As a borrower, loan or debt is the biggest financial liability especially high-value loan. Human life is like a financial balance sheet of the company. We have assets on one side like Gold, Property, Investments etc. On the other side, we have liabilities like loan, debt, responsibilities etc. There are two types of liabilities i.e. one in the form of responsibilities like kid's education, marriage etc. The 2nd type is more tangible i.e. financial liability e.g. debt or loan as a borrower. The balance sheet is dynamic in nature. It keeps changing. If i avail a high-value loan then suddenly ... Read More
Private Locker Service – Beware of 5 Important Points Before You Hire
Private Locker Service is gaining traction in metro and small cities. Though it is not a new concept. I belong to a small city near Delhi. I remember, in the year 1996, there were a Private Locker Service in my hometown. The reason behind mushrooming of Private Locker Service is because banks are not able to cater to growing demand. In my post, how to get a safe deposit locker from a bank i shared how difficult it is to get a bank locker. Recently, i was in Mumbai for an assignment and catch up with an old friend. He was telling me that he has hired a Private Locker Service of a one of the ... Read More
5 Habits That Are Wealth Destroyer In A Long Run
A few years back there was a big debate "How Inflation act as a wealth destroyer?". At that time the average inflation was around 10%. I highlighted it's impact in my post, Impact of Inflation. As the inflation cooled off from 10% to comfortable zone the discussion subside. Now the inflation is no more a wealth destroyer. Thanks to the steps taken by the Govt and RBI. Have you ever wondered besides inflation what else is wealth destroyer? The first thought that comes to the mind is wrong investment decisions. I agree on the same. If you are stock market investor then you must be recalling ... 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
Adjust LTCG against the Basic Exemption Limit and Save Income Tax
Income Tax is one of the most complex subjects in India. Most of the taxpayers struggle on this front. Through the posts on this blog, i always share my learnings, means and ways to save Income Tax in a legitimate way. The objective is to decode and explain the complex income tax rules in a simplified manner. In this post, i will share how a taxpayer can adjust LTCG against the basic exemption limit. Thus tax savings for the taxpayer. Some of the points shared in this post are already discussed in earlier posts. I hate being repetitive but some of the readers might not be able to comprehend. ... Read More
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