India is a largely cash dependent economy. Even after extensive drive for digitization of transaction, cash still remains the go to option for many individuals. Cash transactions have yet again come on par with the pre-demonetisation levels. Though there is huge progress in the number of digital transactions, there is still a long way to go. Here is why cash is king for most individuals.
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The Modi government delivered an impactful budget today, just before the elections, showering multiple benefits to the Tax Paying Citizens. Key benefits are as under:
Tax Rebate:The government has proposed to introduce full tax rebate for individuals earning up to 5lacs. With Tax saving investments included, the tax rebate extends to income till 7.25lacs. (includes 1.50lacs under section 80C, 50k in NPS, 25k in health insurance)
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Mutual fund offers growth plan and dividend plan option for the same funds. The portfolio in which the fund invests is the same and the only difference is the treatment of gains.
In a growth option investors do not get payout in the form of dividend, instead this amount is reinvested in your fund. This increases the NAV of the fund. As there is reinvestment, the returns get compounded overtime and increase you returns in long term.
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Financial planning is a process which helps you to manage your finances. It works by linking your investments to your financial goals so that you can secure your future and be ready for life’s surprises.
The right time to start financial planning is as soon as you start earning even if your income may not be high at this point. Starting early will instill discipline in you and it will become a habit instead of urgency in the later years of your life. It will also give you a bigger benefit of compounding and thus a bigger corpus for your later years. At this age, you can afford to invest in riskier investment option such as equities. You will also be able to buy insurance at a low premium when you are young.
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Debt mutual fund and fixed deposit are good investment avenues for those who do not wish to invest in equities. While a large number of investors still prefer fixed deposit as their default investment choice, debt mutual fund offers good alternative.
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Mutual fund is increasingly becoming preferred choice of investment for many investors in India. It offers various choices and benefits to suit the needs of different investors. Mutual fund investors can invest through two ways viz. lump sum investment and systematic investment plan (SIP).
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The National Pension Scheme (NPS) is a voluntary pension scheme launched by the government of India. Investors can regularly contribute in the scheme during their work life, withdraw a part of the corpus in a lump sum and use the remaining corpus to buy an annuity to secure a regular income after retirement.
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We work hard day and night so that we earn enough for our loved ones to live a stress free and comfortable life. And we would obviously want that security to continue even if we are not around anymore. This is where life insurance comes to your rescue, and you can be with your family after you are gone, financially at least. This is why everyone with dependent members in family must have life insurance. But before you buy insurance we want you to read the below mentioned secrets about life insurance which the insurer will rarely tell you.
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New Year’s Resolution list; is somewhat like how a small kid writes to Santa (before X’mas). Year ends and we all love to start new year with some bold steps.
To help & to have the feel-good factor, every year, newspapers & blogs, talks about same good old financial resolutions, with some jargons. It is way #metoo.
I thought of doing & writing something different. This new year lets invest in life, health and our experiences.
What do I mean with investing in Life?
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Taking time off from your hectic work schedule is a great way to rejuvenate, learn something new and regain your lost passion. That is why more and more people nowadays plan a sabbatical from their busy life. A sabbatical can last for few months to a year or two. The idea of deciding to take a sabbatical though exciting, is a bold step and requires proper planning. If you are also planning to take a sabbatical keep the following things in mind.
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