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Money doesn’t bring happiness and creativity. Your creativity and happiness brings money.
Freedom is the ability to spend your time and money as you see fit. Financial freedom enables you to not only grow your business and pay your employees, but to also give your family the quality of life you want for them. Freedom enables you to invest time in causes that matter to you, whether that is with your family, friends or hobbies.

We, have introduced our very own financial freedom app:

one place to manage all your finances with ease. Financial Freedom is the free Financial Adviser, money manager and financial tracker app that does it all. We bring together your Expenses, Income and investments so you know where you stand. See what you’re spending, where you can save money, and stay on top of bill pay like never before. You can even keep track of your Money and get tips and advice to help improve it for free and be educated on every investment you make.

Moneymindz takes you to a real short story:

My father was a teacher. Growing up, our basic necessities were always taken care of, but my father had to take additional jobs to earn extra money to supplement his teacher’s salary. As I became older, I knew that I wanted to ensure I had a career which enabled me to go beyond providing for my family’s basic needs, but to give us a lifestyle where money was not an issue. Now, I am an business man, I love to enjoy my life outside, but I considerate , not to disturb my wife and my kid freedom, I give them all necessities they want, my kid getting good education. As well, I stronger believe in Term insurance  because I am earning, as well investing for future, so even when I am not there I am sure the money that I invested on my family will support them to live the same life I am giving them now.

Real Estate: “Get Free from your Rental House.”

Urban areas face daunting economic challenges that have increased in scope in recent years. At the same time, cities provide exciting opportunities for growth and revitalization. In addition, the potential effectiveness of many fiscal options is unknown, and the connection between economic effectiveness and political feasibility is sometimes overlooked. Many youths when relocate themselves to any metropolitan cities like Kolkata, Mumbai, Chennai, Bangalore etc.. are facing problem to get a house, while we have an Real Estate ,

We at moneymindz help customers to seek in APARTMENTS, VILLA & STUDIO APARTMENT, Life insurance, loan Assistance, Retirement PlanningMoney Management, Investment Advisor, Retirement Planning , Best Health insurance

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Talk of freedom and independence is in the air this month. Two words that mean something different to young India than they meant to the founders of our nation.

Would Independence Day just be a long weekend for you? Or do you plan to do something that contributes to your independence in a real way?

As India celebrates its 70th Independence Day, most people would be looking forward to it as a temporary respite from normal routine, office work and everything that they hate about their daily lives.

But Independence Day is just a 1-day holiday.

Wouldn’t it be nice to have a permanent holiday? Not having to worry about how to pay bills, pay for partner’s shopping, saving money for future goals like children’s education, etc.?
Here’re a couple of ideas from us:

Freedom from worry about what to do about money in emergencies, for example, a job loss
What will this freedom look like?

Have money equal to 6 months of expenses set aside.

Here are the 5 steps you should take to gain Financial Freedom on this Aug

1. Talk to your spouse

Most couples never talk to each other about their financial goals. If you’re in a relationship, before you roll up your sleeves and dig into the numbers, talk to your spouse about what you want to accomplish. “Have a brief discussion about objectives, morals, and what kind of lifestyle you want,” says Mohammed Haseeb z, CEO of Moneymindz.com, India First Free Online Financial Advisory Portal.

2. Have a ‘Real’ Goal

Having a real goal is very important. The reason for this is that unless you know your destination, you will never know what route to take, how much fuel to put in car’s tank, how frequently you need to stop for checkups, etc. In this case, you should have a goal like ‘being financially independent by the age of 45’.

3. Manage the Risk Triangle

While you are on your way to financial freedom, you don’t want anything to upset your plans or put your family in trouble. Isn’t it? So you need to put financial fortifications in places. And it is extremely easy to do.

• Slowly build an emergency fund (how?)
• Take adequate health insurance cover for yourself and your family
• Purchase a large life insurance cover
Having these 3 things in place will give you mental freedom from fear of unforeseen circumstances. And that is an important aspect of achieving financial independence.

4. Track your spending

The key to building a strong financial plan for the future is to understand how much you spend and save right now. This is called tracking your cash flow, and it can give you a sense of control and confidence that makes it easier to make financial changes in your life.
Personally, I’ve kept a small journal tracking my spending for years because it helps me modify my behavior if my spending gets out of control. It’s not always easy, but it works.

5. Achieve Zero Debt

Most Dreams of Financial independence have been killed by the overdose of loans than anything else.
You cannot attained financial Freedom in your life unless you achieve zero debt. Plain and Simple.
Now all this may sound over-whelming at first. But it’s not that difficult once you think about it carefully.

