July 2017

 

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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Many just think of surplus available with them for investment. But sadly forget to identify the financial goals, time horizon, asset allocation and finally the right funds.
Hence, before jumping into “How should I start investing in Mutual Funds?”, I want to make sure that you must know few basics of investment (including Mutual Funds).

I am not saying that Mutual Funds are BEST or WORST. At the same time other products also. Each product or asset will come with it’s own positives and negatives and also risks. Hence, it is YOU who must understand your RISK.

Below are few inputs from my end.

You must have a proper Financial Goal

I noticed that many of investors simply invest in mutual funds just they have some surplus money.

The second reason may be someone guided that mutual funds are best in long run compared to Bank FDs, PPF, RDs, or even LIC endowment product.

If you have clarity like why you are investing, when you need money and how much you need money at that time, then you will get the better clarity in selecting the product. Hence, first identify your financial goals.

You must know the current cost of that particular goal. Along with that, you must also know the inflation rate associated with that particular goal. Remember that each financial goal to have it’s own inflation rate. For example, education or marriage cost of your kid’s is different inflation that the inflation rate of household expenses.

By identifying the current cost, time horizon and inflation rate of that particular goal, you can easily find out the future cost of that goal. This future cost of the goal is your target amount.

Asset Allocation is MUST

Next step is to identify the asset allocation. Whether it is short term goal or long term goal, the proper asset allocation between debt and equity is a must. I personally prefer the below asset allocation.

Remember that it may differ from individual to individual. However, the basic idea of asset allocation is to protect your money and smoothly sail to reach the financial goals.

If the goal is below 5 years-Don’t touch equity product. Use the debt products of your choice like FDs, RDs or Debt Funds.

If the goal is 5 years to 10 years-Allocate debt:equity in the ratio of 40:60.

If the goal is more than 10 years-Allocate debt:equity in the ratio of 30:70.

While choosing debt product, make sure that the maturity period of the product must match your financial goals. For example, PPF is best debt product. However, it must match your financial goals. If the PPF maturity period is 13 years and your goal is 10 years, then you will fall short of meeting your financial goals.

Return Expectation

Next and the biggest step is the return expectation from each asset class. For equity, you can expect around 10% to 12% return. For debt, you can expect around 7% return expectation.
When your expectations are defined, then there is less probability of deviating or taking knee-jerk reactions to the volatility.

Portfolio Return Expectation

Once you understand how much is your return expectation from each asset class, then the next step is to identify the return expectation from the portfolio.
Let us say you defined the asset allocation of debt:equity as 30:70. Return expectation from debt is 7% and equity is 10%, then the overall portfolio return expectation is as below.

(70% x 10%) + (30% x 7%)=9.1%.

How much to invest?

Once the goals are defined with target amount, asset allocations is done, return expectation from each asset class is defined, then the final step is to identify the amount to invest each month.
There are two ways to do. One is constant monthly SIP throughout the goal period. Second is increasing some fixed % each year up to the goal period. Decide which suits best to you.
Hope the above information will give you clarity before jumping into equity mutual fund products.

How many mutual funds are enough?

How many mutual funds do we have? Is it 1, 3, 5 or more than 5? The answer is simple…you don’t need more than 3-4 funds for investing in mutual funds. Whether your investment is Rs.1,000 a month or Rs.1 lakh a month. With the maximum of 3-4 funds, you can easily create a diversified equity portfolio.

Having more fund does not give you enough diversification. Instead, in many cases, it may create you portfolio overlapping and leads to underperformance.

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Health insurance needs vary from person to person and largely depend on the age and lifestyle of the individual. People often ignore post-hospitalisation expenses, which can be higher than hospitalisation, while buying a health insurance plan. Choosing between indemnity and defined health insurance is often the talking point for health insurance seekers. 

Indemnity-based and defined benefit plans:

Indemnity-based health insurance plans are those which offer coverage and eventual repayment of expenses incurred during hospitalisation as per the selected health insurance plan. Defined benefit plans offer a pre-defined lump sum payout for a particular disease, irrespective of any pre- or post hospitalisation expenses.

Common examples of indemnity based health insurance plans are Mediclaim policies or family floater plans while critical illness plans or disease specific plans are examples of defined benefit health insurance plans.

