Invest smartly on mutual funds

Rising children is one of the toughest job in this planet. If not the hardest--and more than 13 million parents do it solo

Single parents, especially in India, have a tough time managing the society, expectations, and finances. They have got the unenviable process of having to double up on all fronts and but lift on with a smile.

Raising children is one of the toughest jobs on this planet. If not the hardest–and more than 13 million parents do it solo according to a survey.

Start early:

As income is particularly tight for single parents, it’s very important to let time go to work for you. Invest early to give you the best return.If a parent chooses to be more conservative, saving the money in things like guaranteed investment certificates (that have a low return at the moment but one that’s guaranteed, starting early also gives the interest on the investment more time to compound.

READ  How To Invest When You're Deep In Debt- Moneymindz

Monitor your current spending:

Chances are the bulk of your money is going toward housing, child care, health insurance, food, clothing and gasoline — but how much is going toward each category, and are there ways to simplify and cut back before all the money vanishes each month? To find out, scrutinize your spending over a period of two to three months.

Be upfront with your children. Have an honest discussion with them about the family’s financial picture — especially if you’re a suddenly single parent. They have the capacity to understand their changed circumstances and help the whole family curb spending once you arm them with the truth.

Insurance is a must :

Although it is important for all mothers and fathers to keep their estate planning in order and to maintain life and disability insurance, this is absolutely crucial when a person is a single-parent, since they are the only provider.

Parents should have a will, a power-of-attorney, and insurance that covers them in the event that they get sick or injured and cannot work.

They should also have life insurance and a policy that covers their outstanding mortgage balance.

READ  Features and Tax Benefit of Education Loan in India

Your retirement:

Single parents also need to plan for their own retirement

Some advisers recommend they utilize a tax-free savings account, which does not offer upfront tax benefits allows the savings to be accessed immediately for emergencies. Money can be placed in a number of investment vehicles, including stocks and bonds, and accumulates tax-free.

Teach Your Children About Money:

“Conversations about money management are important, but they become that much more so in a single income household,” says Leslie Linfield, executive director and founder of the Institute for Financial Literacy.  “Since a child with a single parent will have friends from two income households that can afford more, having open conversations can help ease a child’s negative emotions from not having as much.” Once a child understands a single parent’s financial situation, they generally want to do what they can to contribute towards the family’s financial success.

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The government took the initiative to launch its integrated digital app ‘UMANG’. This app can give an oversized range of state services to customers

The year 2017 is on the brink of finish. the primary few months of this year saw the commoner grappling with changes demonetization brought in. Since it had been introduced within the fag finish of 2016, the economy was still adjusting to the unexpected transition. Cashless, paperless, low-interest rates, GST, RERA, Benaami dealings Act were a couple of crucial money moves/reforms that set the tone for the year 2017.All this and far a lot of player the contours of the year 2017.

Let’s examine five huge money takeaways of 2017:

Rise In net Penetration :

Higher penetration resulted in a rise in awareness amongst commoner concerning helpful money merchandise and popularised the employment of apps for utility services.

The government took the initiative to launch its integrated digital app ‘UMANG’. This app can give an oversized range of state services to customers. Banks and money establishments too came up with their own pocketbook services. many companies firms launched payment banks to extend the service span for its purchasers. ‘BHIM’, a Unified Payments Interface (UPI) primarily based app, was additionally launched this year. BHIM permits users to transfer cash between accounts by smartphone.

Mutual Funds On A Roll :

Mutual Fund schemes remained on AN upswing within the post-demonetisation era. With a crumbling black securities industry, individuals shifted their investment focus from property and gold to open-end fund schemes.

Paperless Revolution :

The paperless revolution created its mark in 2017 with a rise in customers accessing services online like Mutual Funds, Loans, investments, Insurance, Credit Cards, etc. Paperless gave customers the convenience to use online and created the documentation hassle-free. Customers not solely custom-made to the new setup however used on-line facilities wide to check, appraise and fetch themselves a decent deal.