It only requires you to make small changes. As we say “Simplicity changes behavior”
So keep your action plan plain and simple.

Like as simple as – ‘When I pour my morning coffee, I will wipe the counter.’

So your action plan can be – ‘When I get my pay cheque, I will automatically invest 20% towards my financial freedom.’

Sounds workable?

If not 20%, start with 10%.

If 10% is tough, start with 5%

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The only insurance for the loving brother to gift her adorable sister.

Way back I was a young boy, Pursuing my last grade of college, where in, completed. Concentrating only on my upcoming exams, but always like none other friends in locality who were of good family and with good capital income. My parents never afforded me any kind of pocket money.

So, every RAKSHABANDHAN I used to gift my sister with just Rs.30 or Rs.50 that took me a long time to collect from my realtives or parents. I know, it wasn’t that enough for her, but she always welcomed my gift with a smile that was the greatest happiness. I ever got from her.

 Now since, I have completed my education and got a job to support my financial growth.

 I would, not like to gift, her with any amount, but rather make her confused by giving her an envelope. That consist of_____???

Guess What???

It’s, the “TRADITIONAL ENDOWNMENT POLICY”, for her future benefits, though if I am here or not with her. For the next “Rakshabandhan” Who knows what would happen? There are chances of I have no cash,or might be I am just jobless.

Go a way better, think a way smarter, In gifting your sister thus,the TRADITIONAL ENDOWNMENT POLICY benefits even after her brother’s not there.

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Hospital bills for very small to considerably large ailments are a pain. It’s difficult to meet such costs on our own without burning a hole in our savings. Also, with medical costs escalating, some even compromise on quality healthcare, because of affordability. It is then that the importance of health insurance comes into the picture.

Health Insurance provides us with the ability to afford better healthcare facilities for ourselves and our loved ones. What’s more, you can also enjoy tax benefits

Understanding the concept of health insurance Health Insurance in India, popularly known as med claim, is nothing but an Insurance which covers expenses related to necessary Hospitalization due to a Sickness or an Accidental Injury.

Let Take a example of advantage of health insurance which I personal got encourage to have an health insurance.

A few years ago, my friend Tia had just completed her PGDM and was working as an intern at a Digital marketing firm .Her husband had a job at an accounting firm, and it actually paid, but not much. They were struggling to get by, but they decided to splurge on a nice night out—dinner, dancing, that sort of thing. Tia wanted a new dress for the occasion, so I went to the mall with her in search of some good sales. We were going down the stairs when she tripped and fell—CRACK!

At first I thought she’d broken her ankle, but it wasn’t that. It was her tooth. Her front tooth. She looked at me, this terrified expression on her face, and there was a big gap right where that front tooth should have been.

She started crying. a really. She was sure she’d have to walk around like that for months, maybe longer, because she couldn’t afford to fix it. I took her home, and her husband laughed and told her it was OK. Tia got mad at him. Her tears stopped, and her face turned red with rage. I thought she might leave him. But then he explained that it was OK because he’d purchased Health insurance a few months ago. He thought he’d told her.

Maybe he’d forgotten to tell her, or maybe she just didn’t remember. It didn’t matter. She was so relieved. She started crying again, but this time they were happy tears. She called the dentist immediately. I’m surprised the receptionist could understand through all the blubbering, but got an appointment for the next day. The tooth was fixed, at almost no cost to her thanks to the insurance, and she went on a lovely date with her husband.

Or this:

I knew a woman who damaged her front tooth. She was really happy to have Health insurance.
So get a Health insurance and protect your family from uncertainties.

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Fundamental of personal finance… ! Yes, it is very important to set the base and then built on it! But have you think what could be the first steps. Your first baby steps towards personal finance.
When we come to the planning stage, like setting up the goals. It is easy to say but it is tough. When you pick up your pen or your laptop and start writing. It’s really difficult. The biggest concern you may find that you don’t know what will happen 5 years down the line or 10 years from now.
Most of us plan our holiday almost 2 or 3 months before .Your biggest holiday perhaps is your retirement. How many of you started planning for your biggest holiday? Maybe few of us have only planned.

We trend to plan the things which we are aware of. Anything that we don’t know, not completely aware of or doesn’t have the knowledge we trend to procrastinate. But in today’s time investment is no longer is a choice but a necessary.

Given that our lifestyle is changing planning is very important.

