The 2 Biggest Traps of Life are Marriage and Debt Trap :) Debt Trap is like a Chakravyuh, Its easy to enter but impossible to get out like Abhimanyu. Improper Financial Planning is responsible for falling into debt trap. There are few tips on how to avoid Debt Trap. 1. Avoid too Many Loans: As a thumb rule, EMI of all loans availed should not exceed 45% of take Home Salary / Net Income per month. If it exceeds this limit then we are inviting trouble for ourselves. If majority of loan portfolio comprises of unsecured loans like Car Loan, Personal Loan etc then it shows credit Hungary behavior ... Read More
Retirement Planning – Non Conventional Way
Retirement Planning is most discussed but least understood topic in India. Until & Unless you have Government Job in hand, you have every reason to worry about your retirement. I will suggest that your Financial Advisor should be the last person in this world, whose advice you should follow regarding retirement planning. The Financial Advisor will prepare your retirement based on hypothesis and assumptions which does not hold true even after 3-5 years...The basic objective of your Financial Advisor is to create sense of fear in your mind else you will not listen to him. He will start with ... Read More
Online Discount Coupons – Save while you Shop
What about saving some hard earned money while Shopping Online through Online Discount Coupons...Sounds great :) Let's Check Out Personally i have almost stopped physical shopping as i found that i can save more if i shop online. On top of it additional discount of 20%-50% is a big bonus and can be handy in these difficult times of Recession. Some time back snapdeal.com and timesdeal.com tried to create paid business model out of online discount coupons on lines of Groupon but they failed miserably. Snapdeal.com has now adopted traditional e-commerce model and all deals on timesdeal.com are ... Read More
Why you should not buy Gold Coins from Banks?
As i have mentioned in my previous posts also that we Indians are obsessed with Gold. You might be aware that it is mandatory to provide photocopy of PAN if investment in Physical Gold is more than 50k. Now more and more people are buying Gold Coins (Purchase is under 50k for obvious reasons). Secondly, Thanks to the Relationship Manager of the Bank (Also read Beware of Relationship manager) for pitching gold coins as one of the best investment avenue. Gold Coins remind me of Mahabharata where Abhimanyu knew how to enter the Chakravyuha but he was not aware of technique to come out of it. ... Read More
Why do we need Health Insurance Policy?
Most unexpected expenditure in Human Life is Medical Expenditure. Recently i underwent Major Surgery & my tryst with Indian Medical System was not so good (Financially). Thankfully i had Health Insurance policy and i was saved from Huge Medical Bills. Indians mostly prefer Private Health Care Institution over Govt Hospitals despite the fact that Govt Medical Services are Free or provided at very nominal cost. Reason is very simple "Quality". I need not to write much on same, you may visit any Govt Hospital to find out yourself. Health Insurance is must for every individual and it should ... Read More
How to make a Will?
How to make a WILL? is one of the most common question among readers. In my previous post on Personal Finance, i explained the difference between Nomination and a Will. In this post, i will explain How to make a WILL? Entire Banking system work on an assumption that "All the depositor will not withdraw entire amount on a single day". Similarly we live on an assumption that "We are going to LIVE forever". Whenever i recommend my young readers to make a WILL. He / She fire reverse question that i am only in early 30's, why i need a WILL? I would like to add that the 1st and foremost fundamental ... Read More
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