Big Policy Changes And money Reform :

Some huge policy announcements of 2017 like realty Regulation and Development Act (RERA)  left a large impact on the Indian money market. Adopted by many states, RERA reinstated buyers’ trust within the realty market.

It’s still undergoing several changes to form it remunerator friendly. the precise impact of GST are clear solely within the semipermanent.

Home shopping for created Easier For 1st Timers :

Home sales remained sluggish throughout the year, however, the govt. relaxed norms for Pradhan Mantri Awas Yojana (PMAY) theme by increasing the eligible space below the theme similarly as shifting the point in time of the theme to March 2019. For PMAY edges, the financial gain block is currently up to Rs. 18 lakh. The grant profit is within the vary of three to four-dimensional of the eligible loan quantity for tenure up to twenty years.

 

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Try and boost this fund with any more money you receive from - say a bonus or incentive.

For those of you beginning out on your careers, if you’ve got managed to save lots of thousand saving a month or a lot of for quite three months, congratulations!

It’s most likely sitting in your checking account. Rs two thousand most likely feels like a tiny low quantity lately. It’s precisely the correct amount to try and do one thing good regarding. therefore are some tips that you can do with your savings.

1. Defend against contingencies:

Before you’ll dream regarding the long run, it’s a decent plan to possess some keep a copy for these days.begin by the swing away your thousand in either a debt investment company or maybe a revenant deposit together with your bank. This cash is there for any contingency you would possibly not have expected can grow at a pace abundant quicker than your bank account will enable. And yes, this isn’t cash to be used for having fun!

Try and boost this fund with any more money you receive from – say a bonus or incentive.

2. Take the primary step towards changing into made:

Once you’ve got a stash of a minimum of Rs. 30,000, you would possibly wish to noticeably begin considering changing into made. You’d be shocked however so much you’ll go along with simply Rs. 2000 thousand a month if you set it away within the right investment and leave it there for several years.

3.Keep yourself future prepared for your career:

This world belongs to people who area unit perpetually evolving in terms of their data and talents. simply finishing your graduate or post-graduate studies aren’t the top of learning. Real learning begins when you get your degrees.

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As a rule of thumb, if you invest in the best company in a dying industry, you’ll probably lose money

This question is right up there with “What is love?”, and “Why does toast always fall butter side down?” in the pantheon of the great unanswerables of life.
However, that doesn’t stop people – and me – from trying t¬o answer.
There are lots and lots of possible ways to address this.

For our purposes here, I’m going to suggest that for the biggest gains, exploit the holy trinity of growth investing:

(1) Find a growing sector,
(2) Identify the leading company in this sector and
(3) Buy the leading company when it’s cheap.

When it comes to stocks, buying the best – at the right price – is worth it.
There are a lot of ways to make (and lose) money as an investor. Some strategies are very complex. Others are common sense and simple to understand – but not always easy to implement…
As a rule of thumb, if you invest in the best company in a dying industry, you’ll probably lose money. You’re fighting the tide and will probably wind up out at sea. And if you invest in an average company in a growing sector, things could go either way. (Of course, valuations matter here as well.)
You can make use of the following mediums which can be of help to you while selecting stocks.

Social Media:

The Social Media industry has also been an attractive target for day trading, recently. The massive influx of online media companies, such as LinkedIn and Facebook, has been followed by a high trading volume for their stocks. Moreover, the debate rages over the capability of these companies to transform their extensive user bases to a sustainable revenue stream.

Financial Services:

Financial services corporations provide excellent day-trading stocks.High Liquidity and Volatility
Liquidity, in financial markets, refers to the relative ease with which a security is obtained, as well as the degree by which the price of the security is affected by its trading. Stocks that are more liquid are more easily day traded; moreover, liquid stocks tend to be more highly discounted than other stocks and are, therefore, cheaper

Trading Volume and Trade Volume Index (TVI):

The volume of the stock traded is a measure of how many times it is bought and sold in a given time period. This time period is most commonly on a day of trading. More volume indicates interest in a stock, whether that interest is of a positive or negative nature.

