February 2017

 MoneyMindz.com India's First Free Online / On-call Financial Advisory

MoneyMindz.com India’s First Free Online / On-call Financial Advisory

Stock markets are a complex system comprising of indices, primary and secondary markets, IPO, etc. which is a long trench consisting of vast information, a single person might find difficult to understand. Investing in the stock market is a way to make more than just a little extra cash. In fact, with the right approach and the right skills, investing even a little in the stock market can put you on the road to earning millions. Becoming a stock market millionaire is not an easy task and it will not happen overnight. If you want to become a stock market millionaire then here are the most proven tips to reaching your goals and the earnings you have always wanted.

Focus on Hot Stocks Hitting New Highs:

 Do your research, look into their patterns and place your focus on stocks that are already growing. As you get started with your stock market dreams, make sure to focus on hot stocks wing as you plan to stick with them until they reach new heights. Do not look to stocks hitting new lows.

You Can Buy and Short Sell:

There are some people who think they need a bull market to get rich. This is not the case. Do not ignore short selling. You do not have to hold on to a stock for a long time to earn a profit. Just look at the success some day traders have; they are the epitome of earning off short selling.

Chop Your Losses Quickly:

If you want to be successful in the market, take your ego completely out of the situation. If you face a setback, cut your losses and move on fast. Do not dwell on your failure, but instead look to the future. You are going to fail, so be prepared and just be ready to move on.

Do not Be Afraid to take profits either half or completely:

The thing about your earnings is that – they are not really profits until you take them. Do not be afraid to take partial profits or take profits too quickly. The market changes fast; it is OK to get out when you feel it is right and take the profits that you can.

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MoneyMindz.com India’s First Free Online / On-call Financial Advisory

Policyholders mainly depend on certificates of insurance to prove that insurance coverage exists. However, in reality, the certificate of insurance has limited functionality as evidence of insurance coverage. While it may alleviate the potential for additional audit premiums, it is misused and over-valued and can easily leave the recipient with a false sense of security.

 Limitations Of These Certificates:

There are, however, certain issues and limitations with certificates:

Possibly Compromised Limits:

The limits of liability shown on the certificate of insurance are the exact amounts as shown in the insurance policy when issued. What you will not see is any reduction resulting from a claim and the reduced limits. A certificate is never adjusted to reflect any reductions in limits because of any claims.

It does not reflect subsequent changes:

The certificate contains information on the date of issuance. The next day, either the first named insured or the insurance company could make changes and there is generally no legal obligation on the part of the insurance carrier or its legal representative to provide any notice of changes or cancellations. Some of the changes can be quite significant including: cancellation due to non-payment, at the insured’s request, for underwriting reasons or  the exhaustion of the policy limits; reduction or removal of certain coverage or limits from within the policy; or the removal of additional insured status, waiver of subrogation, or primary and non-contributory.

Policy Terms, Conditions Limitations or Requirements:

Every insurance policy will contain terms, conditions, limitations or requirements that can cause major coverage defects if not known or properly handled. As a certificate holder, you may not know if your required endorsements, which were properly added or what the requirements are for you to have status as an additional insured. It is imperative to have some understanding of these from another source, as they will most likely not appear on a certificate.

Other States Coverage:

Workers compensation insurance is state-specific and the certificate may not list all the states for which coverage is required and afforded. This can become an issue in dealing with claims, audits and liability exposures.

Coverage Confusion:

Agents and brokers may indicate that certain coverage or provisions, provided when, in fact, they are not. This can result in a denial of a claim by the insurer. A claim dispute can consume time and money and whether or not you will prevail is subject to many factors, such as jurisdiction, applicable state laws and court interpretations.

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  MoneyMindz.com India’s First Free Online / On-call Financial Advisory

The winter made the evening darker and gloomier. The valley, filled with mist, thicker and denser, seemed made it deeper and darker. The moisture got into everyone’s throat nostrils and most of the children came down with fever. 

Haggard’s crossing in the valley is a cold and unfriendly place. It is a four point crossing where tired travellers stopped to take rest. However, this place in the valley was not comfortable as most of the people avoided it due to unfortunate circumstances happened before. The deep and dark valley filled with dense mist obnubilated the serene beauty. The local people narrated that some horrific road accident happened at a winter night at Haggard’s crossing and the spirit of the deceased still rambles on frightening travellers who pass-by.

