Article Category : Finance
Where will you be FINANCIALLY five years from today?
The financial secret of moving from where you are and where you want to be?
Would you like to know the financial secret behind moving from where you are and where you want to be? Try to answer this question. “Where will you be financially five years from now? 10 years from now…? 20 years from now…?”
You may get answers like “I will be financially stronger”, “I want to be financially better”. Are these answers specific? If you don’t know where you want to go exactly, there is no focus. When there is no focus; there will be lot of distraction. Distraction either leads to mediocrity or destruction.
How to refrain yourself heading towards mediocrity or destruction? You need to set Specific, Measurable, Achievable, Realistic and...
Get Richer by avoiding this Money Mistake
Mental Accounting is one such money mistake even smart people are committing. Understanding this mistake and avoiding this could make us richer.
Behavioral Finance experts say that mental accounting works this way: Let us say you have bought a Rs.200 ticket to a movie. When you show up at the entrance of the theatre and realize you have lost your ticket, do you buy another ticket?
If you are like most people, you would probably think twice. You may still drop down the money, but you will now feel that you paid Rs.400 for a Rs.200 movie.
But let’s construct the scenario differently. Let’s say you hadn’t bought the ticket yet, and you show up at the entrance to buy your ticket. Unfortunately, you realized you’ve lost Rs200 in cash...
3 simple steps to become richer in just 365 days
You have got complete 365 days in your hands. It is up to you to do whatever you want. Why don’t you chalk out a plan to become richer in a year , that is exactly in the next 365 days. No one in this world is born with the knowledge on how to save or invest. Every successful investor begins with the basics explained in this article. Almost always, the simplest are the most profound. Some simple reorganization in your personal finance management could make you richer. To be financially successful, the following three steps are important.
1) Make a Financial Plan:
This is the first and foremost important step to become financially successful. It is not your income, but your wealth that counts. People with high income like Michel Jackson died...
Unusual Gifts
Sweets, crackers, gold coins, and jewels are the items which come to our mind when we think about Diwali gifts. Let me unbundle some unusual gift ideas for this Diwali here.
Gift ideas for children:
1) Piggy bank:
This may not be a great idea. But can be done in a different fashion. That is you gift a piggy bank to a child with 90 one rupee coins. Set a target for the child to make it to Rs.100 in a month. This motivates the child to save Rs.10 extra to make it Rs.100. Like wise you can set a target for a year. Also announce some bonus when the child achieves a particular target. Say when it reaches Rs.1000 give the child a bonus of Rs.100. Idea is not only to gift the piggy bank and to encourage and motivate to save.
2) Savings...
8 Family Budgeting Misconceptions demystified
Let’s put on our thinking cap:
Depositing our pay cheques in bank and using the credit and ATM card for spending seems easy. However keeping the track of your income and expenses, to get full value for your money is possible only with budgeting. Budgeting helps most of us to keep track of our income and spending and not overspend.
In practice 10 budgeting myths retard the savings of a lifetime. They are:
1) I earn a lot and need not budget:
This requires a change of perspective. Michel Jackson lived like a king but died awash in $400 million debt. Budgeting by watching your spending pattern helps trace unnecessary expenses on clothes or eating out, and help you save for a future or for a much wanted dream holiday. So how much...
5 Bad Choices that could damage Your Retirement Goals
The start:
As I grow older, the number of people I meet who are near, or close to retirement continues to grow. Certainly they’re all mentally prepared for leisurely rounds of golf, time spent watching the grandkids, and languid walks on the beach, BUT very few of them are financially prepared to realize their cherished dreams.
I also have many younger friends, people still in their prime and just starting their careers. They’re many decades away from retirement, and they’ve fallen victim to the mindset of those with whose career horizon stretches out far into the distance. Although they “Talk” about investing for the long term, their actions…lavish spending…living paycheque to paycheque, ignores the future that will soon become...
How to save more by spending smarter?
The willingness and the ability to save money is the secret of building wealth. So as to save money, you need to spend less than you actually earn. Though it looks very simple when you say, it is really difficult to implement. There are plenty of ways to help you start saving money even on the very tight budget. Saving money or spending less is all about the personality, belief system, values of a family.
Spending less and saving more are lifelong living skills that need time to develop. Unless and otherwise, you have a written financial goals, you will lose your focus and go after consumerism and materialism.
To save more, obviously you need to spend smarter. To spend smarter, you need to understand you own spending patterns. Consciously you...
Samir 
ramalingam 
Farhaan 
siddharth 
Hans Neukomm 
