You can change your financial health in year 2022

Our financial health defines the way we live. At any given time, financial health matters 60% of our living. Whatever be the situation, we can always change it to our favour. In this New Year you can definitely change your financial health, if you follow the steps given below. #1 Find out where do you stand It is very important to know where we stand financially as on date to make an improvement. This can be done by looking at two aspects. Income versus expenditure First and foremost at the beginning of the year, understand your income. It may be …

Would you make this New Year different from earlier years?

Would you make this New Year different from earlier years? Will you make the New Year resolution a reality? New Year is an opportunity to recharge and rebound to achieve goals of life. However, it is not easy.  Quite often people give up on their resolution and end up just passing another year.  The following rules or SOP (Standard Operating procedure) are sure shot to make this New Year different from earlier one.   #1 Set the right priority We should not make a resolution on emotions. Life demand many things – fitness, new degree, money, fame, etc. But it …

Pension Plans in India

Traditionally all employees in Government sector in India were covered under “Defined benefit Pension” (DBP) plan. Under this plan, the Employer subscribes to a pension plan and contributes funds so that the employees on retirement get a defined amount till he or she survives. Every year the pension benefits of the future that have to be paid from this plan are calculated and the amount that needs to be contributed to the policy to fund the projected pension amount. It is a secured pension plan for an employee as he or she can calculate beforehand the eligible amount based on …

ALTERNATIVE INVESTMENT OPTIONS

In general we invest in financial products, house, land, gold etc. However there are many other alternative investment options which one can think of. Alternative investment options are equally lucrative and rewarding though associated risk are different. Let us look at these alternative investment options. Real Estate Investment Direct investment in real estate is when one purchase/invest in physical house property. However, there could be investment in real estate sector by some other methods like, a) Real Estate Mutual Funds: a real estate mutual fund typically invests in securities of companies which own property (commercial, residential, agricultural or land). Some …

Budgeting for more money

Most of the time we don’t get an opportunity to do a planning for monthly income & expenses as expenditures are on continuous basis and demanding.  The process of doing a planning for expenses based on monthly income is known as budgeting. If we do budgeting it is possible to meet our needs even if the income is limited.   Type of family expense The expenses in a family have two parts – variable and fixed. The variable expenses can be decided upon whether to incur or not but fixed expenses has to be incurred in any situation to maintain …

Cryptocurrency, Bitcoin & others

Off late, cryptocurrencis getting lot of traction due to recent spurt in value of Bitcoins and others. Though conceptually it is not new, many people are yet to get a hang of it.  What is it? Is it going to stay? Is it going to be an alternate payment method? Is it going to be legal in all respect? Are we missing out an opportunity? These are the questions crossing minds of people who know about it. Before we take a call on all these question let us first understand what it is?  What is Cryptocurrencies ? It is derived …

Know your income tax liability and ways to save

We all owe to government for tax payment. Therefore, it is very important to know our income tax liabilities and also ways to save or lessen these liabilities. The month of January, February and March in India is known as JFM among banking and financial intermediaries fraternity. That because during this period most of salaried and business people invest some portion of their income to save on income tax payment. Though it is not a health practice, it is inevitable as clarity of income earned during the year & tax on those earning is visible by end of the year. …

Do you know who is guiding you?

Every moment of our life is guided by somebody. All our actions and results are outcome of this guidance. Our success, setbacks, happiness, health, wealth all are under the influence of this guidance. Do you know who is guiding you? It is non-other than inner you. The invisible person within us. We identify it as our mind and it guiding us all the time. We may be aware or not. Therefore we need to be outmost careful about our mind. Are we feeding our mind with right thought? Are we keeping mental sanity. Are we visualizing the right view. All …

The good and bad decision of buying a house

Buying a house property is one of the most delighting experiences in life. However, it could be both a good or bad decision. I would like to draw your attention into other dimensions related to purchase of house/flat. It is touchy still you can question – do you need to buy a house? Any individual and especially couple dream of owning his or her house and live in a dream home. In the process they lock up substantial money in constructing or buying the house. Many justify it as a secured investment, tax benefit, a shelter for any eventuality etc. …

Protect yourself from time stealer for better efficiency

If you can protect yourself from time stealers your can have better efficiency and improve dramatically. We all have 24 hours’ time a day. With the same time, somebody is performing excellent, somebody mediocre and somebody poor. Therefore time can never be an impediment in your performance or effectiveness. However, we need to be aware about how effectively we use time. There is abundance of resources in the form of books, lecturers, workshop etc. on time management, how to utilize your time to the maximum. However, there is little focus on time stealers. If a person is aware of time …