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Live a big life, leave a big legacy

Time to read: 5 mins | May 5, 2018


Some think of legacy in material terms as assets, while others think of it in intangible terms as timeless values. But we like to think of it as a launchpad for our next generation.

Working towards your family’s financial independence is the best gift you can give to your kids. Let’s touch upon some of the ways through which you can build a solid legacy.

Take stock your assets and liabilities

Take stock your assets and liabilities


Over the years, you must have invested your money in multiple areas, with or without prior planning. So, the first step is to collate it all and have clear visibility of all your assets. All the investments, savings, policies, funds, jewellery and real estate or business interests constitute your financial portfolio.

Our tip: Use online portfolio tracking tools to track all your assets at one place.

Grow Debt free

Grow Debt free


Trying to invest if you already have debt is not a good idea. If there are credit card EMIs or personal debts that need to paid off, think of ways to repay it faster. Prioritise your liabilities by ranking them based on the interest rate applicable on each of them, if any. Don’t shy away from the option of liquifying certain assets or funds, so as to pay off your loans quickly.

Our tip: Pay off your debts using tools like debt snowball calculator and create a 6-month emergency fund. 

Secure retirement income 

secure retirement income

If you havent already started investing in retirement funds, that should be your top priority. Look for pension plans with systematic investment as well as withdrawal plans. As with any planning guideline, do take into account the effects of inflation to estimate your future income post retirement.   

Our tip: Use retirement calculators to figure out your monthly income after retirement based on your current investments. 

Create lateral income sources 

create lateral income sources

Creating multiple income sources is the most crucial step towards building a legacy. You can either choose to invest in assets for monthly income through rental or invest in long term fund schemes.

Our tip: Get in touch with financial planners with a clear idea on the investment capacity and expected returns.

Review your health insurance

review your health insurance

As you grow old, you can never be certain about your health. It’s best to increase your insurance covers to reduce the shock of unforeseen medical bills. If you have a medical condition or some critical illness, make sure to have   provisions for it in the policy. Several insurance firms offer annual health check-up plans, which can be a real money saver.

Our tip: Check out the senior citizen health insurance schemes, along with Fixed deposits and tax-free bonds.

Control risky investments 

control risky investment


It will be a real disappointment and a rude shock if your invested amount is suddenly affected by the market upheavals. It is therefore recommended to start moving your investments from high risk options like equities and Small & mid cap mutual funds to low-risk options like debt funds.

Our tip: In order to judge the risks in MFs, check the riskometer.

Put all your financial documents in one place

put all your financial documents in one placed


The last thing you’d want is your family being unaware of your investments. Thus, it makes sense to keep all bank account details, important financial contacts (tax consultant, insurance agent, broker etc.) in a consolidated and handy manner.

Our tip: Record all your important details in one handy financial organiser and keep it somewhere safe.

Everybody needs a will

Everybody needs a will


Legacy is best created with a will. You don’t need to be a millionaire to create a will. The assets that you have created and built are of a certain value and these assets should devolve on your loved ones.   

Provided enough financial cushion, the kids can pursue what they want to and live up to their true potential. Few things are more satisfying than knowing the results of your hard work will live on and do good through future generations of your family.

Disclaimer: This article has been authored by Dialogbox, a Mumbai based Content Design firm known for offering unbiased and honest opinion on investing. Axis bank doesn't influence any views of the author in any way. Axis Bank & Dialogbox shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.


Few things are more satisfying than knowing the results of your hard work will live on and do good through future generations of your family












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