In India, most people look at one or two financial products
as the solution for all their financial worries.This is because in India, for
years, the transaction-based approach has existed as a proxy to financial planning and investment
advisory services. However, it's about time this practice changes.
T raditional products worked well during our fathers' time
when rate of interest on fixed deposits was 12% per annum and inflation was
below 4%. Currently, however, FD rates hover around 9% compared to the overall
consumer inflation rate of about 8%, and inflation on higher education and
medical costs are even more.Yet, most people prefer FDs and conventional
insurance plans that deliver poor posttax returns.
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