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About The Client
A young, unmarried NRI working in the Merchant Navy
Due to the nature of their work, the client barely spends a few months in India every year.
The client’s family had faced a financial crisis earlier which was averted by the client’s decision to join the Merchant Navy.
They were looking for a way to ensure they have adequate funds for important life events and also save up to study abroad in the near future.
The Context
The client’s sibling was about to get married and they wanted to ensure that they would have enough money to fund that within the next three years.
The client was interested in joining a professional course at a good university in the United Kingdom. They were quite adamant about not taking up an education loan.
Last but not the least, the client was also looking for assistance in making good financial decisions at different stages of their life.
The Problem
The major reason the client wanted to get into investments was to ensure that they have enough funds for important life events.
The challenge was that two of these situations, their sibling’s marriage and their quest for higher studies abroad, were very capital intensive. Another thing we had to factor in was that there was barely any time before these two events materialised.
With less than 5 years in hand, the client had to figure out a way to become financially empowered enough to achieve their personal dreams without taking any loans.
The Solution
The first thing IMMPL did was allocate a portion of their money in liquid funds. This ensured that the client had enough liquid capital available for use whenever their sibling decided to get married. We also gave them a ton of information on purchasing gold for the wedding without any financial stress.
Since the client was an NRI, we researched deep and advised them on ways to retain higher foreign capital by pointing them towards FCNR/NRE deposits.
We also advised the client to invest in health and life insurance so that the family would have access to ready funds in case of unforeseen circumstances.
We planned out a practical and feasible scenario for the client in terms of their educational goals. Since they didn’t want to take up a loan, we gave them all details we could find and informed them about all the implications if they went ahead with their plan.
We also focused on yearly savings goals to ensure that they had adequate corpus for their education.
The last stroke of the brush was to constantly monitor and optimise their portfolio as and when required to ensure they are always on track to achieving their goals.
The Things That Matter
As mentioned earlier, the client was barely in India for a few months during the year. We made it a point to meet them whenever they were here and constantly give and receive updates about their finances.
Even when the client wasn’t in the country, we made use of every channel possible to stay in touch and work with them on their investments. Over a period of time, the client trusted us 100% with anything related to their finances.
Value Addition
The biggest reward of the entire exercise was the fact that the client was swiftly steered towards a path where they could finance their short-term goals with ease.
Despite being at sea for a large amount of time, the client had complete peace of mind when it came to their investments. Our transparency and our drive to offer real financial advice that actually works put any doubts they had to rest.
We significantly simplified the way they looked at money and investments, empowering them to make confident and informed financial decisions in the near future.
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About The Client
A young, unmarried NRI working in the Merchant Navy
Due to the nature of their work, the client barely spends a few months in India every year.
The client’s family had faced a financial crisis earlier which was averted by the client’s decision to join the Merchant Navy.
They were looking for a way to ensure they have adequate funds for important life events and also save up to study abroad in the near future.
The Context
The client’s sibling was about to get married and they wanted to ensure that they would have enough money to fund that within the next three years.
The client was interested in joining a professional course at a good university in the United Kingdom. They were quite adamant about not taking up an education loan.
Last but not the least, the client was also looking for assistance in making good financial decisions at different stages of their life.
The Problem
The major reason the client wanted to get into investments was to ensure that they have enough funds for important life events.
The challenge was that two of these situations, their sibling’s marriage and their quest for higher studies abroad, were very capital intensive. Another thing we had to factor in was that there was barely any time before these two events materialised.
With less than 5 years in hand, the client had to figure out a way to become financially empowered enough to achieve their personal dreams without taking any loans.
The Solution
The first thing IMMPL did was allocate a portion of their money in liquid funds. This ensured that the client had enough liquid capital available for use whenever their sibling decided to get married. We also gave them a ton of information on purchasing gold for the wedding without any financial stress.
Since the client was an NRI, we researched deep and advised them on ways to retain higher foreign capital by pointing them towards FCNR/NRE deposits.
We also advised the client to invest in health and life insurance so that the family would have access to ready funds in case of unforeseen circumstances.
We planned out a practical and feasible scenario for the client in terms of their educational goals. Since they didn’t want to take up a loan, we gave them all details we could find and informed them about all the implications if they went ahead with their plan.
We also focused on yearly savings goals to ensure that they had adequate corpus for their education.
The last stroke of the brush was to constantly monitor and optimise their portfolio as and when required to ensure they are always on track to achieving their goals.
The Things That Matter
As mentioned earlier, the client was barely in India for a few months during the year. We made it a point to meet them whenever they were here and constantly give and receive updates about their finances.
Even when the client wasn’t in the country, we made use of every channel possible to stay in touch and work with them on their investments. Over a period of time, the client trusted us 100% with anything related to their finances.
Value Addition
The biggest reward of the entire exercise was the fact that the client was swiftly steered towards a path where they could finance their short-term goals with ease.
Despite being at sea for a large amount of time, the client had complete peace of mind when it came to their investments. Our transparency and our drive to offer real financial advice that actually works put any doubts they had to rest.
We significantly simplified the way they looked at money and investments, empowering them to make confident and informed financial decisions in the near future.
