We Indians buy Insurance Policy not for financial security but for investment purpose. This defeats the whole objective behind Insurance Policy. Not only buyer but seller is also responsible for this mis-selling. In past I wrote article highlighting, how mis-selling is rampant in Financial Sector (To read click here Beware of Relationship Manager / Personal Banker). We have to keep in mind that we are responsible for our investment/financial decisions. The Relationship Manager who is selling the Insurance Policy has vested interest behind the same. Before making any decision to buy Insurance ... Read More
Why You Should Not Invest In Post Office Savings Schemes
Post Office Savings Schemes are very popular in small towns though these schemes have lost relevance in big cities. I remember “National Savings Certificate” popularly known as NSC was most preferred investment avenue for my parent’s generation. During those days not many financial instruments were available for investment cum Tax Savings. Secondly, the biggest plus point for Post office Savings Schemes is trust factor because of Govt of India backing. Despite have some of the Best Financial Products in the portfolio, it is not recommended to invest in Post Office Savings Schemes…Let’s find ... Read More
How Credit Card Limit Help to Improve CIBIL Score?
As i mentioned in my previous posts that CIBIL Score is becoming increasingly important to avail any kind of debt. CIBIL Score less then 750 is fatal. Many readers requested me to write articles on How to improve CIBIL Score. This article is 1st in series on how to better your CIBIL Score. If you are carrying a Credit Card, First and foremost discipline is to pay credit card dues on time. Many times credit card provider offer to increase Credit Limit on Credit Card and we refuse. Reason, we think that current limit is sufficient for current needs. This is disastrous for CIBIL Score. Normally ... Read More
7 Ways to Avoid Debt Trap
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
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