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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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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.

Free Financial Advice on Home Loan / Real Estate Investment by Certified Financial Planners Press Below Button

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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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If you want to get your investing off to a successful start, there are two things to do first.

 ➡  Have no short-term debt

Before you start investing, pay off any credit card debt, or personal loans, or overdrafts, or any other short-term debt.

Why? It’s simple. You have to pay interest on debt. And you have to pay a lot of interest on short-term debt.

If you could borrow money at 7% from a bank for three years, and invest it for a guaranteed return of 12%, then it would make sense to take a loan and invest the money.

But that’s never going to happen. The interest you pay on short-term debt will always outstrip any return you can hope to make without taking a ludicrous amount of risk.

So investing (or even just putting money in the bank) while you still hold short-term debt is like using a thimble to fill a bucket with a hole in the bottom. A waste of effort.

Patch your financial leaks first. Then you can start saving.

 ➡ Have three months’ living costs to hand

Life happens. Boilers blow up. Roofs need mending. People lose their jobs.

That’s why we have emergency funds. A pot of cash you can access immediately to cushion against life’s ups and downs.

How big should your emergency fund be? It depends partly on your circumstances. If you have dependents, you’re probably less keen to suffer a drop in living standards than if you’re on your own.

As a minimum, aim to have three months of living costs saved up. In other words, you could live for three months at your current standard of living without earning anything.

Of course, three months go by fast. So it’s not much of a cushion. Ideally, it would be six months.

But I can already hear some of you sighing with tedium at the idea of saving up three months’ costs.

So once you’ve got three months, you can start investing. But keep topping up your emergency fund too until you get to six.

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In today’s world of ever increasing expenses, spending on your children results in a substantial outflow from your pocket.

However, did you know that you can get tax benefits on many expenses and investments made in your child’s name?

This includes a wide variety of expense heads and investments. Most of these investments fall under the ambit of Section 80 C within the Rs. 1 lakh limit. Here are a few such cases that will help you reduce your tax outflow:

Interest on education loan:

The cost of education for your child is a huge outflow, and needs to be well planned. Most of you may opt to take a loan to fund your child’s higher studies. While this results in a repayment burden, you can gain partially, as the interest portion on education loan is fully tax deductible under Section 80E of the Income Tax Act.

This loan can be taken by the borrower, parent or spouse of the student from a recognized financial institution. The loan must be taken for a full-time course, which can either be a graduate course in engineering, medicine or management or post-graduate course in engineering, medicine, management, applied sciences or pure sciences including mathematics and statistics.

Payment of tuition fees:

Tuition fees paid by the parent to fund his child’s education in any school, university, college or any other education institution within India can be deducted under Section 80C, up to Rs. 1 lakh in a year. The amount of deduction is restricted to two dependent children and should pertain only to actual tuition fees paid. However, both husband and wife have a separate limit of two children. So each parent can claim for two children each.

Health insurance premium:

When you take health insurance for your child, you can claim the premium paid as a deduction from your income, up to a Rs. 15,000 in a year.

Formation of a trust:

You can set up a trust in your minor child’s name to save on tax. You will need to make an irrevocable transfer to the trust, so that the money will not be claimed by you. When you make investments through this trust, the income made through these investments will not be clubbed with your income. Even though the trust has to pay tax on this income, the total tax liability will be lesser if the income is clubbed with your income.

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A credit score is generated by credit information companies like CIBIL, Equifax and Experian after collecting credit history details from lenders. It is an indicator of the loan applicant’s credit-worthiness the higher your score, the better are your chances of obtaining the loan, as majority of credit is extended to those with a credit score of over 700.

While the underlying premise of the credit information system is to reward borrowers with a good repayment record, home loan borrowers had been deprived of the benefits so far. Most banks continue to charge standardised interest rates for all home loan seekers, irrespective of their credit scores. Its utility so far was largely limited to banks that used it as one of the determinants to approve or reject loan applications.  

However, could finally spark off a trend that will lower the interest rate burden for borrowers who diligently meet their EMI commitments. If the trend catches on, such borrowers will stand to benefit.

While discharging your EMI’s as per schedule is the surest way of obtaining high credit scores, you also need to know other parameters that can help you achieve it:

1. Avoid too many loan applications

If you have applied for several loans or credit cards with several lenders, it could adversely affect your credit score. You would be seen as a ‘credit hungry’ individual constantly on the look out for loans. This is applicable for credit cards applications in particular, where individuals tend to give in to the temptation to sign up for credit cards that dole out discounts and offers.  

