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Make a list of all your Credit Cards, Accounts, Investments, Insurance and Loans
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Document every insurance, investment and loan in your portfolio. Make an inventory on your computer to access everything in a single place.
Try and Consolidate your Multiple Bank Accounts/ Credit Cards/ Mutual Fund Investments/ Insurance policies. Keep it simple!
Consolidate Bank Accounts/ Credit cards – Close the ones you don’t use/or don’t need
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Review Investments Portfolio - Discard non-performing investments, consolidate Mutual funds portfolio – Aim to invest in 5-6 schemes.
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Review Insurance – Aim for enough coverage for Health & Life cover both
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Review Loans, Credit card out-standings – Aim to pay off debts starting from high interest rate loans.
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Treat Investments as Expenses out of your Salary.
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Consider investing in Mutual funds in addition to conventional saving products
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Start investing for long term & not just for short term goals
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Do Financial Detox post Diwali.
Involve family members to keep a tab on each other
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Take help of professional financial planning services this Diwali to align your portfolio to your needs. This would reap benefits lifelong!
CONGRATULATIONS! YOU HAVE DEEP-CLEANED YOUR PORTFOLIO
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
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