First thing we have to do is to educate yourself and the second thing if you are not married then your marriage should be your primary goal but if you are married your child education , your retirement plan, Buying a house, your early vacation , paying your dues or buying a vehicle must be your primary goals
If you have those milestone setup for your own self then you planned your goals and investment accordingly

It is important to set goals but do you know how to set correctly.

Step 1: Setting up for biggest holiday

The first step in setting personal goals is to consider what you want to achieve in your lifetime (or at least, by a significant and distant age in the future). Setting lifetime goals gives you the overall perspective that shapes all other aspects of your decision making.

Step 2: Setting Smaller Goals

Once you have set your lifetime goals, set a five-year plan of smaller goals that you need to complete if you are to reach your lifetime plan.
Then create a one-year plan, six-month plan, and a one-month plan of progressively smaller goals that you should reach to achieve your lifetime goals. Each of these should be based on the previous plan.

You may Like : Why Endowment Insurance Plans?

Step 3 : Staying on track

Once you’ve decided on your first set of goals, keep the process going by reviewing and updating your To-Do List on a daily basis.
Periodically review the longer term plans, and modify them to reflect your changing priorities and experience. (A good way of doing this is to schedule regular, repeating reviews using a computer-based diary.)

SMART Goals

A useful way of making goals more powerful is to use the SMART mnemonic. While there are plenty of variants (some of which we’ve included in parenthesis), SMART usually stands for:
• S – Specific (or Significant).

• M – Measurable (or Meaningful).

• A – Attainable (or Action-Oriented).

• R – Relevant (or Rewarding).

• T – Time-bound (or Trackable).

For example, instead of having “to sail around the world” as a goal, it’s more powerful to use the SMART goal “To have completed my trip around the world by December 31, 2017.” Obviously, this will only be attainable if a lot of preparation has been completed beforehand!
If you don’t already set goals, do so, starting now. As you make this technique part of your life, you’ll find your career accelerating, and you’ll wonder how you did without it!

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When it comes to handling the money matters, knowingly or unknowingly, we all do some degree of financial planning to manage our money in the best possible way. Some are very good in budgeting, while some have less understanding of the intricacies involved. So how good are you in budgeting and managing your finances? 

You can easily find out that. Just try answering one question to measure your money-managing capability.

Is your salary sufficient to meet your monthly expenses?

Option 1: No, by end of the month, I fall sort of money

Option 2: Yes, it is just sufficient

Option 3: Yes, after meeting expenses, I even save.

So, which option is relating to you? 

Whatever option you choose, there is always a way out to improve your finances. Check out to know more. 

Option 1: End of the month, I fall sort of money

If you fall under this category, then it means you are spending more than earning. In other words, you are not living within your means or not doing proper financial management. 

What Should You Do Next? 

Find out what is inevitable: 

First of all, use your income only to meet your non-discretionary or fixed monthly expenses such as Grocery, Transport, Rent, EMIs, Bills, Premiums, etc. 

Prevent overspending: 

If after your non-discretionary expenses, you are still left with something, then you can use it for your discretionary expenses. However, you also should be saving, so avoid overspending your money on unwanted luxury expenses rather try to save something.

Even if it’s little, Save: 

Rule of thumb says, one should save 20% of their income for future. Therefore, eventually try to reach that 20% benchmark. 

Option 2: I somehow manage to meet my expenses

If you fall under this category, then it means you are on the threshold. You are probably managing your expenses somehow, but not saving for the future.

What Should You Do Next? 

You need to smartly bifurcate your money to manage your present and to secure your future. Follow 50/30/20 rule of thumb.

1. Use 50% of your salary for your inevitable necessities like Grocery, Transport, Rent, EMIs, Bills, Premiums

2. Use less than 30% of your income for discretionary expenses like entertainment, dining out, clothing etc.

3. At least 20% of your income should go towards savings. Tip: If not saving enough, then try to limit your discretionary expenses: There is always room to cut down your luxury expenses. You can have a ‘no eating out’ week or month.

Option 3: After meeting expenses, I even save 

If you fall under this category, then it means you are managing well because you have control over your spending. The best thing is you have managed to save, but that is not enough.

What Should You Do Next?

1. Step-up from Savings to Investments: 

Money lying in your savings account doesn’t grow. So take the next step – start investing your money for Wealth Creation and Inflation beating returns. Link your financial goals like Home Buying, Children Future, Retirement, etc. with your investment plans. Idea is to save and invest for a goal. This is how you remain systematic and dedicated to your saving habits.

2. Asset Allocation: 

To invest in the right manner, spread your money across various assets like Liquid Cash, Fixed Deposits, PPF, Mutual Funds, Govt. Securities, etc. Create a mix of secured investments plus investments with higher potential of returns. 

