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A Will is Willingly Necessary Right Now, More Like Yesterday

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A Will is Willingly Necessary Right Now, More Like Yesterday

What is Will? Have you ever thought of the day when everything will be there but you? What will happen to the wealth you created for your family and loved ones in your absence? Would your family get the rightful share of your wealth per your wish, or will they have to fight a legal battle among themselves or others for the right to ownership?  Make a Will beforehand to avoid unnecessary complications after your death and fair distribution of your fortune as per your wish. Will is a legal document left behind for the family and for one’s nearer and dearer. Through this document, a …

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Did you know that you can still save taxes on NPS tier 1 in the new tax regime?

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Did you know that you can still save taxes on NPS tier 1 in the new tax regime?

National Pension System (NPS) is a voluntary, defined contribution retirement savings scheme designed to enable subscribers to make optimum decisions regarding their future through systematic savings during their working life. NPS seeks to inculcate the habit of saving for retirement amongst the citizens. It is an attempt to find a sustainable solution to the problem of providing adequate retirement income to every citizen of India. Under NPS, individual savings are pooled into a pension fund which is invested by PFRDA-regulated professional fund managers as per the approved investment guidelines in the diversified portfolios comprising Government Bonds, Bills, Corporate Debentures, and Shares. These contributions …

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SIP – Small Steps towards Big Dream

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SIP - Small Steps towards Big Dream

The Great Albert Einstein once said, “The Compound interest is the eighth wonder of the world. He who understands it … earns it, he who doesn’t …..  Pays it.” Investment through SIP or Systematic Investment Plan can do wonders through the Power of Compounding. It is an investment mechanism through which you can create wealth over the long term. Like drops of water make an ocean, an SIP can also help you build long-term wealth without bothering about the market’s ups and downs. It allows investing a fixed amount (as small as 500/-) on regular intervals like weekly, monthly, quarterly, or …

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5 major reasons you should keep an emergency fund

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5 major reasons you should keep an emergency fund

In this blog, we shall discuss one of the essential habits that make for good financial health– an Emergency Fund. Assuming that you budget and account for every expense diligently, have you given thought to what would happen if things were to go erratic for a bit? After all, we shouldn’t discount the possibility of something terrible happening. Similar to how a physician would put it– “Prevention is better than cure”. If not more, financial health is equally vital as physical and mental fitness. What is an Emergency Fund? An emergency fund is, like the word says, an emergency bucket …

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Did you know you can save tax against interest paid on a home loan?

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Did you know you can save tax against interest paid on a home loan?

Buying a home is a dream come true for many aspiring Indians. It is an achievement! Most of them do so by taking home loans. If you are one of those paying home loan EMIs, you should know that you can save a substantial amount of tax.  Home loan EMI has two components, and both are eligible for tax deduction under different sections of the Income Tax Act. Let’s see the exemptions available for principal repayment, stamp duty, and registration charges before we move into benefits available for repayment of interest. Section 80C of the Income Tax covers exemptions related to repayment …

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Trust – When should you think about it?

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Trust – When should you think about it?

Do you find any of these your concern? Have a look. You take care of the family’s finances solely by yourself and your spouse does not take any interest to know how to handle those assets. The children are physically away from you and you do not like to burden them with the hassles of managing finance, but you are concerned about transferring the assets to them after your and your spouse’s life. You are single (or may become single at any point in life). You have enough money, but it concerns you, who may take care of you if …

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