Joy lived at the head of the valley alone. He is an exceptional guitarist, stayed all by him only except when the neighbours called for supper or asked him for a glass of wine and play the guitar. His old friend Arun and his wife for a celebration asked once Joy to come over to play the guitar and have supper.  He assured whether anyone in his locality will be going as the valley was not safe at night and he needed lift. Everything sorted; Joy reached on time and started tuning on his strings, consumption of food and drinks happened to be in vast quantity while energized guests kept on dancing. When, joy rose up from the floor it was past midnight and his companions were gone leaving him alone. He felt heavy on his head and waved a drowsy farewell before leaving for home. There were two roads leading to his home, one being the avoided Haggards crossing. The other road saw a landslide and Joy was left with no option other than taking the shorter and dangerous route. By the time he reached the crossing, he seemed fresh. The cold winds have robbed him off his drowsiness. Adding to that, he spelt a chill down his spine when he started hearing voices.

Now, the villagers say they are literally afraid of taking the road as everybody can see two forlorn figures on a moonlit night.

Insure your car and drive safely. Joy did not have a vehicle but the person killed there was a drunkard, driving. Have some responsibility because we do not expect you to frighten people by becoming some wandering spirit. The premium paid for car depends on Insured Declared Value. For more information and queries for insuring your car, contact Moneymindz, the Best Free Financial Advisory Service.

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 MoneyMindz.com India's First Free Online / On-call Financial Advisory

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The Central Board of Direct Taxes has cracked down on 18 lakh people who made suspicious deposits of over Rs 5 lakh during the 50-day demonetisation period, as part of its Operation Clean Money. Here is how taxmen are expected to further investigate these possible cases of black money and tax evasion.

Individuals:

  1. Individuals are exempt from verification for deposits of up to Rs 2.5 lakh (other than minors). No verification required for deposits of Rs 5 lakh for those over the age of 70 years.
  2. In case of cash receipts from exempt income such as agriculture, officials will verify these against earlier returns. They may also seek information on land holdings, etc.
  3. I-T may seek bank statements to cross-check individuals’ bank withdrawals.
  4. Those claiming cash receipts from third party as ‘gifts’, may be asked to pay tax.
  5. No need for additional information for those in business if cash holdings are lower than level at the end of March 2016.

Businesses:

  1. Assessing officer will verify if cash transactions are in line with normal practice by seeking data on monthly sales, stock register entries, bank statements.
  2. Investigators will look at abnormal jump in cash sales during November-December 2016 and tally it with sales history.
  3. More than one deposit of scrapped Rs 500 and Rs 1,000 notes closer to Dec 30 deadline may trigger attention
  4. Non-availability of stock or attempts to inflate stocks by introducing fictitious purchases will also attract scrutiny.
  5. Transfer of cash deposits to another entity or account which is not in line with earlier history may invite queries.

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MoneyMindz.com India's First Free Online / On-call Financial Advisory
MoneyMindz.com India’s First Free Online / On-call Financial Advisory 

Aritra and his wife Anannya are discussing their Financial Plans. Aritra is convinced about buying a term plan while Anannya is not sure how it will help. She sees it as an unnecessary expense, especially because there is no maturity benefit. Let us see how the discussion goes:

Aritra (bleak face): Anannya, I have learnt that a term plan is the broader in form and suitable for our financial protection. It offers a large cover for a small premium. I think it makes a lot of sense.

Anannya (Quizzical): What does that even mean? Say, if you invest Rs. 20,000 a year, how much money will we get back and when?

Aritra (mild): Let me clarify that a term plan is a pure protection plan, which means that I pay a premium for a fixed number of years, say from now until my retirement age, and get a life cover for that tenure. Suppose, if something happens to me, you will get the cover amount. Otherwise, once the term ends, we will not get anything.

Anannya(sardonically): Did you mean that we pay for 30 years, which means about three lakhs, and then not get anything back? Let us put the money in a fixed deposit or a recurring deposit at 8-9% return so that we can get back at least some money after 30 years!

Aritra (alluring): I understand how this looks to you. You must always think in long-term. Imagine that even if we get back the entire premium after 30 years what we will buy with just three lakhs, which will not even last for 3 to 4 months! On the other hand, a term plan will pay you the promised money in case of my demise, anytime during the entire policy term. This means that even if I die after paying a single premium of Rs. 10,000, you’ll get the assured entire sum of one Crore. Now how does that sound?

