Samar, one of my school-time friends who works with a software firm in the UK, called me during the lockdown days to discuss his financials. Though we usually have general chit chat over Whatsapp, this was a focused discussion. His queries were related to Indian taxation. He had some earnings from India in the form
Non Resident Indians and their Financial Planning in India?
It's Not How Much Money You Make...But How Much Money You Keep, How Hard It Works For You and
How Many Generation You Keep It For - Robert Kiyosaki
WHY Financial Planning in India?
Well, NRIs are Non Resident but still Indians. You may have the intention to Come back for good at some point in time. You may like to enjoy your retirement years in your own Country where the cost of living is quite less then your host country.. In today’s kind of tough scenario i have also seen many NRIs are forced to return to India (Due to Job issues), so sometimes it’s not in your hand. You may have accumulated some of your assets while in India before going abroad. You may inherit some assets from your Parents. You may have some of your responsibilities and goal in India. All this requires you to Plan your finances as per the goals in India. Financial Planning helps you organize your finances and helps you take a holistic view of your life , so you can have a better connection between your money and your Life. And work out on your Investments, Insurance, taxes, goals and many other things wisely.
A Good Financial Planning is all about Good Financial habits
How NRI Financial Planning is different and Complex?
It is complex, yes. and this complexity comes from the financial arrangement in the home country as well as where you are currently residing. Your Better investment capacity due to currency conversion makes you a sought after customer of the bank, Insurance agents, Real estate agents etc. which further complicates the structure when you buy their products without having holistic view of your finances. Other issues which makes it Complex are...
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Yadvinder Changotra
USA
He Under Promises and Overachieves
Manikaran Singhal is very knowledgeable and trustworthy Financial Planner . He provides a fresh impetus to your personal Financial planning by providing very transparent Pro\Con view of various financial schemes available in the market.His greatest strength lies in his deep knowledge of the Banking Sector along with Insurance and Mutual Funds .
He has always under promised and over achieved which should be a trademark quality of any Financial Planner . Happy to have him provide me with his expert service”
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Singapore
He educates, examines, and maximizes
Manikaran ; wealth manager for my high-end portfolio has been always looking for the best way for me to maximize my investment. He is knowledgeable about the market and savvy to consumer impressions and misconceptions. His approach is to educate clients in a way that is easily understood. He examines what is presented to him and then lays out a plan with various options that are up to you to decide which you would prefer. He goes over all options and what would result in each option.
What Will NRIs get in Financial Planning?
Broad structure of any financial planning exercise is the same. But the output differs as Ingredients differs with different profiles. As written Above, NRIs Financial plan requires different kind of attention
What We have Written for YOU
NRI Retiring in India – Important Points to Consider
Despite spending most of their time outside of India, Non-resident Indians (NRIs) are still Indians. Most of them are abroad for work, education, business, or sometimes staying with their relatives there. When they grow old, many NRIs decide to come back for good – the home where the heart is! To enjoy their golden years
Students Studying Abroad – When will they become an NRI?
Isn’t it immediately? When my child leaves India for studies and not expected to return for next few years may be more also, As far as I know, she will become NRI the moment she leaves India. But some where I read that she has to be out of India for at least 182 days
NRIs Goal based Investments in India
Without Goals there can't be a Plan. Without Plan it is difficult to be in discipline. Without discipline growth will always be in question. NRIs generally plan for their Retirement, House Purchase, Investment Management and sometimes Children education too in there Home Country India.
However, there are some who wants to be Financially free as soon as possible, since they feel that they can save more when they are out of India. Some wants to
save for seed capital for their new business, Some wants their Parents money to be managed well in India
Every Profile is different, Every NRI requirements are different, and so does the Complexity in every profile.
In the whole process lots of things need to be planned and managed. Like bank accounts, Insurances, Employer benefits, Investments, taxation etc. With No social security arrangement in India your planning should cover all the aspects you may foresee needs attention.
Your Financial plan may be different when you are outside India, When you have just returned and when you have already returned. Every step needs a detailed review on all the aspects. which is why more than Financial Plan , the Financial Planning is important. and this is where a Professional and certified financial planner will be of help.
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Financial planning is a Fee based Profession. and Since this is now being Regulated by SEBI so many Certified Financial Planners and especially those who are Registered with SEBI, like us work only on "Fee only" structure. This means that we work as Fiduciary and don't earn any commissions from the products that we advise. NRIs are usually accustomed to Fee only advice as this is the norm in many countries and it creates lots of Transparency in the Relationship.
Still, if you did not experienced Financial planning Services before, then just to encourage you and remove the fear of paying from your mind, we offer you 100% money back guarantee, in case you are not satisfied with the Service Quality.