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
Difference between Nomination and Will
We Indians live in Future. We are more concerned to secure our future and future of our children. The savings rate in India is 35% which is much higher than world average. Gold & Property are 2 most popular investment modes. Whatever we earn during our life time, we assume and take it for granted that it will be passed on to our loved ones after our death. Unfortunately We are Wrong and Life is not that simple. It is very important to understand and ensure that after our death, our assets/funds are smoothly transferred to our loved ones without much hassle becoz Legal processes in India ... Read More
7 Tips To Select The Right Credit Card
Lot of my readers requested me to write a post on tips to select the right credit card. In my previous posts on Credit Card, i highlighted the benefits of using credit card and how can we use credit cards smartly to our advantage. In this post i will suggest 7 most important tips to select the right credit card. It is very important to select the right credit based on your requirement else rather giving benefit, it will eat into your savings from credit card. 1. Say No to Co-Branded Credit Cards: Over last few years, Credit Card Market is flooded with C0-Branded Credit Cards. Banks launch ... Read More
CIBIL Credit Score – A Tool to Blackmail / Harass Borrowers
Credit Score is nothing but the creditworthiness of a person i.e. his/her ability to repay the loan/debt or we can say that higher the credit score, lower the risk of default by borrower & vice versa As i have mentioned many times in my previous posts that we Indians are very good in copying the alien concepts without understanding the core concept (No offence to anyone). India's CIBIL Transunion score is one such example, its a copy of American Credit Score concept i.e. FICO (Most widely used credit score model in USA). FICO provide two credit scores because America has two ... Read More