As a taxpayer to be on an income tax radar is the last thing that I expect in my life :). It is not the case that I am not paying my taxes honestly or has something to hide. To be fair and logical as a taxpayer, even though my slate is clean still, it is practically impossible for a taxpayer to explain each and every financial detail/transaction. To err is human and sometimes it is unintentional. Before I proceed, let me clarify that all the details shared in this post are based on my personal understanding of the subject. It is my own interpretation that may or may not be right. Therefore, I ... Read More
Is Life Insurance Cover 10 times Your Income Sufficient for Your Family
How much Life Insurance Cover should i avail? This is one of the most common questions creeping on personal finance forums/newspapers. Certified Financial Planners suggest that a cover of 10 times your annual income is sufficient. I find same suggestion for all such queries. Now, this advice is deep rooted in psychic of an individual who does proper research before buying a Life Insurance Cover. Recently i wrote a post, Life Insurance Plan - 5 Possible reasons why you should not buy. In that post, i highlighted 5 general cases under which an individual doesn't need Life Insurance Cover. There ... Read More
7 Important Money Lessons You Should Teach Your Child
"My child does not need Money Lessons, She knows it all". This was one of the responses i received from one of the parents during a social gathering. The topic of the discussion was "Today's generation does not know the value of money". Some of the parents stressed on the need of imparting money lessons to a child from an early age. I completely agree and concur. I decided to share my thoughts on this topic through a blog post. As i keep highlighting in my posts that from a personal finance perspective, India is one of the most financially illiterate countries. Due of this reason financial ... Read More
Life Insurance Plan – 5 Possible Reasons Why You Should Not BUY
Till date, all my posts on life insurance plan were focused on why we should avail life insurance plan. At the same time, it is a fact that same shoe doesn't fit all. In certain cases, a life insurance plan might not be required. To clarify that in this post, life insurance plan means term insurance plan. Normally "Insurance" in India means "Life Insurance" only :) but traditional plans like money back policy, endowment plans etc. From a personal finance perspective and as a thumb rule, if you buy any financial product then you should ask 5W's i.e. What, Why, When, Where and Who/m. The ... Read More
Financial Investments – 11 Most Important Points to Consider
"Financial Investments are not a child's play" i read it in a book of a very famous investment guru. The term "investment guru" is loosely used in the personal finance space. We have investment gurus of the stock market, real estate, mutual funds, commodities etc. In past as a common investor, i used to get confused whom to follow and who should be ignored. I could not find reliable 360-degree information on financial investments. In India, all the people around us are also investment gurus. Normally an investor decides on Financial Investments based on the feedback from their relatives, ... Read More
Married Women Property Act – A 360 degree protection
Married Women Property Act - I am sure, not many people have heard about this act. I was under the impression that lawyers must be aware of Married Women Property Act but i was wrong. Recently, i was discussing a case with one of the lawyer (I am not a lawyer). I shared reference of Married Women Property Act from a personal finance perspective. He was clueless on the same. Anyways, there can be multiple reasons for the same. Only info available on the web is related to section 6 of the Act. In other words, people know about this act because of section 6. Any insurance policy under section 6 ... Read More