3. Plan Your Tax:

 Investment helps you in saving tax. Thus chose financial instruments that give tax benefits along with wealth creation.

4. Get Adequate Insurance Coverage: 

Life and medical emergencies can dig a big hole in your savings. In face of such emergencies, usually, people fall short of adequate money. Just glide over this tricky situation by insuring your life and health. This way you can ensure the financial security of your family. 

No doubt that your investment capacity largely depends on your earnings. But whatever you are earning, you should try to save something for your future. Once you develop the habit of saving and succeed in accumulating some considerable savings, then you should start investing by rightly allocating your money across various assets. Investment is a well-tried practice to strengthen your finances. However, to keep your finances strong, you should also get proper insurance coverage as it is the only way to be adequately financially ready for life emergencies.

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Equity fund investment are the investment which are made in made in stocks or equity. Skeptical about equity funds? It is actually the most beneficial and opportune way for a retail investor to get an exposure to stocks. If you are unsure as to how mutual funds are advantageous.

1) A convenient way to participate in the India growth

Story Benjamin Graham, also known as the father of value investing, had remarked that making money depends on the “amount of intelligent effort the investor is willing and able to bring to bear on his task”. He was referring to stock analysis. According to him, an intelligent investor is an individual who has the time, energy and capability to conduct his or her own investment research. Not many would fall into this category of intelligent investors. Even if one does possess the skills, capability and knowledge to manage their own investments, the issue of time is a valid one

2) Fire proofs savings against inflation

According to data released by the Statistics Ministry in New Delhi, the Consumer Price Index, or CPI, rose 7.31% in June and 8.28% in May. No one has to spell it out that inflation corrodes your savings. For instance, an investment in fixed deposits assures you of a definitive return, currently the 1-year return on a bank fixed deposit is between 8-9%. Take tax and inflation into account, and your investment would have defeated its purpose. Equity is one asset class that manages to outperform inflation over time. And, believe it or not, it does have a tax break. The tax on long-term capital gains is zero, which means you pay no tax on the return you earn from your investments if you hold it for at least a year.

3) High potential of returns

Despite the risk of loss, Equity Linked Savings Scheme also has high return potentials. In a long term, the investment in shares might give high returns. In the last 20-25 years, Equity Linked Savings Scheme has given high returns to investors.

4) Investment with SIP is possible

SIP is the most suitable for Equity Linked Savings Scheme as it assures the required investment amount for tax saving. SIP does not always give the desired results but reduces the risk factor. Equity funds have widespread diversification, with very small initial investment. This means buying stocks of different companies at different times in different economic sectors. This is helpful in ways that if a stock drops at the exchange the other stocks can make up for the loss.

5) Liquidity

To redeem your investments, you will have to fill up a redemption form. If you submit it before 3pm, the NAV of that working day is applicable. Post that time, the units will be redeemed at the NAV of the next working day. Once the redemption request is successfully received and verified, it takes anywhere from 2 to 4 working days for the proceeds to be credited to the registered bank account

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Purchasing a home and applying for a home loan are the two most vital decisions of one’s life. You can plan to buy your dream home with a secured home loan, where you have to keep your house as collateral. So, in this case, you are giving the authority to the lender to auction your home to get the money back, if you become a defaulter.

However in that excitement, a lot of people do not take all the required actions and later suffer because of small things they didn’t complete after closing their home loans. In this article, I want to share few things every home owner should complete, when they are closing their loan.
While I am focusing totally on home loan closure in this article, but whatever I am going to share also applies when one closes a car loan, education loan, personal loan or any other kind of loan

Get back all the original documents

Once you have made all your payments, the Bank or Housing Finance Company will give you all the original documents. You should make certain that all the documents you presented with the bank when taking the loan are returned. Typically it will be the Title Deeds and Mother Deed (if applicable).
Don’t just test out for document alone. Confirm that all the pages are there in good condition as well. I have seen cases where last page of sale deed went missing. In that instance you require to arrange for the misplaced page which is a tiresome process.
Ensure all the pages are intact in front of the bank official prior to signing on the acknowledgement of the bank.

Once you sign, you can’t undo it and banks typically won’t be receptive in this regard. It is typically a good process to get hold of the documents from bank by visiting them than request documents by courier.

Obtain No Objection Certificate

NOC or NC is a No Objection certificate which is a consent certificate from the bank or housing finance company. This affirms that the Bank does not have any more interest in the asset and it’s cleared by the bank after removing all hypothecation.

