The following are some major life events that most of us share, and some investment decisions that you may want to consider:

When you get your first job:

• Start saving to build emergency fund/cash reserve
• Start saving for Retirement and make regular monthly contributions, no matter how small irrespective of employer’s provided benefits.
• Also, learn about the insurance provided by your employer’s benefits plan including health, life and disability insurance. Even If your employer’s plan offers sufficient coverage, or if a plan is not offered at all, consider obtaining coverage independently

When you get married:

• Weddings are special occasions that become cherished memories. They are also events that bring about financial changes. After getting married, you may consider opening a joint bank account, owning property jointly, updating Nominee for investments prior to marriage and possibly medical insurance. You may also want to begin saving toward the purchase of your first home and start preparing to raise a family.
• Determine your new investment contributions and allocations, taking into account your combined income and expenses.

When you want to buy your first house:

• Buying a home is an exciting time. When you make a decision to buy a home there are so many things to get organized; from funding for Down payment, looking for cheapest Home loan to review life insurance and more.
• Invest some of your savings in short term instruments for funding Down payment and other related expenses.

When you have Children:

• With the added joy and responsibility of a child comes the need for extra financial security. Update your medical plans to include the child. In addition, review your life insurance policy to ensure you have adequate coverage amounts. But never take an insurance policy in your child’s name, rather make them the beneficiaries.
• For a child, college education is 18 years away, yet the sooner you start saving, the better. An education fund that has many years to compound and contributions is ideal.
• Increase your emergency fund.

When you change jobs:

• Review your investment strategy and asset-allocation to accommodate your new salary/CTC structure into your financial plan.
• Pay attention to employer provided benefits, as they often vary from employer to employer.
• Consider rollover of EPF and reinvest gratuity – Don’t withdraw
• It is important to maintain retirement, medical and life insurance plans as you continue building financial security.

When you nearing Retirement:

• Most of your financial obligations would have been met and at this stage your income is at its peak.
• Review your retirement fund asset allocation to accommodate the shorter time horizon and lower risk tolerance.
• Make your retirement corpus shock proof .
• Continue saving till retirement, in needed.
• Make a will and ensure nominations are in order of your preference.

When you retire:

• Now is the time to enjoy the fruits of your labor. However your funds will still require attention as you continue to manage your money.
• Remember to maintain adequate health care coverage, and make provision for emergency medical needs.
• Review your combined potential income after retirement and allocate the retirement corpus in fixed income products to provide for the income you need while still providing for growth of capital to beat inflation and fund your later years.

Discipline and how Financial Advisor Can help

One of the hardest things about investing is disciplining yourself to save an appropriate portion of your income regularly so that you can meet your financial goals. And if you're not fascinated with investing, it's probably also hard to force yourself to review your financial situation and investment strategy on a regular basis. Establishing a relationship with a trusted financial advisor/planner can go a long way toward helping you practice wise money management over your entire lifetime.