Welcome.. 2021... It's time to plan finances.

Time for Financial planning

Before welcoming the new year, take out  some time to evaluate your financial planning for the past year.

This is not a huge task.  If we want to shape our future, we need to understand our present.  Similarly, current financial situation needs to be assessed for next financial planning.

Year ending is best time to understand financial status !

Understand your financial situation before the end of the last week of the current year and prepare financial plan of coming year.

 About financial objectives -

- Ask yourself some important questions while reviewing your financial plan

1) Have you succeeded in achieving your financial goals?

2) If some of your goals are long-term, it will take some time to achieve them altogether.  But have the steps and short-term financial goals been achieved?

3) Are credit card arrears paid on time?

4) Have you taken out new loans?

5) Has your investment portfolio been reviewed?

6) Are there any unnecessary expenses that can be avoided?

Golden Rules of Financial Planning

After answers to all these questions have been found... ask yourself... Has your financial planning been successful? 

If the answer to this question is yes, then congratulations!  You can do your next year's financial planning with double enthusiasm.

If the answer is no, don't despair... Find the causes of failure and find a solution;  So that you can prepare your financial planning by considering all these mistakes while planning ahead.

If your previous year's financial planning has failed, divide it into four parts when planning a new one-

 -Monthly

 -Quarterly

 -Half yearly

 -Annual

This will not confuse you when planning.  Also, if the financial planning of each part is successful, it can be checked at the end of the part and if it is not successful, the reasons can be found instantly and measures can be taken against them.

Consider the following points when planning the next financial year.

1.  Symptoms of debt

Debt and debt repayment planning-

Eliminate debts that are detrimental to your financial health, that is, repay them as soon as possible.

If you have taken a loan from a family member or close friend, repay it first.

 2.  What is frugality?

Thrift is not stinginess.

You have full control over your earnings.  When it comes to financial planning, don't calculate every dime just for savings and investment.

There are so many small  in life, think of them too.  Set aside a portion of your earnings for this dream.

 This will not make your financial planning boring and you will accept it wholeheartedly, not as a cure.

 3.  Investment objectives and enthusiasm

Alternative income for savings and investments

Find an alternative income rather than sacrificing your little dreams for the fulfillment of your big dreams, debt repayment, investment, etc.

Also consider increasing income while reducing costs to increase savings.

4.  Investment planning

Making a new investment every year or raising the existing investment limit provides long-term benefits.  Therefore, it is important to give equal importance to investment while planning.

Check your investments, stop low return plans and  replace with the best return investments in your portfolio.

5.  What is latest formula of Saving ?

Change spending habits-

Often, we can increase our savings by changing our spending habits.  E.g.  Do you really need meals, expensive gym, branded clothes, shoes, accessories in an expensive hotel?  If you ask yourself this question, the honest answer is no.  So save these costs wherever possible.

Branded items are often cheaper when shopping online.  So the option of shopping online can be considered rather than the mall.  Of course, then make a decision by comparing the prices of the items you find online and outside.

Late payment charges can be deducted if all bills are paid on time.  So discipline yourself by recognizing the importance of regularity.

Loans, insurance, credit cards, etc.  Pay accordingly by keeping in mind the last dates of important things like installments, insurance renewal.

 6.  Financial planning and a sustainable livelihood

Digital payments and rising costs:-

Nowadays, due to the variety of digital payment options, shopping is easy even without money in the pocket.  As a result, it has become difficult to control costs.

It is necessary to keep an account of digital transactions, to create its own set of rules, cost limits.

Do not increase the credit limit of the credit card.  So again the cost may go up.

Don't buy unnecessary or expensive items by falling pray to offers like interest free EMI, double / triple cashback.

Financial planning doesn't have to be this way.  You should review your financial planning every month.

 * Be financially literate *

 

Link for integrated investment and asset allocation platform:

 E-wealth Account

 Empathee Solutions

Want to be Raided??.. Read How much GOLD you can HOLD

HOW MUCH GOLD YOU CAN HOLD

Most of the Indians are obsessed with gold. But are you aware of the restriction on how much gold can you hold even the worth of gold does not match your income status?

How much gold can be held without receipts?

What if govt starts raiding all households in India and demands the proof of how it is bought... want to know?

