February 23, 2017

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

  • 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.

For more information and queries, contact Moneymindz, the Best Free Financial Advisory.

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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.

For more information and queries, contact Moneymindz, the best Free Financial Advisory Services.

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It is never too early or too late to review the basics of investing with mutual funds.

How to Start Investing With Mutual Funds:

Before a person start investing in a mutual fund, they may want to try beginning with a balanced fund. People will also want to ask questions:

How are trying to fulfilling their wish with the savings they have?
Do they have specific goals?

Are they saving for retirement, or do they have some broadly defined set-up, such as the

Accumulation of wealth for the general purpose of strengthening their financial security?
What is their probable time horizon or speculation?

It must be either a year, five years or ten years which we call as short-term, medium-term and long-term.

Know Your Risk Tolerance:

Before choosing funds, the said person needs to have an un-cluttering idea of how much risk they can tolerate. Their risk tolerance is a measure of how much fluctuation i.e.  Volatility – Vicissitudes or market risk they are able to handle.

For example: if A, an investor gets highly anxious when his Rupees 50,000 account value falls by 15% (to Rupees 42,500) in a span of one-year, their risk tolerance is relatively low or in simpler words, they cannot tolerate high-risk investments.

Determine Your Asset Allocation:

Once they have built the ability to determine their level of risk tolerance, they can assess their asset allocation, which is the mix of investment assets—stocks, bonds and cash, which comprises their portfolio. The asset allocation when properly executed will reflect their level of risk tolerance, which can be described in three categories as 1) aggressive (people having high tolerance for risk), 2) moderate (having medium risk tolerance) and finally 3) conservative (person with low risk tolerance).

Moneymindz, the best free financial advisory service will guide you through the best possible investment where risk tolerance will be mitigated due to hefty investment options.

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An attorney named Krishna in a sleepy town purchased a box of very rare and expensive cigars and insured them against fire among other things. He smoked his entire stockpile of these great cigars within a month; Krishna filed a claim with the insurance company without yet having made even his first premium payment on the policy.

In his claim, Krishna played boldly stating that the cigars were lost “in an encounter with rounds of small fires.” The insurance company refused to pay, citing that the reasons were obvious that the attorney had smoked the cigars in the normal way as other smokers do. Attorney, Krishna sued and to everyone’s surprise, he won.  In delivering the ruling, the judge agreed with the insurance company that the claim was not serious in content. The judge stated nevertheless, that the attorney held a policy from the company in which it had warranted that the cigars were insurable and also guaranteed that it would insure them against fire, without defining what is considered” unacceptable fire,” and the insurance company was obligated to pay the claim. Rather than endure lengthy and costly appeal process, the insurance company accepted the ruling and paid Rs. 15,000.00 to Krishna for his loss of the rare cigars lost in the “fires.”

However, to his bemusement after he cashed the check in the bank, the insurance company had arrested him on 24 counts of arson. With his insurance claim and testimony from the previous case, which used against him, Krishna was convicted of intentionally burning his insured property and was sentenced to 24 months in jail and a Rs. 24,000.00 fine.

So now, you understood how an experienced attorney, like Krishna, caught red-handed for getting involved in forgery. People, themselves knowing so much make mistakes and in country like India, most of us are not financially literate.

So Moneymindz, the best free financial advisory service is right beside you before taking any wrong step. We think for you and your future.

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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

India is prominent for the heart disease capital of the world. Indians are genetically more susceptible to develop heart diseases because our foods are rich in fats and carbohydrates. This coupled with a lifestyle, which requires sitting and little activity adding stress, only makes us even more prone to heart ailments.

Coronary artery disease has rose to 32% among Indians below the age of 40 and they are more at risk compared to Americans, Europeans and others Asians. The number and cost of surgery is rising every year and open-heart surgery is a dreadful process.

Are med claims or Critical Illness Plans sufficient for our heart conditions?

For heart care, we rely on med claim or Critical Illness plans which may not be enough for our families and us. Today, because of medical inflation, the financial impact of any heart ailment can be lethal. A normal med claim is likely to fall short and a Critical Illness plan may not be comprehensive enough to cover many of the heart conditions.

The medicinal and technological advancements have changed the definition of the words ‘critical’ or a ‘terminal’ disease significantly. Many of the diseases, which took away lives and were deadly, are likely to be terminal back in the day are not even considered very life threatening now.

Nevertheless, in the case of illnesses like heart attack and cancer, they need to reach a certain level of severity to fall under the domain of a Critical Illness cover. For example, most plans cover heart attacks, CABG and Aorta Surgery but not problems like Coronary Angioplasty or Insertion of Pace Makers etc.

Plans should cover every illness. Plan should be compact and this will not ever come as a gift until people get proper advices.

Moneymindz, the best free financial advisory service will guide you against all terminal illness.

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