As the twelfth season of MasterChef Australia comes close to it’s last few episodes, one watches people make mouth-watering dishes that are a perfect balance, technique and sometimes even innovation, it is hard to not imagine, what could be the classic perfect recipe for a happy life? Sadly there isn’t. However financial freedom which can at least make life comfortable just might have a recipe.
Recipe for Financial Freedom A La Keiv with Tax-saving Sauce
- Life Cover
- Health Cover
For the Tax-saving Sauce:
1. Financial Freedom is an easy task if you have the best usage of the right ingredients mixed well in your financial portfolio, based on your financial goals and requirements. One of the biggest priorities in an individual’s life is to secure their family’s future and that is why life cover is so important. It is also essential to see that the coverage amount is enough and the premiums aren’t a liability.
2. The next biggest priority and asset is generally, health. Getting health insurance is also crucial because it protects one of your valuable assets. So, make sure when you have a health cover it has a large network of hospitals and meets the requirements of your Investments: family too.
3. The most beautiful thing about investing is that it helps you not only earn but also create more savings. Today, it is possible to get a mutual fund starting at just Rs. 100 a month. That is literally, throwaway money for things we don’t need. Your investment and what you make out of it is your savings, which is what will give the catapult to make all your dreams come true.
The Tax-saving Sauce
National Pension Scheme (NPS) and ELSS tax-saving funds are not just investments to earn high returns, but also save on your income tax money.
- NPS: is a Government initiative and monitored investment plan that anyone can use to both save taxes and earn returns that can at least fight inflation.
- ELSS: on the other hand, comes with the shortest lock-in period among saving schemes and also can be attained for instant tax proof online.
- All the Other insurances: Both the health cover and life insurance come with tax benefits under the Income Tax Act.
This is the classic recipe for hassle-free financial freedom while you can save on taxes. Find out what can you do with it. You can get all the ingredients and cookware for this recipe on our app. Click here to download our free app. Our app also comes with a tax calculator tool so that your sauce compliments your main dish.