Often Indians do not keep a track of receipts and proof of how they paid for the gold which is bought long ago. In that case, how much gold can one hold without any proof, even if it does not match income status?

As per Central Board of Direct Taxes (CBDT), this limit is different for a married woman, unmarried women and a man. This might sound strange, but here is a limit..

A Married woman	500 gms
Unmarried woman	250 gms
A Man	100 gms

These above limits include both the inherited and the self-bought gold jewelry. In case of inherited gold also, you need to have the receipts in the name of original owner.

In case you are holding very high amount of gold, just make sure that you have all the valid tax receipts and invoices saved at your end.

The WILL can also act as proof of inheritance, in case the gold you inherited is mentioned in the WILL. Alternatively, one can also submit a family settlement deed, will, or a gift deed stating the transfer of such commodity to you.

On contrary, if there is no such document available, then the officer will analyze your family’s social status, customs, and traditions to come to a conclusion on whether your statement is valid or not and whether to confiscate the amount of gold you are holding or not.

म्युचुअल फंडाचा फंडा ... १

म्युच्युअल फंड म्हणजे काय?

म्युच्युअल फंड बद्दल थोडक्यात सांगायचे झाले तर असे म्हणता येईल कि अनेक लोकाना शेअर बाजारात गुंतवणूक करावीशी वाटते. त्यांचेकडे पैसेही असतात मात्र त्यांना शेअर बाजाराचे ज्ञान पुरेशा प्रमाणात नसते.

अशांसाठी आपल्या देशात प्रथमतः सरकारच्या सहभागाने युनिट ट्रस्ट इंडिया या असेट मॅनेजमेंट कंपनीची (AMC) स्थापना सन १९६४ मधे करण्यात आली. 

आपल्यापैकी पुष्कळ 50+ वयाच्या गुंतवणूकदारांनी मास्टर शेअर, मास्टर प्लस बाबत ऐकले असेल. युनिट ट्रस्ट (Unit Trust of India). हीच ती भारतातील पहिली म्युच्युअल फंड कंपनी. 

१९८६ मधे सर्वजनीक बॅंकाना म्युच्युअल फंड स्थापण्याची परवानगी देण्यात आली. 

१९९३ पासून खाजगी म्युच्युअल फंडाना परवानगी मिळाली. सध्या देशात 44 हून जास्त म्युच्युअल फंड कंपन्या कार्यरत आहेत. 

पहिली गोष्ट म्हणजे जेव्हा तुम्ही म्युच्युअल फंडात गुंतवणुक करता तेव्हा तुम्ही एकटे नसता. आपले पैसे बँकांतील ठेवी पेक्षा जास्त दराने कायदेशीर रित्या वाढावेत आणि ते तज्ञानी आपल्या वतीने करुन द्यावे असा तुमच्यासारखा विचार करणारे इतर अनेक गुंतवणूकदार तुमच्या सोबत असतात. 

तुम्ही म्युच्युअल फंडात गुंतवणुक केली की तुमच्यासारखेच  ध्येय असणा-या गुंतवणूकदारांचे पैशासोबत तुमचे पैसे एकत्र केले जातात. तुम्ही केलेल्या गुंतवणूकीच्या बदल्यात तुम्हाला युनिटस दिली जातात. 

(तुम्ही केलेली गुंतवणूक रुपये / त्या दिवशीचे गुंतवणूक मुल्य म्हणजेच NAV = तुम्हाला अदा केलेली युनिटस्) 

मग हे पैसे म्युच्युअल फंड कंपनीचा फंड मॅनेजर शेअर्स। डिबेंचर्स ते मनी मार्केट पर्यंतच्या वेगवेगळ्या सिक्युरिटीजमध्ये गुंतवतात. त्याला कॉर्पस (corpus) या नावानेही ओळखले जाते. रोजच्या रोज सायंकाळी गुंतवणूकीचे मुल्यांकन केले जाते आणि प्रत्येक युनिटचे निव्वळ मालमत्ता मुल्य Net Asset Value (NAV) जाहीर केली जाते. अशाप्रकारे म्युच्युअल फंड तुम्हाला तुलनात्मकदॄष्ट्या कमी खर्चात विविध व्यावसायिक व्यवस्थापन (Professionally Manage) केलेल्या फंड्मध्ये गुंतवणूक करण्याची संधी उपलब्ध करुन देतो

अशाच माहिती साठी फेसबुक पेज ला भेट द्या 

Empathee Solutions 

अधिक माहिती व मार्गदर्शनासाठी. 

