If 2020 was the year of COVID-19, 2021 can be the year for mass vaccination against it. As the world prepares for vaccination, here are the top money hacks to ensure that you are ultra-successful in your finances in 2021. Contents Hack #1: Emergency fund Put away 9-12 months’ worth of expenses as an emergency … Read more
Asset allocation in simple terms refers to how you distribute your wealth among different asset classes such as equity, debt, real estate, gold, etc. It is very important for achieving success in personal finance. With the right asset allocation strategy, we can ensure that our wealth is protected in all market scenarios. It will help … Read more
New investors should stay away from directly investing in stocks. They should do it only after studying about the stock market and gaining sufficient experience/knowledge about the same. Instead they can start by investing in equity or debt mutual funds after consulting with a trusted financial advisor
Independence from debt. If you have any outstanding loans to be repaid, start paying them right away. The longer you delay the more money you will have to pay as interest. Save at least 20% of your monthly income. And then allocate 80% of it towards debt repayments and the remaining 20% towards investments.
The credit score is an important metric used by lenders to evaluate a potential borrower’s creditworthiness. TransUnion CIBIL is one of four credit rating agencies in India. Other bureaus include Experian, CRIF High Mark and Equifax. Here is a look at the difference between Credit score and CIBIL, as per details available on the CIBIL website. What is CIBIL? … Read more
A Fund of Funds or FoF invests in mutual fund schemes. A regular mutual fund scheme or fund collects money from investors and invest the money in stocks or debt based on its mandate. A FoF, on the other, collects money from investors and invest it in other mutual fund schemes. These mutual fund schemes can be within the … Read more
I am not sure I understand your question fully. What do you mean by having nothing? Is it that you don’t have sufficient money for investing? Or is it that presently you don’t have any investments and would like to start new? If in case it’s the former then read my below article to know … Read more
There are many but below are some of them: It helps to build your net worth (Net worth is your total assets minus the total liabilities) It helps you to become financially independent. Else throughout your life, you will be dependent on your job and other for your financial security It helps to make your … Read more
You should keep the below points in mind before investing in an ELSS fund: Most ELSS funds have a lock-in period of 3 years. That means once you invest in it, you will not be able to withdraw your money before 3 years. This is good in a way as it helps to inculcate investing … Read more
I feel that this is one area which we should all be aware of as investors. If we know how to avoid the pitfalls then it would be much easier to get good returns on our investments. Knowing the areas where most people go wrong would help to stay on the right track. Following are … Read more