16480 5 Lacs 35020 31930 26780 7.5 Lacs 86520 83480 78280 10 Lacs 158620 155530 150380 .Tax Liability µWithout¶ Investment Income General Women Senior Citizen 2 Lacs 4120 1030 Nil 2.
50 Lacs 65920 62380 57380 10 Lacs 127720 126630 119480 . 1 Lac Income General Women Senior Citizen 2 Lac Nil Nil Nil 2.Tax Liability With Investment of Rs.5Nil0 Lacs Nil Nil Nil 3 Lacs 4120 1030 Nil 4 Lacs 14420 11330 6180 5 Lacs 24720 21630 16480 7.
> 3 years. Real Estate. Gold. > 1year. Real Estate. Tax free. Equity scheme / shares. 10%. Short term capital gain. Equity scheme / shares. 20% with indexation or 10%. . Gold < 3years & Debt scheme of mutual fund < 1 year ± will be added to business income.Capital Gain Tax Long term capital gain. 10%. Debt scheme of mutual fund > 1 year.
(4) Agriculture income. (3) P. Gift to parents & major children is tax free. interest. instead of gift to avoid clubbing of income. (1) Long term capital gain on shares & equity mutual fund.F. Tax free bond interest. Give loan to spouse at low interest rate.Income Tax Planning Tips Multiple heads of Tax payer in family. . clubbing free. without any limit. (2) Dividend from mutual funds & shares.P. Take maximum advantage of Tax free income.
.Income Tax Planning Tips Home loan. Real estate ± buy cheap . sell at highest possible price after 3 years.g. will be allowed during income tax search. gold per married women & 500 gram gold per unmarried women in family . Capital gain tax can be saved by investing in Capital gain bonds up to 50 lac. Interest deducted from income up to 1.5 lac per year per head.Principle payment eligible for 80C rebate. . Up to 1 k.
. social security scheme. Inflation will make difficult to maintain same level of living standard. We don¶t have govt. it means freedom from compulsion to work for money ± Financial freedom. 80+ age not unusual. You & your spouse may not like to remain dependent on children. Why? To maintain same life style even after retirement Life expectancy is increasing.Retirement Planning Retirement doesn't mean stoppage of work. Female spouse will live 5 years more then male.
Financial Planning and Asset Allocation Why retirement planning Increasing life expectancy Protect PostRetirement Lifestyle Protection for Spouse /Dependents Retirement Plan An essential need Increasing Cost of Health Falling Interest Rate Scenario Breakdown of traditional support systems .
Financial Planning and Asset Allocation FINANCIAL PLANNING FOR THE FUTURE««... FUTURE««...30 yrs Birth & Education 22 yrs Earning Years 60 yrs Age Retirement Age . Phase I Phase II Child s Marriage Child s Education Housing Phase III Children Marriage 25 yrs 35 yrs Over 25 .
then the amount required to meet expenses«« Amount in Rs.40 crore 1.06 crore .Financial Planning and Asset Allocation Why retirement planning If Inflation is 5%. Monthly expenses Medial costs Marriaage Today 30000 500000 1000000 In 10 years 49000 800000 1600000 In 15 years 62000 1000000 2100000 In 20 years 80000 1300000 2700000 Particulars Monthly expenses Rate of return nvestment corpus required 20 years 15 years 80000 62000 7% 7% 1.
) .How Much? If retirement <10 years away 250*Existing monthly expense If retirement between 10 ± 20 years form today 350*existing monthly expense If retirement > 20 years from today 500*existing monthly expense + Add provision for pending financial goals (children education. marriage etc.
How? Start early Retirement planning starts the day you get your first income.F. Power of compounding. Pension schemes of insurance co.P.. Equity mutual fund & Real estate. Invest regularly Small amount invested regularly. .. Best options are P. Stay invested.
10-30% in Equity scheme for wealth creation.F. Up to 15 lac in senior citizen scheme for 9% assured regular income.Asset allocation Maximum equity allocation in % = 100-age in years. 20% for 8% tax free return. . P. As your retirement time comes near shift to debt schemes. 10-20% in floating rate scheme for emergency expenses. MIP 20% & Balanced scheme 20% for regular income + capital appreciation.(2-3 months expenses).P.
Reg. . (3) Title problems.Problems (1) Unaccounted money. (1) One good investment can change your financial life. (5) Maintenance charges. (2) Shortly mutual funds will be available. Invest only if ready to stay invested for 10 years. (2) Lump sum investment of large amount. fees & Exit load ± capital gain tax Advantages. Real Estate . (4) 10-12 year cycle. so poor Liquidity.Wealth creation Equity & Real estate are best asset classes for wealth creation. (6) Entry load.
>5 mutual fund schemes created wealth of >2 crore. Value of Reliance Growth scheme multiplied 48 times in 12 years. (>35% compounded return).Equity In long run equity gives best tax free return. Risk of capital loss zero if invested > 5 years. 20000 monthly SIP in Reliance Growth scheme created wealth of 3 crore in 12 years. that is >18% compounded return. Even small amount can be invested. Time in market is important not timing the market. Mutual funds have done still better. Sensex multiplied 180 times in last 29 years. .