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If you are among those who are scared of stock market volatility, systematic investment plans or SIPs will work best for you

If you are among those who are scared of stock market volatility, systematic investment plans or SIPs will work best for you. SIP is an option designed by mutual funds, allowing you to invest a small sum in the stock market on a regular basis. The main advantage of a SIP is that it averages out your cost in the long run as an investor gets more units when the markets are down.

If you are among those who are scared of stock market volatility, systematic investment plans or SIPs will work best for you. SIP is an option designed by mutual funds, allowing you to invest a small sum in the stock market on a regular basis. The main advantage of a SIP is that it averages out your cost in the long run as an investor gets more units when the markets are down.

SIP ensures investments are not hurt too much by market falls. You convert market falls into investment opportunity by buying more units

The minimum investment in most funds is as low as Rs 500, which enables small investors to purchase this option. SIP is a better choice because if you make a lump sum investment when the market is up, you run the risk of eroding your investments during the next market dip. However, you also have the chance of earning higher returns through a lump sum investment when the markets are at their lowest. But considering that the markets are volatile, it is always difficult to determine which way they will move.

Power of Compounding:

Albert Einstein once said, “Compound interest is the eighth wonder of the world. He who understands it, earns it… he who doesn’t… pays it.” The rule for compounding is simple – the sooner you start investing, the more time your money has to grow.

Example:

If you started investing Rs. 5000 a month on your 35th birthday, in 20 years’ time you would have put aside Rs. 24 lakhs. If that investment grew by an average of 7% a year, it would be worth Rs26.2 lakhs when you reach 65.

However, if you started investing 10 years earlier, your Rs. 5000 each month would add up to Rs. 16lakh over 30 years. Assuming the same average annual growth of 7%, you would have Rs. 1.22 Cr on your 65th birthday – more than double the amount you would have received if you had started ten years later!

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Mutual funds are a very common type of investment - but are they good investments?

Mutual funds are a very common type of investment – but are they good investments? The answer depends on the specific mutual fund you are talking about, and on how much work you did to determine if the fund fits with your goals and objectives.

Here are the six things you need to know to determine what types of mutual funds might be a good investment for you

What are Mutual Funds?

Mutual Funds are investment options wherein the money from several investors is pooled in by an Asset Management Company (AMC) and invested in different instruments such as debt, equity, securities and money market. The resulting profit, after deductions by the AMC, is divided among the investors as per their portfolios. Mutual funds are regulated by the Association of Mutual Funds in India (AMFI).

To choice a mutual fund that will be a good investment for you, you have to define your investing goals and objectives. For example,` if you’re not planning on using the funds for a long time, you can focus on long-term growth. If you don’t like risk or need to use the money in the next few years you’ll want to focus on safety. If you pick a growth fund when you needed safety – or vice versa – then the fund is not likely to end up being a good investment for you.

How Mutual Funds Charge

The lower the investment expenses you pay, the higher your returns. You can study the cost of a mutual fund by looking at the fund’s expense ratio which is always disclosed in the funds’ prospectus – and today can usually be found online.

You’ll want to look for funds that have low fees (ideally less than 1%). Your time is better spent doing this type of research than trying to find funds that had the highest returns last year. Last year’s results are no indication of what might happen this year. You want a fund that consistently invests according to its goals and objectives and has low fees.

 Liquidity.

Because your money is spread across so many stocks and bonds, you can sell your mutual fund holdings at any time to meet your financial needs. The money hits your bank account as soon as the day after you sell the mutual fund. This is so much quicker than selling some other illiquid investment assets, such as real estate.

