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Financial Literacy

international woman child day oct-11 Free Education Loan Advice - Moneymindz - India's First Free Online Financial Advisory Portal (Education Loan)

Moneymindz – India’s First Free Online Financial Advisory Portal (Education Loan)

Diwali is India’s Famous Festival, given importance overall. The festival symbolizes the light, to enlighten and brighten everybody’s life. On this special festival every human worship the goddess of wealth. The colour of lights unites a family, creates good bonding with neighbourhoods, also have fun with cousins. The festival is not only celebrated in India but also around the globe in different parts, especially were Indians have settled.

As the goddess of wealth helps in blessing you with abundant progress in your well-being. The lights take away are the evil around you, because you have been enlighted by the lamps of lights. Your financial set up must be made stronger to grow and shine in this light of the living, which would enlight your all loss over financial. Smart change over the finance will enlight the day with richness and prosperity. High time to forget your past finial mistake, and grow this Diwali with the Moneymindz, you get free advice over time on your finical settings. After a loss on your financial background, it’s difficult to believe and go ahead to make the come forth of the wealth to build. It’s always good to go about Financial Planner, its good to have mistakes, that would not allow you to repeat again. You got to know to plan out the right things for you before this enlightenment on your financial status.

Moneymindz would enlight this Diwali special lights into your life” to be secured with all financial advice.

The main objectives of your Financial Planning is the 3 major forms to be followed for a brighter burning of Lamp:

  1. The Capital Requirement To Determine: This describes your cost over current and fixed belongings, your daily or personal expenses, your future plans over saving. Your finical growth must be seen in both short and long-term.
  2. To Structure And Determine Capital: The composition of capital is in well in structure to any kind of the business growth. For the long and short term, the decision is in the form of balance due-impartiality- percentage.
  3. To Balance The Financial Policies: To control on lending and browsing or to frame a good amount for future.

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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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India First Free Online Financial Advisory Portal, India First Free On-call Financial Advisory Portal, Best Free Financial Advisory Portal

India First Free Online Financial Advisory Portal, India First Free On-call Financial Advisory Portal, Best Free Financial Advisory Portal

This World Tourism Day, whenever you travel, wherever you travel, remember to:
RESPECT NATURE,
RESPECT CULTURE,
RESPECT YOUR HOST.

Only one life that we all live for, travelling around this wonderful world is very interesting.When planning to visit cities across, firstly I am overwhelmed to plan out things to start and end off.

For example: How do I travel, Where do I live, What outfits are comfortable, so many.Also once selected the city I look for the best part to visit.To go ahead with my journey I would like to make my self-aware of three important things.

For example: How do I travel, Where do I live, What outfits are comfortable, so many.Also once selected the city I look for the best part to visit.

To go ahead with my journey I would like to make my self-aware of three important things, Such as:
1.A good job, with good saving.
2. Comfortable in Language.
3. The Culture/Tradition of place.

1.A good job, with good saving:

This is because it lets me gain my freedom of travel.It helps me out to be independent.The job that gives me satisfaction, is the one that is good for me.My hard work is the money I earn as my reward.To make this reward a memorable one.I got to invest in TRAVEL INSURANCE because I Love travelling.

2. Comfortable in Language:

Once I have decided on the place, I need to know at least the common language, or the basic local language, to survive and enjoy the journey.

Now, you might think why language is so very important, its because if you want to order some food, you want to ask someone for direction, Yes! The direction is provided by Google, but how far it helps you out. Travelling interaction makes the ride more fruitful.

3.The Culture/Tradition:

Getting along the way is not, knowing the culture and tradition of the place are important, to make you more comfortable in adjusting the surrounding. The way you dress would be judged by the society according to their culture.

Thus, the comfortable dress that you wear, would make you comfortable during the travel. Moreover, you can be polite to people around, the place during any kind of interaction.

COVERING THE BIG AND LITTLE THINGS IN TRAVEL INSURANCE:

8 Keys of Travel Insurance to know:

1. Overseas emergency medical assistance
2. Accommodation and travel expenses
3.Resumption of journey
4. Hospital cash allowance
5. Accidental death
6.Cancellation fees and lost deposits
7. Alternative transport
8. Personal liability

TRAVEL, ENJOY AND RESPECT.
Happy World Tourism Day!

 

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What is ULIP?

A life insurance product, ULIP provides risk cover for the policyholder along with investment options to invest in any number of qualified investments such as stocks, bonds or mutual funds. As a single integrated plan, the investment part and the protection part can be managed according to specific needs and choices.

MFs and ULIPs :

Often, though, mutual funds are confused with another financial product  Unit-Linked Insurance Plans, better known as ULIPs. These are insurance policies with the dual purpose of providing an insurance cover as well as earn you a return by investing. The insurance company also floats a fund, just like the mutual fund house, to gather money from investors. It then invests this money across assets like stocks and bonds. 

Here Are The Benefits:

An investment which also offers life cover:

 The unique benefit of this investment is that besides investment it also provides a life cover. So in a way, it is an investment which works to provide you twin benefits life insurance combined with savings at market-linked returns.

Convenient premium payment options:

Not many know that unit-linked insurance plans also offer options where you can choose between – yearly, half-yearly & monthly investment options. In fact, even the annual premium in a ULIP works on the rupee cost-averaging principle. All you need to do is send a one-time instruction to your bank to allow an auto debit of a specified amount at fixed intervals from your bank account; and not worry about missing paying any premiums.

Tax benefits / Tax efficiency:

Under section 80C of the Income Tax Act, the premium on ULIP investments is allowed as a deduction from income up to a limit. Mr. Sathish benefits from ULIP proceeds as they are tax-free in the hands of investors under Section 10(10D). 

Rupee Cost Averaging:

As the payment is made monthly, it is easy to average out the market’s ups and downs. By investing a fixed amount every month, you can purchase more units when prices are low and fewer units when the price is high. A rupee cost averaging evens out market volatility and helps you get better returns on your investment over a period of time. Without ‘timing’ your entry into the market, you can earn more returns.

Convenience:

You can send a one-time instruction to your bank to activate auto-debit facility and facilitate easy premium payment from your bank account, credit/debit card. In this way, you can make an investment without worrying about missing the due date. 

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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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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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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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