6 66.2 46.8 26.6 57.8 -18 .1 38.7 31.94 DSP ML Equity April 97 HDFC Prudence Jan 94 1 year return 5 year return annualized % 72.7 24.3 72.Mutual fund returns Fund name Start date Reliance growth Oct-95 Reliance Vision Oct-95 SBI Magnum Contra.3 -42.9 56.6 Since inception return % 37 Worst 3 months return -45 76.9 32 -46 43.9 -34.July 99 HDFC Equity Dec.7 53.6 -39.6 60.7 70.3 62.
of years required to double money = % interest return. . multiplies 10 times in 10 years. 72/ No. Average return of diversified mutual fund is >24% in last 14 years. of years required to double money.Magic of Compounding Compounding is called eighth wonder of world. If you earn 24% compounded return your money double in 3 years. 100 times in 20 years & 1000 times in 30 years. Rule of 72 72/ Interest rate = No.
000 300.834 350.5% p. The Power of Compounding 2.000 Assuming an annual savings of Rs.000 in an instrument providing return of 9. 10..Financial Planning and Asset Allocation THE EIGHT WONDER OF THE WORLD..533.572.000 330.099. Saves from age 25 to 60 Saves from age 27 to 60 Saves from age 30 to 60 .636 Savings Returns * 1.a.529 2.
Financial Planning and Asset Allocation Amount required to be saved monthly:- Rs. 100 lakhs :- .
Redemption on Redemption on retirement (age 60) retirement (age 60) Value at 60 .51 lakhs.000 p.a. You .a. Value at 60 ± 50 lakhs. Amount : Rs 10.Financial Planning and Asset Allocation Start Early Your Twin Age : 25 years Age : 25 years Start : Today Start : at age 30 Invest : 5 years Invest : 30 years Amount : Rs 10.000 p.
113 40 YRS. 10 yrs 20 yrs 30 yrs 40 yrs .a. 53.) 251.525 20 YRS.973 10 YRS.568 30 YRS.Financial Planning and Asset Allocation INFLATION ROBS YOUR PURCHASING POWER 543. 25.000 today 116. Rs. (Assuming inflation @ 8% p.
20 lakhs today:today:- .Financial Planning and Asset Allocation Estimating Future Needs Rs.
. value is what you get. Invest when discount sale is on.Wealth creating ideas Be fearful when others are greedy. be greedy when others are fearful. Wealth creation is art of purchasing 1 rupee for 40 paisa. Price is what you pay. Purchase share of business not share certificate. Look at P/E ratio not absolute level of index.
Stock market quotes In short term market is like Voting machine. Most important organ for investment is stomach. in long run it is like weighing machine. Tops & bottoms are for fools & liars. Bull will climb staircase but bear will always jump through window. .
Conclusion Investing is not Rocket Science. now make the money work hard for you. Save & invest regularly. . Stick to asset allocation. Stay invested for long term till your goal achieved. You have worked hard to earn money. Monitor 3-6 monthly. systematically. Start investing early in life. If necessary take expert help. Keep it simple.
Self help Self help is best help. Websites:(1) moneycontrol. Magazines:(1) Mutual fund insight from Valueresearch Co. Portfolio can be created & maintained. (2) Outlook Money from Outlook Express group. .com best analysis of mutual funds. & mutual fund portfolio analysis. (2) valueresearchonline.com Personal finance section & Mutual fund section. rating. Devote some time for your financial planning.
inheritance. whether dual income. educational plan for children. The answer should cover the discussion of above factors. risk appetite or risk profile. .Financial Planning of a Family In the Age Group of 30¶s 1 The factors that need to be considered while drawing a Financial Plan for a family are : size of family. earning members. profession. age group. status . saving habit.
age. . The role of savings in financial plan must be discussed. family size. wealth determine savings rate.Saving Rate of An Individual Income. Saving rate in India is 30%.
. It provides security and enables house purchase on loan and building wealth and assets.Life Insurance as an Integral Part of Wealth Management The benefits of life insurance depends its role in financial planning.
market value ) Rs 85.00.000 Bank Deposits earning 8% 15.000 Shares 55.00.00.000 Mutual Fund Investments 12.000 Plot of Land at native place ( market value ) 10.Financial Planning Problem His assets are: House ( mortgaged.00.00.000 Employee quota shares of Co where is .
Unsecured at 14% 5.Financial Planning Problem 25.000 Personal Loan.000 His Liabilities are: Housing Loan against mortgage at 12 % 9.00.00.00.00.000 working LIC Policy maturing in 2010 15.000 .
.Wealth Management Financial Plan should cover repayment of higher interest loans and housing loan unless there is a provision for investment in equity earning higher returns. investment in vehicles giving regular monthly return. mutual funds and shares as per his risk profile. It should also reallocate portfolio with balance of fixed income security. provision for education of daughter and marriage of son and daughter.
Financial Planning Problem .
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