Comparing the two plans:

The money can be used towards pre- and post hospitalisation expenses. A diagnosis report signed by a medical specialist must be submitted for availing lump sum payout for such a plan.

On the downside, indemnity plans have a deductible clause which means that policyholder has to cover for some percentage of the hospitalisation expenses. Cost of post-operative care and medication is excluded in indemnity health plans.

Defined health benefit plans usually offer a cap on hospital cash cover. So, if a policyholder opts for a defined health benefit plan, the payout per day will be as per the stipulated limit irrespective of the amount spent by the policyholder during hospital stay.

Choosing between the two

Both the plans have their advantages and choosing between the two must be correlated as per the individual health needs of a policy seeker.

For example, if someone has a high risk of specific ailments that run in the family, a defined benefit plan may be the right choice along with an indemnity insurance plan to make for a comprehensive health cover.

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All of us make many mistakes when borrowing money, something like not estimating the financial repercussions, borrowing more than required, etc. Learn about such common mistakes people commit while borrowing money and avoid those to save both your time and money. Below, we compiled a few of them. Learn to take well-informed money decisions.

 💡  Neglecting The Research Part: 

People simply wish things get closed at the earliest, so they do not try to take more time on research. Just like you visit many stores before you buy something and look for the best one for the best rate, shop for loans too before applying. More the places you research, the better deal you would get. Make the best use of online surfing. If necessary, go visit local banks and seek details. Let things work on your own terms!

 💡  No Focus On Associated Extra Payments: 

People generally neglect the extra fees they end up paying for the amount they borrow. It is imperative to read all the documents carefully and negotiate wherever possible. Most importantly, ask as many questions as possible before finalizing the deal. Let the lender know your worries and thoughts. Be honest that helps you extract the best deal.

 💡  Getting Emotional or Considering It As Free Money: 

As the process gets finished, people turn emotional and many see it as a lottery win. But the reality is, nothing is free money! You have to pay it back to the lender sooner or later. Check how comfortable you would be in paying the EMIs before you borrow.

 💡  Borrowing More Than Needed: 

Least thing one can actually do is not to borrow more than the requirement. Borrow only if you really need it or if the loan adds value to you in the long run. Else, your re-payments get larger. Moreover smaller loans means more chances for loan approval. Why build unnecessary or unneeded stress in life by borrowing more than needed?

Finally, do not hurry to grab a loan or borrow. Go slow and follow a plan to be more focussed and to commit lesser mistakes. After all, you cannot mess with your hard-earned money. For more advice from experts on personal finance, approach Moneymindz.

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I met a successful businessman turning 87 ..and asked him what would he want to share with younger people…and he had this to say:

 💡 If you want to be in business, be ready for total failure:

He went into business at a relatively old age of 30 in a house where there was pressure to do business the day he passed out o school. He went to college, got a degree, and worked hard for 8 years before he started off on his own. His father supported him during his struggling years, but now he is extremely rich by most standards. His personal net worth should be in the region of Rs. 50 crores – apart from his residence, and personal assets. He did have failures, but his ability to face total failure held him in good stead.

 💡 Work hard, work smart:

He has working routines of 12-14 hours every day including Sundays. A complete workaholic he says typically ‘hard work will not kill anybody’. He handed over his business to his only son when the son was 30 years of age and did not interfere in the way the business should be run. Son got in partners, went global, diversified, and grew the business very well. Same culture is now being taught to the next generation – his grandson is now being trained in another friend’s company to take over the reins here at the age of 30.

 💡 You do not need Normal advisers, you need friendly Financial Advisers who will share and teach:

his association with his family doctor, CA, financial adviser all go back a few decades. He says he has never argued about fees, but has ensured that they have TAUGHT him what to do and how to do it. He now pays more for ‘supervision’ rather than ‘doing the work’. 

 💡 Have patience and stay in the game:

He resisted many attempts to diversify, but made sure that he added products/ services to improve the business of his clients and friends. Even now he has clients who have been with him for 10, 20, and even 38 years!! He says ‘relationships are difficult to forge’ – so sell more to existing people you know and dig deep.

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