Anannya (deadpan): Why do you always talk like that? You are fit and healthy. Nothing will be wrong with you.

Aritra (pouting): Well, of course darling, I am healthy today but life is uncertain. What if something happens to me and I do not want to leave anything to chance. With a term plan, I can die peacefully as I have assurance that even if I am not here, you will have enough money to take care of yourself. Besides a term plan is not very expensive and once we avail the plan, the premium does not change for the entire term. Besides, never consider it as an expense, it provides us worth much more than a few thousand rupees a year. A suitable cover will help you meet all types of expenses – from household expenses and rentals to EMIs and school fees for our kids.

Anannya (smiling): I understand this now. I always knew you were smart.

Finally, Anannya understood that insurance is not an expense but a safety net. It is incomparable to any investment, as it needs a different measure.

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  • A 42-year-old woman came out from bath in a sunny afternoon at Mumbai received expend, a form of fund for her house after locking a badger in her storeroom. It ended disastrously. The badger, with no other way, then ate a hole in the wall to escape.
  • It was a rainy evening and a miracle happened which no one has ever heard before. One family received a whopping 25,000 rupees disbursement after a pigeon flew down their chimney and damaged the carpet, ornaments and sofas.
  • A seven-month-old puppy in a remote area of Orissa caused Rs. 4353 of damage when he pinched a bottle of oil from the kitchen, dragged it to the living room and chewed it while sitting on the couch.
  • In a remote place, somewhere in south India, a squirrel smashed a window of an 61-year-old woman after it became stuck in her.

However, animals were not the only things behind these weird claims:

  • A 39-year-old man received Rs 1471 after a gust of wind blew his glasses off his face while he was on his way to home. It was a winter evening and much to his dismay, the glasses were run over by a car.
  • A proud grandfather in Kolkata, West Bengal, received a new 24493 rupees laptop after holding up his baby grandson to show a friend on Skype. The baby just after finishing his lunch, his joyful grandpa holds him so tightly, and shakes him that the end result was – the baby then vomited all over the computer.

Some specialist insurance advisors in Moneymindz, from the almost 2,000 successful cases compiled the list of bizarre insurance claims in 2015-16.

 Moneymindz will give you the Best Financial Advises Free in these sort of cases also. We live in a bizarre world and strange things happen. Keep all your priced possessions and constant companion in safety.

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Does student loan get you down? Never ever, be afraid! A lot of the fear concerning student loans takes birth from misconceptions that surround them. You can always call your student loan services or advisors with any questions to help clear up confusion.

Student Loans Cannot Effect Credit Score:

If anyone thought this, it is wrong. The activity on your student loans will affect credit score. Missing payments, making late payments, or stop paying altogether, credit score will be negatively impacted. Keeping credit score up is important for many reasons. For instance, credit score will affect the interest rates received on future debt, can hurt employment chances, and cause insurance premiums to spike.

Students Have To Pay Back All Of Their Loans:

This depends upon the profession and the types of loans you accepted. There are student loan forgiveness programs that can help to pay back a portion or all of your student loans. To qualify, generally people need to take a government job in an area of high need. However, people who join the military may also qualify for some student loan forgiveness. They can check out student loan forgiveness by state.

Is Paying Back Loans Mandatory If A Student Do Not Have Any Job?

Students have to pay back loans whether they find a job or not. Some programs can help if they find themselves in this situation. To inquire about help call your student loan services. There should be repayment plans that fit your budget.

You Need To Pay Someone To Help You With Your Student Loans:

Students should never have to pay someone to get help with your student loans. In fact, if they are already deep in debt and not able to pay back your loans, this is last thing they should do. When they pay someone, they are generally making phone calls on their behalf and getting the same applications that they can get themselves. If they are struggling to pay off their loans, be proactive – they should make the calls themselves and refrain from hiring someone else to do it for them.

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Interestingly, insuring one’s life costs is half of what it costs to insure a car. Yet, under-insurance in life coverage exists. Get high-cover term insurance at low-cost to be properly insured. For most of us, owning a car has been a dream that we all have developed since our childhood. However once it is a way we protect ourselves financially in case of any damages caused by accidents or theft. While people insure a car for Rs 10 lakhs at an annual premium of Rs 35,000, many are still insured for as low as Rs 1-5 lakh, when it comes to our life cover. This need to be addressed and getting adequate life coverage should become a priority. 

