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Insurance

Most of the time people don’t stop & think about it.

Congrats If you thought about this questions,

Most of the time people don’t stop & think about it.

There is a general perception among people to consider insurance as an investment vehicle. People expect something in return for the premium that is paid to the insurance company. Be it life, health or accident insurance, we always tend to equate and measure this with other investment products. If you are rich – let’s say if you die tomorrow and your family doesn’t need to worry about money – don’t bothering thinking about insurance.

Primarily insurance is not for you,

It’s for your FAMILY, so its basically to take care of them in case you are not there to support them monetarily – income replacement. So let us if you are a sole earning member of the family and if you die, how do family sustain, hence insurance.

So insurance is not an investment,

Get that right now and for rest of your life, it can never be.
Insurance that comes with investment plans give a return in the range of 2%-6% – that’s pathetic saving bank return, FDs give you more but it doesn’t beat inflation all the time.

Once a Person took advice from Moneymindz on an insurance policy where he had paid Rs12, 000 for last 7 years (and continue for another 23yrs). if he dies any time (between 0–30yrs) his family would get Rs 10,00,000/-. Now his monthly expenses are anywhere in the region of 20,000/- meaning if he dies tomorrow his saving would help his family survive easily for another 50months/4yrs, but what after that? Nothing..? Remember his monthly expense of Rs20, 000 we have kept constant not changed, not taken into account inflation (regular increase in price). Add to that he has 2 kid of which 1 will go to school 2 years hence, so his expense would only increase from here on. Think about college expenses, you can’t do anything. Hence instead go for term policy of Rs1cr @ premium of 10,000. At least now he doesn’t need to worry too much.

If anybody sells your insurance because of superb returns, we suggest you immediately make 180 degree turns and run at fastest pace. It’s never possible to have a good return in a traditional insurance plan. Also if people try to sell you for tax purpose, term policy also provide a tax benefit.
If you want a proper advice and not get cheated in buying insurance?

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Mutual Funds - Moneymindz - India's First Free Online Financial Advisory Portal

Mutual Funds – Moneymindz – India’s First Free Online Financial Advisory Portal

According to Mr.Kadam, an economist finding Mutual Fund is not easy.He sets up the mutual fund in four different strategic.

They are as follow:

1  Returns.
2  Fund Style.
3  Moving Average.
4  Expense Ration.

We run 90 million simulations before suggesting the right asset allocation. The only Mutual Fund behind Science is To select the best performing mutual fund, there are many different parameters under the same.

There are two ways of Analysis Qualitative and Quantitative.

In a mutual fund, the market prices reflect over holdings related to expenses and management fees. In different industry sectors, there is pool money from different individuals and organization to invest in assets, bonds, and stocks.

The fund of the company units the whole buy of a fractional fund, through the broker. The value of money is important to define the various form of action with the small means and limited knowledge, that would be profitable in the decision of investment. In stocks, you get the invest for bonds.

Times were the balance funds gets converted into bonds and stocks, some become aggressive due to unchanging of the fund that would be mutual. The management has some time, the mutual expectations with the real value to achieve.

The shareholders happen to achieve the goals that are bonded internally. Through this, they can meet the different measures of the mutual fund. There are funds to stay open in different moves, depending on the sponsor in the market and sell the fund at biggest asset many times.thus, the funds stay at an open note. Unfortunately, the management companies due to investments go with uninspired results.

After the view of the economists, we can get rid of the mutual fund in an easy through decide with the shareholders and different the funds.In improving the comparative data, with the help of money mind, the manager’s career discloses the record of the mutual funds, with the asset of competing it.

At money minds, you would get the investors, according to the comfort of the funds directed. The shareholders, the financial advisers give you disclosure in other mutual benefits, to get deeply different from other funds, Visit Money minds. Hence, Mutual Funds continue to be the most cost-effective means of investing.