A mutual fund can offer a simple and efficient way to invest in your life goals – whether retirement, education, buying a home, or just generally making sure your money grows. And a good investment advisor can help you achieve these goals – at a price that is honest and fair.

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

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Health insurance provides risk coverage against expenditure caused by any unforeseen medical emergencies. In current times of high medical inflation rates, failing to hold adequate amount of health insurance cover can prove to be a major personal finance disaster. This could lead to either poor health care because of non-affordability or spiral an individual into financial distress due to high medical bills.
There are two common mistakes when it comes to buying life insurance and health insurance.

  • People don’t act at the right time, and
  • when they realize that they have made a mistake they try to over-compensate by buying too much insurance.

There is a popular saying about health insurance:

“Buy health insurance when you don’t want it, because you may not get it when you want it.”

The following points signify the importance of personal health Insurance cover:

1. Insurance cover provided by your current health insurance plan:

Most of the organizations provide a basic health insurance cover. The basic health insurance might cover individuals from minor ailments and provide a decent amount of coverage. However, this amount might often be insufficient in case of a major emergency. It is important that individuals prepare themselves for such major contingencies and make a provision through adequate health insurance cover.

2. Validity of your health insurance provided by your organization:

The validity of the health insurance cover provided by the organization is connected with the time span of your association with the organization. Such health insurance policies lapse once you leave the organization. A potential job change, job loss and retirement are situations when an individual faces a no health insurance condition.

Individuals would then liquidate their savings or assets to meet any medical contingencies. This might affect their budgeting and financial plans they hold for achieving their goals. A personal health Insurance cover is valid as long as the payments are made.

3. Start early: Benefits of buying health insurance young:

Buying a personal health insurance policy is cost-efficient while one is young and free from medical complications. The premium is lower and the policy offers comprehensive coverage in comparison to a policy purchased at an older age.

As an individual grows older, the cost of the cover increases and if one develops health issues, the health insurance company tends to exclude pre-existing conditions which defeat the whole purpose of buying a health insurance.

Most health insurance companies have an upper age limit for the policies, which means one would have limited options after retirement. One can enjoy the benefits of cumulative bonus in the form of no claim benefit if they renew the policy without any claims.

4. Tax benefit:

The icing on the cake by opting for a personal health insurance policy is the tax benefit. Payments made towards health insurance premiums are eligible for tax deductions under section 80D of the Indian Income Tax Act. 

However, it should not be the driving force behind making the decision of taking a personal health insurance policy. The need to improve risk management should be the driving force behind opting for a personal health insurance policy. One should scientifically calculate the amount of health insurance required with the help of a proficient financial advisor and make sure that they are adequately covered.

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Looking for ways to create wealth? Start with admitting that neither wealth creation can happen overnight nor money left idle can grow on its own. ‘Investment’ is the only way to make your money grow. In this blog, you will read about Systematic Investment Plan (SIP) and know about its wealth creation potential.

SIP is not a product, it is a concept. Basically, it is a route to investment in mutual funds at a disciplined and regular manner. Through SIP route, you are allowed to invest a pre-determined amount at a regular interval (weekly, monthly, quarterly, etc.).  The process of execution is like recurring deposits, but SIP makes you invest in mutual funds.

There are various advantages of taking up the SIP route. Primarily, it makes you a disciplined investor and inculcates in you the habit of regular saving and investing.

Systematic Investment Plan (SIP): No Need To Time The Market

There are various investors, who understand that although risk-oriented but equity mutual funds have high wealth creation potential. So there are many who wish to invest in Equity but they hesitate to go ahead because they think equity investments require timing the market.

For all such investors, SIP is the best route because, with the systematic investment plan, it is not important what time you enter the market, rather it is important how much time you are in the market. In other words, you need not to time the market if you are investing in mutual funds through the SIP route.

SIP: The process is simple!

Step 1: First, you got to select the funds offered by various Asset Management Companies (AMCs), based on the performance of the funds. To know the same, you can take professional help or can visit fund’s rating websites. It is always advisable to select multiple funds.