2. Tilt towards secured loans

While several credit cards could raise banks’ suspicions, a higher proportion of secured loans, that is the ones backed by collateral assets, could quieten their concerns as they can bring about a balance in the borrower’s loan portfolio.

So, if you have to borrow, look for a secured loan like loan against jewellery, investments, life insurance policies and so on, so that unsecured loans like personal loans or credit cards do not corner a major part your portfolio. Credit score aside, preferring secured loans over unsecured ones like credit card or personal loan is a sound strategy as the former carry relatively lower interest rates.  

3. Keep an eye on credit limit

If you are a swipe-happy, compulsive shopper constantly clocking high credit card usage, it is likely you come close to breaching your credit limit often. High utilisation of the sanctioned limit, too, could dent your credit scores even if you have been paying your bills on time.  

4. Pay your utility bills on time

It’s not only your loan repayment track record that matters, but also your bill payment history. If you have not paid your electricity or mobile phone dues, again your credit score will suffer.

 5. Check your credit reports regularly

Finally, make sure you keep a tab on your credit score and report regularly. You can get the details from credit information companies for free once in a year. It will help you weed out any discrepancies that can unfairly lower your credit score by bringing them to the credit bureaus’ notice. 

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The multifaceted advantages of life insurance policies are sometime misconstrued and not appreciated as much as they should be. For instance, the flexibility to choose the scope of cover tenure of the policy and the premium you pay are some variable features. Likewise, there are various tax benefits that come at the time of taking life insurance policies which you should be aware of to make the most of these products.

One of the biggest benefits of life insurance plans is the Exempt-exempt-exempt (EEE) category that it falls under. This means that you can claim tax deductions when paying premiums, the gains you earn on participatory policies are also exempt from tax and at the time of maturity or death, the policy proceeds are exempt from taxes. Moreover, if you include health related riders to your insurance plan, you not only enhance the scope of insurance, you also get additional tax benefits.

Claim these tax breaks

 💡 Premium on life insurance policies:

Claim deductions under Section 80C from your taxable income. Deduction is restricted to 10 per cent of the minimum capital sum assured or premium paid, whichever is lower. The overall limit of deduction available under section 80C is Rs.1.5 lakh.

 💡 Premium on pension policies:

Claim deductions under Section 80C from your taxable income up to Rs1.5 lakh under Section 80CCC.

 💡 Health rider:

Premium paid on health insurance policies, including health riders, qualify for deduction of premium on a policy taken for self, spouse, dependent children and parents. Deduction of Rs.25,000 is allowed for self, spouse and dependent children. This goes up to Rs.30,000 if the age of insured is 60 years or more. If you have senior citizen parents, additional deduction of Rs.25,000 towards health insurance premium paid for covering parents, which goes up to Rs.30,000 if their age is 60 years or more.

 💡 Policy proceeds:

Proceeds from life insurance policies are exempt subject to conditions of section 10(10D) on death claims as well as policies that have matured. Under Section 10(10A), payment received on commutation of a pension policy is exempt from tax.

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According to the law of karma, whatever we put into the universe comes back to us. It applies even to the donations made towards charity. The act of kindness towards charitable donations comes back in the form of tax savings. Tax deductions by the government encourage more people to donate to worthy causes. Learn these important things before making a donation and save tax.

  1. All the charitable money donations are eligible for 50% to 100% deductions on the taxable income.
  2. The percentage of the deduction depends on the charitable institution to which the donation is made.
  3. Donations from the taxable or exempted income are to be made in the form of cheque or cash.
  4. A salaried person contributing towards the charitable fund is eligible for a deduction under Section 80G, provided the receipt bears the name of the donor and the company.
  5. Do not miss to take a receipt for the donation made for any social cause. The receipt should have your name, the trust’s name, donated amount, and the registration number of the trust as per Section 80G.
  6. Donations to any of the following are eligible for 100% tax deduction: Donations to Zila Saksharta Samitis; National Defence Fund; Approved educational institution or university of national eminence; CM’s Earthquake Relief Fund; PM’s Armenia Earthquake Relief Fund; PM’s National Relief Fund; The Indian Naval Benevolent Fund or Army Central Welfare Fund or Air Force Central Welfare Fund; State Blood Transfusion Council or National Blood Transfusion Council; National Foundation for Communal Harmony; The Africa (Public Contribution – India) Fund.
  7. Donations to following funds would be eligible for 50% tax deductions: National Child’s Fund; The Rajiv Gandhi Foundation; Indira Gandhi Memorial Trust; Jawaharlal Nehru Memorial Fund; Prime Minister’s Drought Relief Fund.
  8. The subsections under Section 80G include Section 80GGA and Section 80GGC. Under Section 80GGA, the donation made by taxpayers, without business income, to organizations in rural development or scientific research, is applicable for 100% tax deduction. Under Section 80GGC, 100% tax deduction is allowed for a contribution to a registered political party.
  9. Contributions made towards pre-approved projects under Section 35AC are eligible for 100% deduction.
  10. Donations made to NGOs involved in afforestation and natural resource conservation fall under Section 35CCB, which are eligible for 100% deduction.

