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financial planning for young

“Planning for the Unplanned”

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This post has been written by considering financial planning for young bachelors and couples, who have taken courageous step to get their finances in a right path. Goal based financial planning depends on the various milestone in personal life, remember we are talking about the financial milestone. As you start young the picture ahead is not quite clear and questions like this put hurdles in planning for goals:
When will I get married? When will we have children? When we’ll have our own house? When will children go to college? When will children get married?Read More


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stopping spending addiction

“The temptations of a Monk”

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If you are living without something which you really love to have, the very thought of it makes you go crazy and breaks the fast which you have had for many days to achieve it. That’s the temptation, which is a diversion in your path which makes it even longer to achieve than planned. Consequently, as we grow older the value of the so-called temptation also grows and if we had surrendered ourselves earlier by interrupting the smooth flow of finances, we usually have to regret ourselves at a later stage for doing so. Hence stopping spending addiction is a must.Read More


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“What’s it takes to be financial planner and the one you should not hire”

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So you have decided to hire a financial planner to manage your personal finance and help you in achieving your financial goals. First of all, Congrats! for the courage you have shown to hire a stranger to manage your money, especially for trusting his/her ability.
Ability is a critical point, especially in a financial planner resume. Most of the financial planners you see around are from finance domain who were Life insurance agents, Mutual funds broker, Bank managers, relationship executive etc. earlier. They left their well-paying job which gave them loads of commission and regular monthly income abruptly. Instead, they choose to come in a field they don’t have any knowledge. If you keenly observe them, they have this confused look of an infant who is handling calculator.Read More


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“Desire- a powerful factor in your finances”

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Desire, this one little thing has significant impact on everyone’s life. When we were infants, we had the desire to eat whatever we can, be it mud or father’s calculator. As we grew up to watch things around us, desire emerges as an outcome by the influence of surroundings. Desire to taste an ice cream, desire to own a tricycle, as our consciousness grows so does desire.
As a child, you have constantly been changing the desire to be someone, a soldier or an air force pilot, movie star or a politician/govt. officer e.t.c. but as we come to our teens, the realization hits hard and we work towards some certain career. Very few people in this world come to a point, where they have decided to be someone at 5 or 6 and achieved the same while beginning their working life, be it, Sachin Tendulkar or Sonu Nigam.

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“Best Term Plan in the Market!”

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Please read till the end to know the best term insurance in the market.
So you have decided to purchase the term insurance, which means who are opting for a risk transfer. There are 4 ways to manage risk, let’s go through them and try to insert them in our personal finance equation.
1. Risk Avoidance: We are a master in it and doing it for years. In individual life, one of the biggest risks is the uncertain death of the breadwinner of the family, avoiding this particular risk can hamper your financial world and it will take years to recover from this financial loss.
2. Risk Reduction: Driving your bike carefully, wearing a helmet, putting the seatbelt on, jogging every day and eating healthy & nutritious food every day are some ways to reduce certain health and life risk. You can reduce few risk but not completely, the uncertain nature of various risk exposes you to vulnerabilities.
3. Risk Retention: You have not avoided the risk nor reducing it, you are just bearing the future cost of the loss in present value. This is possible for risk like health issues if you have managed to save enough for a medical contingency, you may retain this risk, but still there will be a risk of exhausting this special fund in the case of severe illness.
4. Risk Transfer: After doing all the due diligence, you have decided to transfer the risk to an insurance company. In the case of an agreed event happening as per the contract, the insurance company will take care of the financial loss.

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The Risk in Risk-free Investment

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What is a risk?
For most, it’s a possibility of losing the subject, be it money or the ship.
It has been proven in most of the experiments that severe pain of loss is much bigger than the extreme joy of making profits. So the common man looks for avenues, which is safe for him and the probability of losing the principal in the said avenue is minimal. So, according to nature, an investment avenue which is relatively safe and provide guaranteed returns over the principal with the safety of the principal is said to be a risk-free investment.Read More


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“How not to spend more than your salary!”

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Spending more than your salary??? Well, it’s a common case these days, especially for bachelors living away from their hometown. The major portion of the monthly income wipes out in the first week of getting the salary. House rent, utility bills, maid and groceries are the major part of the monthly expenses. Let’s take a case of a common guy Ashish and see how he manages his expenses.

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Financial Maturity – “I know What I am doing”

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Very less has been written on this topic so far now. Also, the definition will be subjective once you hear the term “financial maturity”. Everyone will have their own version and it’s okay. In reality, financial maturity means, “I know What I am doing with my Money”. There is enough attitude in those lines, which revolves around a person’s financial life. Sadly, we are over-confident and we don’t know what we are doing with our money. Do not make a mistake to compare the financial maturity with frugality, both of them are different. A person who understands how his decision affects his personal finance is Financially mature. He might spend money on expensive laptops or business class flights, furthermore, she might not spend money on lavishness and only shell out money out of her purse whenever deemed necessary. It’s hard to understand this, but the person in charge will be the best person to know his/her circumstances and take the call accordingly. Read More


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Interest Rates and its influence on your debt

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Debt is an important avenue which provides finance to individuals, corporates, and governments for fueling their needs like buying a home, increasing a company’s production, financing a project etc. Debt is provided by Lenders like financial institutions, banks and also by individuals, they, in turn, expect a return for lending their money. There are many types of debt channels the common ones are loans and bonds.

As said earlier lenders expect a return for lending their money, this is called interest rate. In a broader economic view, the rate of interest is determined by the demand and supply of money available in the market. Money flows into the market from different channels and there should be an onlooker to monitor and control such demand and supply, here comes the central bank i.e. RBI (Reserve Bank of India) to don the role.Read More


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SIP the new ULIP

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You get up in the morning and reading your newspaper, in some time on the way to the office and stuck in traffic and surfing random websites in office, back to home and watching TV with the family. All of the stated activity has one thing in common and that is SIP. Ads in newspapers, a billboard on the way to the office, banners on the website and TV commercial in between the soap you are watching. It’s one of the highly advertised Investment mode of a financial product (Mutual fund). Similarly, there used to be ads of ULIP in its era. None of them is a bad product, but it might be one if you go blind. You have people talking in the office, relative and even grocery shop, who’ll give you random advice on which mutual fund to purchase and start a SIP. These all are the tactics of behavioural finance by driving the numbers in front of your eyes and influence you to take an early call.Read More


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