For example: You are investing Rs. 5000, then instead of investing the whole amount in one fund. It is better to invest to Rs. 2500 in two different funds.

Step 2: Second, you need to pre-determine the amount you want to invest.

Step 3: Third, you need to pre-set the interval on which you will be investing. The majority of people invest on a monthly basis. The investment happens through ECS auto-debit.

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“Balancing your money is the key to having enough.”

 Elizabeth Warren

Teaching you near adult about saving money tips and money management is not as simple as telling a kid why money is important. You may have to seek an audience with a teenager locked in his or her room, or do a PR job to get his or her attention away from friends, loud music, and other superficial needs. But it can be easier than you’d expect.

Teenagers are likely to be more receptive when you talk in terms of their needs. In fact, before you start imparting to them the value of money and run the risk of nagging more than teaching understand first where they spend money.

To help you out, we culled the Internet and selected what we believe are six excellent pieces of advice.

Invest not spend:

This article has a great advice on teaching your teenager the real value of money: it’s not for spending, but for creating more money. Instilling in them the long-term value of investment is one lesson they’ll thank you as they will realize soon salaries are hardly able to create wealth for them.

As a parent, you can illustrate the importance of investment by pointing out how your teenager enjoys everyday necessities.

Example: How much you’re paying for the house today and its net worth by the time your kid inherits it. A simple math can also help show your kid that investing 10% of his or her income at a 10% return, his or her nest egg can be bigger than the annual salary.

Teach them the art of budgeting

Good money management starts with a budget. To help your teenagers get off on the right foot, the authors advises to give them a monthly budget. A predictable inflow and outflow of cash will help kids get a sense of budget, that the higher the spending, the lower the treasury is and vice-versa. This strategy is better than handing out bills to them when they need it.

Allowing them to forecast the money in their wallet and the period of time needed to buy something also trains them to watch out for spending more than what they earn. Teenagers have a knack around the Internet. Use this skill to find promo rates or best-value prices for you and them.

Paying Bills

You would think that paying bills is a “common sense” lesson, something that people automatically know how to do when they become adults, but that’s not the case. It’s important to assign a bill to your teenager, whether it’s their cellphone bill or their car insurance bill. Send them a payment reminder email or, better yet, just tell them the date their payment is due. If their payment is late, they get charged a late fee or they lose a privilege, like not being able to go out with their friends.

It’s important for teenagers to realize that when they don’t meet their financial deadlines, there are penalties. It’s much better for them to learn the lesson young, under their parents’ roof, than for them to learn the hard way by incurring high interest charges and late fees from credit cards after forgetting to pay their bill.

Know About Credits:

Learn about credits – good credit and bad credit. Understand the importance of a good credit profile by paying off the full credit balance every month. Get a clear understanding of the difference between debit card and credit card. Analyze each one’s benefits, security issues, percentage rates, liability, and security. Be aware of the impact of credit score on financial planning.

Set Clear Goals:

Set clear goals to effectively save money. Your goal could be as simple as buying a music instrument or a hard disk. Accumulate amount, gradually, until you have enough to meet your goal. Thus, you get habituated to saving towards a goal, without distraction. In the long run, you can set crucial financial goals in life and achieve them with ease.

In conclusion, teens are to be more involved in money management to get acquainted with finances. If you feel that you need more advice on money management, approach financial advisory like ArthaYantra. Learn the key financial terms, ways to earn, goal setting and money saving. Thereby you are not just learning to save, but are helping yourself to get rich in life.

Create Saving Plan:

Have a clear cut saving plan to get your job half done. To begin with, take three containers and label them as ‘gifts and charities’, ‘spendable amount’, ‘savings’. Calculate your expenses and leftovers. Fill in the containers accordingly. It is amazing the see those containers filling. Once filled, deal with each container differently, meaning use the money in each container only for the dedicated purpose.

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