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When education is considered, parents love to see their children on a higher profile. The dream of every parent is to educate their child so dear to them, in a good Educational stream, basically, know as convent School or College. Similarly, in Goa, they lived a nuclear family, John the only Son for Mr.Bob, Mrs.Hahaana. John was a very bright student from his school days. Mr.Bob owned an AUDI R8, and was a Rich Business Man, John’s Mom was a homemaker. As John got more love and pampering from his parents because he was only Son to them. Providing John was so demanding, anything he wanted his parents got him the very next day. Also, he was the brilliant student in his academic, his parents were too proud about him. His parents even, on the other hand, were too considered about choosing the right and wrong things for him for his growth.

They never got him android phone nor the personal vehicle for him, though he was turned 18 years old. Anything that his Son asked the parents gave, was provided a second thought on buying. Before John could get in his 12th Grade. At the end of his 11th Grade, As usual, every Summer the family would go for Outing, this time it was London. While traveling with Parents, John happens to see so many youths riding and driving all the way long. On some decision, at the airport Mr.Bob, ask John what would be his next plan. John says dad I would also like to have my own phone and a sports bike for me. His dad says my son you got to achieve 90% in your upcoming 12th grade. John agrees on the same. They enjoyed their 10 days tour and now back to India. As they discussed initially, John began to put in more effort in his academic, forgetting his dream sports bike street-fighter. His exams are approached he makes day and night one, putting all his effort towards 90% in his University.

The news is out sating the Results to be declared of 12th grade.John is excited, he said his dad he did well, but little nervous unlike you and me during the results. His Dad checks the results, so happy and so thrilled John has secured 2% extra than I had expected. With his 92% percentage he gets his Dream Bike Street-fighter, and also his auto insurance claimed, where he could benefit his loss over any damage.

Dream bigger, and achieve like John, and also keep it safe by applying for your auto insurance at Moneymindz

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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

Making the most of your life is every youth dream. When you are dependent on your family, to some extent you get bored of depending.

I met Mr.Raj while travelling from Mumbai to Bangalore. In JW-321, Spice-Jet, I had an hour’s conversation with him. He runs a business in textile. His father was a tailor, and mother was the homemaker, with two younger siblings, who lived in a small shed with 5 members in the home including him. He had a tough time passing early in his school days. As he returned from school, he threw his bag off and sat with his dad tailoring. For me, tailoring, was like he made huge amount stitching good pants and shirts, but Raj bought it in another way, his dad ran a small tailoring industry(assuming)designing towels. He had a bicycle wherein, from the village he used to take the towels and supply in the city, he got bonding in the city with few merchants. Now, Raj developed the interest in making the most of tailoring with his Dad, apart from studying.

Now, comes the interesting part, the air hostess got us coffee, siping the drops into the thirsty throat for Raj, he went expressing his growth of a business. His father was not well to do, earned a month Rs.1500/- which was a big amount with the lot of hard work poured into it. He finished his schooling and got into his diploma course. And he took up a loan to set up business, Raj initially started the business with 4 members, including two younger sisters of him. His business turnover yearly came across 80 lakh, Slowly in the three years his per Month started in “Cr” Now, he owns an independent home in Mumbai and a textile industry with 1000 skilled labours. When I happen to ask, his age to my shock he is in his sweet 25.

This is the real great achievement that has ever gained. Raj thanks, his loan that helped him before to set up business in textile. And then he said me, it’s never too late for you, you can also get a house of your own, plan out for independent home loan and get Free Financial Advice From MoneyMindz.

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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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Whole life plan is a type of insurance plan, which provides risk cover for the entire life of the assured. These plans are structured in such a manner that the policyholder has the option to pay premiums up to a certain age, say for instance, 80 years.

This age is commonly referred to as the ‘maturity age’. On attainment of the maturity age, the policyholder no longer has to pay the premiums. At this stage, most of the insurers offer an option to the policyholder either to continue with the cover or to en-cash the maturity proceeds.