WhatsApp - 9130993995 

सर्वप्रकारच्या गुंतवणुकीच्या सुविधांसाठी एकत्रित अकाऊंट ओपन करा

Recession - An eye opener story

RECESSION - An eye-opener story

Banwarilal was a samosa seller in an Indian town. He used to sell 500 samosas everyday on a cart in his locality. People liked his samosas for last 30 years, because he cared for hygiene in preparation and selling, would use good quality oil and other ingredients, provide free chutneys with samosas. He would throw all unsold samosas to poor people, cow, dogs etc and did not sell unsold stale Samosas to people next day.

Banwari earned good reputation and enough money from samosa selling and he never faced downfall in his sale in last 30 years. He was able to fund his son's MBA education in a famous private college in Noida out of his earnings.

Recently his son Rohit completed his MBA and came back home as he could not get appropriate placement. Rohit started taking interest in his father's samosa business. He had not been involved in his father's business earlier as he considered that to be an inferior job.

During MBA, Rohit read a lot on recession. He read that it is coming up in global economy and how it will affect job prospects, increase unemployment etc. So he thought that he should advise his father of the risks in the business of samosa selling on account of recession.

He told his father that recession may cause fall in sale of samosas, so he should prepare for cost cutting to maintain the profit.

Banwari was glad that his son knows so much about business and taking interest in his business. He agreed to follow advice of his son.

Next day, Rohit suggested using 20% used cooking oil and 80% fresh. People did not notice the change in the  taste and 500 samosas were sold.

Rohit was motivated by the profit made by this savings. Next day he suggested  increased share of used oil to 30% and reduce the quantity of free chutney.

That day, only 400 samosas were sold and 100 samosas were thrown to poor people and dogs. Rohit told his father that recession has really set in as predicted by him, so more cost cutting is to be done and they would not throw stale samosas but would fry them again next day and sell them.Quantity of used oil will also be increased to 40% and to make only 400 samosas to avoid wastage. Next day 400 samosas were sold but customers were not feeling good old taste. But Rohit told his father about savings because of his smart planning. Father told him that he may be knowing better, being educated.

Next day Rohit decided to use 50% used oil, do away with sweet chutney and provided only green chutney, made 400 samosas. That day only 300 samosas could be sold as people started disliking the taste.

Rohit told Banwari "Look , I had predicted great recession is arriving and sales would fall. Now this is happening. We will not throw away these 100 stale samosas but would fry and sell them tomorrow." Father agreed to his MBA son.

Next day, 200 fresh samosas were made with 50% used oil, 100 stale fried samosa were offered for sale but only 200 could be sold as people sensed the drastic fall in quality.

Rohit said that recession has really set in and now people have no money left to spend so they should make only 100 samosas and recycle 100 stale samosas and stop giving paper napkins .

After this only 50 samosas could be sold .

Rohit told his father " Now recession has taken people in its grip. People have lost income. So, this business will be in loss and they should stop selling samosas and do something else."

Now his father started shouting, "I did not know that they teach cheating in the name of MBA. I lost my money in getting your MBA education. In last 30 years of samosa selling, I never had recession but your greed for profit brought recession in my business and caused closure. Get out of my business and I will get it back to earlier level. If you want, I can hire you for washing dishes as that is the only thing you can do despite being MBA educated."

Thereafter , Banwari started following his age old wisdom and fair practices in business. Within a month his sale reached to 600 samosas.

Morale :- 

RECESSION is nothing but convergence of 

Greed of government to extract more taxes... to splurge and also never ending salary increment demands of Government employees.

Greed of big businesses to be more profitable by reducing quality and using unfair practices 

and

Careless arrogant employees giving pathetic service as long as profits are coming. 

SO ,

RECESSION IS THE PUNISHMENT GIVEN TO GOVERNMENTS AND BUSINESSES BY PEOPLE BY RISTRICTING THEIR SPENDING.