Financial Planning for Single Parents (MUST WATCH) | CA Rachana Ranade

"So today what we are going to understand is about a financial planning road map, which we will talk about six and seven steps that single parents can take."

"Out of that, it has to be saved and invested at 30. It should be for wants and at 50. It could be for needs."

"write down all these loans which ever are the high interest loans need to be knocked off first because they are the ones which are going to create a big dent and a big hole in your pocket"

"up skill yourself up skill yourself in such a way that you can you can tell your employer that I need to earn a little bit more"

"you could go ahead with some side hustle it could be some sort of a one time gig and it could be like a gig and a side hustle which could be even recurring in nature it could help you to support your income streams"

"when ever we calculate the emergency fund we don't calculate the total expenses it's only your needs multiplied by six months"

"ideally if you do this in a disciplined manner you should be able to create your emergency fund with in a span of 1.5 years"

"in life insurance you have to go ahead with a term plan because that is what will be absolutely important for income replacement"

"For such goals, let's say your child's annual school fees. For such type of goals, how do you park your money? It should be parked in asset classes where you have absolute safety and where you have absolute liquidity. You should not think about returns in such cases. So, what is the best possible goal? It could be about investing in fixed deposits. Ideally, if you ask me, you should be investing this money in fixed deposits in nationalized banks"

"your retirement planning has to be given a higher priority as compared to your child's education you might be like rakhna seriously why such a selfish thought there is a reason for that the simple reason is that you can get a loan for your child's education but you can't get a loan for your retirement"

"there is a possibility that you have some funds to anchor your child to start a job anchor your child to save a lot of money in the initial years maybe keep a target of two years three years four years what ever and with the money that you have saved for your child's education plus what ever your child has saved for himself for herself that could be a fund which could be sufficient to fund your child's education also remember to seek for some scholarship related opportunity"

"can you believe that you can buy gold with as little as even ₹ and that can be done Buy gold seeds"

"if you want to insure that this transfer happens seamlessly the best way to go ahead is writing down a will"