In conclusion, ensure that the charitable institution is a registered organization before making a donation. Get the receipt after donating, to make the required tax claims and lower the taxable income. Continue to contribute your bit to the society and be the reason for spreading smiles, while saving tax.

Secure your Future by taking expert financial advice from certified financial planners, By leaving a missed call to 022-62116588 or visit Moneymindz.

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Yes, money is not everything! Money cannot be the only means of happiness! But, money surely makes a difference when it comes to converting your dreams into reality, dealing with an emergency, or leading a comfortable life.

Here are more reasons to support why ‘more money’ should be your everyday mantra.

1. More money means more freedom!:

The freedom that allows you to try new things, offer more choices and make new investments. You deserve money as much as anyone else can. Aiming for more does not mean you are greedy, rather having more can equip you and place you in a better position to even be charitable, which you may otherwise cannot afford.

2. More confidence and purposefulness:

Nothing gets better in life than the sense of accomplishment. You could achieve all your life’s goals with ease, making all your dreams come true. You can offer excellent higher education to your kids at the same time enjoy a dream vacation along with your spouse. All these are possible with more money.

3. Rule out the stress of having less or insufficient funds:

Opposite to more money is less money, which can be sucking! Your sinking reserves can get you into stress. Meanwhile, if you have to face an unexpected expense, you look around for help and borrow money, which is not a good money behavior. Your money should be your savior when it comes to dealing with any sort of expansion or unexpected expense.

4. Effectively deal with inflation:

The tricky part of inflation is that it can’t be seen in the money we earn but can be seen only in expenses. Only earning more helps combat inflation and fulfill the future needs. Moreover, life is too short that people outlive their money very soon. Financial requirements grow with time, bringing in the need for more money.

5. You can retire early with dignity:

For many, retirement is the single biggest money concern and having more money can help you retire early with dignity. You will not be a dependant on your offspring. Have more money to make your retired life the happiest phase of life.

Get rid of every limiting idea or belief that blocks your way to deserving ‘more money’. Plan your finances thoroughly based on the current financial status. Periodical evaluation of the performance of your financial planning is important too.

For expert personal finance advice, approach MONEYMINDZ, an online fiduciary making quality services available to every individual.

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Joint home loans:

If you have purchased a new apartment jointly, say, with your spouse, and are also paying the home loan jointly, then each of you is entitled to deduction of 2 lakh-2.5 lakh. In case you have a working son daughter and the bank is willing to split the loan three ways, all three can avail deduction.

Perk:

Hotel accommodation given by employer for the first 15 days when you move to a new town on transfer is not a taxable perquisite.

Travel:

LTC exemption is allowed to you as a salaried employee in respect of two domestic journeys taken in a block of 4 calendar years. The current block of four years commenced on January 1, 2014.So if you haven’t taken that much-needed break last year, do so now. Keep proper tabs, retain relevant travel bills and claim your LTC.

Transport:

For claiming transport allowance exemption, you don’t need to submit expense proof. But if you are incurring expenses on official travel, your employer can reimburse the expense on the basis of the claim submitted (backed by bills) and this is not taxable.

Provident Fund:

There is a block-in period of 5 years for PPF withdrawals. But a loan on the accumulated balance may be obtained (after expiry of one year from the end of the financial year in which initial deposit was made) for certain purposes, subject to various limits.

House rent:

An individual can claim deduction under Section 80GG for rent paid even if the employer doesn’t give HRA. The condition is that he or she doesn’t own a house and neither does the spouse or child. The deduction is subject to a ceiling of 5,000 per month.

ESOPs:

No need to pay tax when options are granted by your employer to you under an employee stock option plan.Taxability arises on actual allotment of shares and not on grant or vesting of options.Such income is taxed as regular salary income and is subject to tax withholding by the employer.

HRA & Loan:

HRA exemption and interest deduction on housing loan can be availed simultaneously, if the house bought with the loan is in a city different from the place of work, where you’ve rented a house as daily commuting is not possible.

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