Strategic Financial Management for NRIs in Their 40s
Begin by creating a comprehensive net worth statement that outlines your assets and liabilities globally. This snapshot provides a clear overview, aiding in making informed decisions, especially during unexpected job losses.
Finances for Security and Retirement
The avoidance of lifestyle inflation is paramount; while the temptation for a luxurious lifestyle might be strong, it’s vital to resist and focus on prudent spending. Emphasise saving and investing for the future, prioritising long-term financial stability over extravagant living.
Monitor Debt and Lifestyle Inflation
Obtain a term insurance plan, noting its validity for NRIs abroad, and regularly review the sum assured to ensure it aligns with your family’s evolving needs. Consider investing in medical insurance to mitigate potential healthcare costs.
Appropriate Insurance Coverage
This involves creating or updating your will to clearly outline how your assets and liabilities will be managed after your passing. Designating a Power of Attorney ensures a seamless transition of control in case of incapacity.
Estate Planning Matters
Entering the second innings of life demands careful planning, whether you’re abroad or returning to India. Explore potential career changes or revive long-dormant passions as part of a fulfilling lifestyle.
Strategize Your Second Innings
PrimeWealth gives more than just investment advice. From budgeting, to cash flow, to savings, to debt management, to estate planning, to risk management, to tax planning, we do it all !