Why adequate coverage is important?

As a sole earner of the family, one has financial responsibilities to take care of. In case of any unforeseen crisis, one has to not only provide enough financial support to the family to enable it but to maintain the same standard of living as before and also ensure that the long-term goals of dependants are not jeopardised. Life insurance acts as an income replacement tool. Without it, one’s investments or assets will have liquidated to meet the financial obligations. However, buying insurance without properly estimating the amount required is of no use. One must adequately cover their family to provide a sizeable amount to the surviving members. 

Start with an example:

How much does it cost to insure one’s car and one’s own life?  Car insurance has a cap and cannot be more than its ex-showroom price. In reality, Insured Declared Value (IDV) denotes the amount of car insurance. The premium calculated on IDV keeps reducing each year. On the other hand, there is no insurance cap put on human life value and the actual amount of coverage would largely depend on one’s income. 

Assuming an IDV of Rs 10 lakh for a car, the annual premium in the first year comes to about Rs 35,000. For the same amount of annual premium, a 40-year-old can get life insurance cover for 30 years through a pure term insurance plan for a sum assured of about Rs 1.75 crores. Else, by paying half of what one pays for car cover, i.e. Rs 14,000, the same individual can get a life cover of Rs 70 lakhs.

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It was Monday morning, when people who regularly play with their TV remote for stock market news suddenly switched their channel to see the fluctuations of players for the tenth season in IPL bifurcating from their regular keenness on stock indices. Indeed, it is truly a magnificent event as of pollsters predicting election outcomes and analysts for stock market, cricket gurus were no behind in analysing who would be the most expensive player yesterday. Every season amazes us with a wonder kid sold for a walloping amount, usually a familiar face most of the time.

But, in this season, it was something different when the trend line changed its course and some not so well known players were sold for crores. T. Nataranjan, MD. Shiraj and Aniket Chaudhury all came out from the ashes beating notable players like Pujara and Ishant Sharma, for whom viewers went crazy to be a part of their territorial team. Another underdog from Karnataka, K. Gowtham caught our eyes when Mumbai Indians took him for two crores. Finally, people may call it luck but dedication and sheer hard work always pays off even during a series of unfortunate events like Brexit and Demonetization, Ben stokes was the man with the longest smile.

Big companies are expected to perform and people like going there – It is like for safety and backup. Little do they know that they might end up failing to understand what they are planning, what they are buying and what they are getting? Advices are similar to preaching. People speak, plead or argue in favour of someone. Likewise, before getting into a big company for insurance policy, mutual funds etc., it is better to have a hand on them or precisely an “idea” on the products that you are likely to buy. When people expected big players to come out wealthiest, some unknown figures became the news on Monday. It was truly unexpected and surely, this world is full of equivocality.

Have a plan and get advice before deciding finally contact Moneymindz, who has the Best Free Financial Advisers.

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Interest rates and volatile stock markets, it is that time when banks and financial institutions are aggressively marketing the safe investment option: Fixed deposits. However, very often we see that various misconceptions about fixed deposits prevail among investors.

Here, making you aware about some of the most common myths and facts that you may face while investing in one.

Myth 1: Only banks offer fixed deposits.

Fact 1: companies offer fixed deposits too.

If we thought we could only approach bank to invest in a fixed deposit, well that is not the right idea. Various companies and financial institutions too offer fixed deposits for retail investors. Companies offering deposits are governed by proper guidelines under section 58A of the companies act. They generally offer a little higher interest rate than bank deposits. However, when compared to bank deposits, company fixed deposits are considered as an unsecured option. This is because bank deposits come with insurance for up to a maximum of Rs 1, 00,000 unlike company deposits.

Myth 2: More number of regular interest payments, more the returns.

Fact 2: A cumulative Fixed Deposit with returns only on maturity would fetch money more.

Fixed deposits come with two options: of receiving interest pay outs at regular intervals, or a cumulative deposit, where the whole amount (principal + interest) is received on the date of maturity. The annualised yield on the Fixed Deposit works out to be higher if we opt to receive the proceeds on maturity. This is due to the power of compounding.

In cumulative deposits, the interest is compounded at regular frequencies, instead of it being paid out. Higher the frequency of compounding more is the yield on investment.

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