When you get this make certain the NOC unmistakably mentions the Property details (like address etc.,) , name of the borrower, home loan account number, date of loan starting and closure, amount borrowed and repaid (some banks don’t mention) .

Also a section should be plainly mentioned that the borrower has paid all the dues and the property is now debt-free. This will confirm that the home is completely yours now.
If Lien of Your Home Is with the Lender, Don’t Forget to Remove It from the Registrar Office

Lien here means “the right to hold possession of property which belongs to another person until he/she has cleared all the debt.”

When you buy a home with housing finance, the lender has the right to sell the property (home bought by you) if you’re unable to pay back the entire loan.
Nowadays, banks carefully check the background of the borrower in advance, so they don’t put a lien on the property. However, they keep the original documents (of property) in their custody.
But if the lenders find anything suspicious in any customer’s background, they might want to put a lien on his/ her property from registrar office.

So make sure you ask your lender about the lien on your property, and if it’s there, ask them about the process to remove it.

Is Your CIBIL Report Updated With “Closed” Entry?

A borrower’s creditworthiness is measured through his/ her CIBIL report and it records your every loan entry and payment actions. Lenders check your CIBIL report before giving any type of loan or credit card. So, if you have closed your home loan by making full payment, it’s crucial to check if your CIBIL report is updated with the “Closed” entry or not.

Although banks update it themselves, but many times they delay or even completely ignore it for several months and your CIBIL report isn’t updated on time which might decrease your credit score and mar your chances of getting any loan in future.

So, double check with the lender bank when you close your home loan account, that they update the CIBIL report at the earliest.

Whenever you’re closing your #home_loan (even if you’re opting for pre-closure), make sure you complete all the things mentioned above to be on the safer side.

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We can many cases where one spouse has no clue about finances. This is sad and almost stupid. Humorous if not so sad.

Families should make these four documents Regularly:

  • Balance sheet
  • Goals Statement
  • Income and Expenditure Statement
  • Budget for the year

Let me assume that the H is the person handling the money and the W does not participate in the finances. What are the things that she should be asking him:

  • Why are you using a financial planner?
  • How did you choose a financial planner?
  • If he is a financial planner how do you ensure that there is no conflict of interest?
  • Why have you got ULIP and Endowment plans?
  • Why do we have 17 mutual fund schemes? 
  • Can we afford the kids studying abroad, or should we tell them that they cannot go abroad?
  • Will you sell your father’s house to pay for your mother’s medical  treatment?
  • Who will pay for the children’s higher education and wedding expenses?
  • Why is our mutual fund portfolio doing so badly?
  • Why do you have so much in debt mutual funds?
  • Do we have enough for our retirement?

All this will take some complex answers.

Make sure you write it down so that every 90 days he is consistent in his replies.

Insist on attending meetings with the Financial Planner.

Make sure you talk to the Chartered Accountant and know how the returns are being filed.

What you should see on a regular basis:

  • Your net worth should increase
  • You should have SENSIBLE diversification
  • You should get good returns from debt funds and very good returns from non debt returns
  • YOU SHOULD LEARN TO EXPECT LESS going forward in all fund schemes
  • You should know the nominees in all the investments
  • You should know whether all the assets are kept in one place
  • EVEN women who are not interested should buy/sell/ redeem once in a while

Do not run away from the responsibility of money management. It is BORING, tiring, etc.

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Let’s check out what you need to do to stay away from emotions while doing investments.

1. Do Your Independent Research Before Investment:

Knowing what you are buying is key to avoiding emotional set backs. Always do independent research before doing any investment, even if you are taking advice from financial advisors.

Always understand about your investment and how it will help you to achieve your goals and what risk is involved in that.

Without your own research you may not take full responsibility of your investment and end up involving negative emotions, which inspires you for making mistakes.

2. Set Financial Goals:

Diversification can help to control your emotion because it offers some downward protection. Diversification means having different asset class in investment portfolio. It includes investment class such as real estate, commodity to hedge against market uncertainly.

3. Set Financial Goals:

Setting financial goals is the first step to investing. Write down your long-term financial goals and how much volatility you can tolerate comfortably.

Stick to your financial goals, don’t allow short- term ups and downs in market to rash your investment decisions. Read your financial goals every time when emotions try to take over your mind.

Still if you feel that you can’t put your emotions aside to make an informed, objective decision, consider talking to a financial advisor or someone else you trust most. This doesn’t mean letting someone else manage your investments for you, although some people choose to do that. It just means that having someone to guide you someone who is not personally affected by how much money you make or lose.

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