Uma loves travelling. She is also passionate about working for under-privileged children. However she has to financially take care of herself as well as her mother. Once that stage is reached she would be free to indulge in her passions travelling to underdeveloped countries and working for the children there. When will that time come?
|Family||Not Married, mother lives with her|
Uma’s Current Financial Status:
|Monthly Earnings Post Tax||90k|
|Car loan EMI||11k|
|Annual Statutory Commitments||100k|
Uma’s Current Assets/ Liabilities:
|Bank FDs||10 lacs|
|House in TN Hometown||18 lacs|
|Lives in Co. Provided Accommodation|
Can Uma’s dream become a reality?
Uma knows that her passion will cost money. She has to accumulate for
- her travel expenses
- her living expenses
- her mother’s living expenses
- also take care of health needs of her mother.
Let us see how much Uma needs:
- Create a corpus of 12 lacs for travel needs
- Living expenses for herself for 40 years- from age 40 to 80 yrs – 90 lacs
- Living expenses for her mother (with a live in help) for 23 years – 35 lacs
- Adequate health policy for both
- Adequate life cover for herself
Looking at the huge accumulation required -1.37 crs – Uma was daunted and could almost see her dreams getting vaporised before her eyes. How is it even possible?
The AZAD help:
Uma turned to AZAD as the services assured her help in achieving her goals –GUARANTEED – provided she stuck to the plan and was financially disciplined. Uma was so keen to realize her dreams that she said that she was 100% with AZAD and would do exactly as guided. She needed to put aside 50k pm for the next 10 years to take care of all her needs.
AZAD not only hand held her through the financial re-structuring of her investments, they also did the market research to suggest to her the best three options for her life cover and health cover for herself & her mom. Even the house in her hometown was given on lease (8k pm) to generate a cash flow which she had not considered till now. Uma planned to shift her mother to that house once she would start travelling. The car loan was paid off by withdrawing her ULIP money. She was advised to stop paying the 1 lac premium on her ULIP. Just this simple two step adjustment freed 2.32 lacs pa for her savings. That coupled with her annual surplus of 3.68 lacs was adequate for her savings plan.
In 10 years’ time, by the time Uma is 42 years old, she will be ready to fly out, literally!