In case the policyholder opts for the cover, he would not have to pay any further premiums and the cover would continue unto his death. On the other hand, if he opts otherwise, he receives the maturity proceeds and the policy ceases to exist. 

The primary advantages of whole life insurance are:

  • Protection for life: It doesn’t expire or go down in value.
  • Level Premiums: The rate you pay for your policy will never increase.
  • Cash Value:  A portion of your premium builds cash value which can be borrowed against.
  • Guaranteed Death Benefit: The amount your loved ones receive is guaranteed.

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what does a financial plan do for You?

Many people get put off by words like ‘financial plan’ or ‘financial planning’, so here is a summary of what a financial plan should do for you (read as financial plan, not as financial planner – Mr. Susmitha feels I promote planners too much on my website and he was wondering why, so here is a disclaimer!).

A financial plan should do the following for you:

1. Force you to write down YOUR financial goals: unless a goal is written down along with the steps for achieving them, it is a dream. Dreams do not get fulfilled unless it is worked on with sincerity and honest efforts.

2. Once you write the goals down, put the timelines on them, and put the present and future values – it will force you to see whether it is realistic, whether you can afford many of those things, see how to prioritise them…when you do not write it down, none of these things get done!

3. It will force you to spend within your limits to fund your goals or re-set the goals themselves.

4. It will tell you whether your goals, investments and time lines are in congruence to each other.

5. It will force you to LOOK at the impediments in achieving the goals – critical illness, surgery, stoppage of income for other reasons, etc.

6. It will show you your current mistakes – and that alone may be enough to justify the fees that you may have to pay for the plan!

7. It will show you the milestones on your Journey path and take corrective action if necessary.

8. It might force you to look at new and better instruments in which to invest

9. It will force you to find all the risks in your life and take a suitable cover.

10. You will realise the importance of Retirement Planning!

11. It will make you more confident of your money and be able to explain to your spouse and kids the logic of all your spending and investing: Normally in a family lack of clear financial communication causes stress.

12. It will help you build wealth, meet your goals and reduce financial stress. Let me repeat, there is no reason why you cannot make your financial plan. HOWEVER, if you are too lazy or reluctant to do it, see the help of a financial planner and take his help. 

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This is for all the kids I know. Some of them are smart, some very smart. However money management is not a part of their curriculum (really sad)…so here are some tips. You can use it or discard it….just my views:

1. Decide only on the big things together: The Rs. 800 T shirt which he bought without asking you should not matter – if the joint CTC is Rs. 15Lakhs! Do not sweat the small things…just let go.

2. Both of you have had very, very different upbringing: so do not thrust your views on the other. As a family we would eat out in expensive restaurants, and take vacations even when I was in school. My wife thinks eating out is a criminal waste of money. Hey view point, that is all, do not crib or scream.

3. When you said yes to her commit morally, physically, ethically and financially. Decide that upto Rs. 1000, (with a cap of Rs. 3000 a month?) you will not fight, and anything above that you will take a joint decision. Saves blushes later on.

4. Start reading Moneymindz: It is the only site which says ‘you jerk do not blame the regulator, the manufacturer, the distributor TAKE RESPONSIBILITY for your actions – and thus for your financial life…and life in general. TAKE RESPONSIBILITY…

5. Do a SIP in a big fund now: Even if you do not believe in whether SIP will work for you..do it for 5 years, and then tell me ‘IT DID NOT WORK FOR ME’. I hope to be around to answer your question.

6. Balance the financial power: one person keeps accounts, other person handles money. This way both know everything..

7. If you do not know, and you know that your spouse does not know, ASK AN EXPERT – you husband will NEVER ASK..his ego prevents him from letting you know that HE DOES NOT KNOW.

8. Learn, learn, learn: Power of compounding, start small, start early, …simple concepts you will find it on this very site!!

9. Accept your imperfectness, and start with a prayer.

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