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Wednesday, December 31, 2014

Understanding and Creating an Indian Will

Creating wealth is just one aspect of financial planning . On the other hand, death is a reality. Ignore this reality at the peril of strained relations among your family and relatives post you are gone.
An assumption that you need to write a will only if you are sick or old is as correct as the assumption that people die only of old age. You should create a will early in your life. So, here is all that you should know about your Will.

Thursday, December 25, 2014

2015 Goals : 6 Best Practices that help you achieve more

It is the time of the year, when we have another opportunity to change the way we are going to live our life in 2015. As the saying goes, "Today is the first day for the rest of your life."
I present my report card for the goals I set out for 2014, and also what i am targeting for 2015. I also present six (6) best practices that help you achieve more of your goals, year after year.

Thursday, December 18, 2014

Mutual Fund SIPs and their Capital Gains Taxation

Systematic Investment Plans Or SIPs is a very convenient and most commonly used method for most investors to enter the equity market via Mutual Funds. By understanding the tax implications of SIP transactions, you can time your withdrawals accurately and save on taxes.

Tuesday, December 9, 2014

What is Capitalised Ground Rent?

If you are liable to pay Ground Rent for your plot or flat, understanding the Capitalized Scheme can potentially help you save tons of money...read on...

Wednesday, December 3, 2014

New Kisan Vikas Patra KVP 2014 Vs other Debt based investments

Kisan Vikas Patra (KVP) has been in news off late considering that it has been revamped and relaunched by the government with some seemingly attractive features...but is it good enough? Have a look at the comparison between the revamped KVP and other commonly available investment tools...

Sunday, November 30, 2014

Article # 3 in CWB magazine : Make your children money-minded


After our articles published in the "Complete Well Being" magazine in their July 2014 and Sep 2014 editions, we got a stupendous response and the magazine wanted us to publish more articles for them. The below article then appeared in the November 2014 edition of the magazine, which also happens to be the 8th anniversary edition of the magazine.

Monday, November 24, 2014

Your assets are your employees

You are the CEO of this company called as 'Life'. Your assets are your employees. If you treat them any less, the results will not be surprising. Ignoring your assets, not paying attention to what they are doing for you, what returns they are giving and can potentially give, and not investing time on them is the worst treatment you can give to your employees...read on...

Wednesday, November 12, 2014

Meet another Freedom Seeker : Ms Kamini Gupta - a CEO from Hyderabad

Last time, we met a a young and dynamic lady who is a QA associate with a global IT company in Gurgaon, India : Mrs. Annapurna Sharma who are already on the journey towards financial freedom now. The response to such posts has been overwhelming. You can read more about her journey and experience till now by clicking here.

In continuation with our effort to interlock you with some common men and women who have been seeking financial freedom, today, it is a chance to meet another young and dynamic lady - Mrs. Kamini Gupta. She is the CEO of Edge Fx Kits and Solutions, Hyderabad - a leading provider of kits and solutions in India.

Wednesday, October 29, 2014

Is handling your finances that complex?




Warren Buffet, arguably, one of the biggest and most successful investors of all times, says that managing wealth and investing money does not require more than fundamental school education. 

Tuesday, October 21, 2014

What is Notional Rent for your rented house?

If you are someone who has rented out your house, you need to show that rent as an income along with your other sources of income. The taxation of your rental income depends on whether you have a loan running against this rented house or you own it fully. The amount that is considered for taxation could either be the Notional Rental for that house or your Actual Rent whichever is higher. Let us understand more...

Sunday, October 12, 2014

Seven (7) Income Tax related changes in Budget 2014 that you ought to know


Indian Union Budget 2014 came up with many surprises for an individual tax payer. Here are the 7 (seven) rule changes that you must leverage to the hilt. Remember that increasing the returns on your investments are as important as increasing your income, if not more.

Friday, October 3, 2014

Article # 2 in CWB magazine : From a good life to a great life !!


After the first article was published in the "Complete Well Being" magazine in the July 2014 edition, we got a stupendous response and the magazine wanted us to publish more articles for them. The below article then appeared in the September 2014 edition of the magazine..

Saturday, September 27, 2014

I am not dying ordinary...

We all were born different. We all will die different. 
But some sanity may prevail in our lives if we make an attempt to answer some of the "common sense" questions. 
So, here you go...

Sunday, September 21, 2014

Open your mind : Increasing your income is not the only way to get wealthy.




This blog post is a part of the article already published in Complete Well Being magazine. 

When people think about getting wealthy, what they usually focus on, is increasing their income. Well, increasing your income is definitely one of the ways to get wealthy, but is definitely not the only way.  Let us look at some other avenues.

Tuesday, September 16, 2014

Meet another freedom seeker : Mrs. Annapurna Sharma from Gurgaon

Last time, we met a beautiful and dynamic couple who are also managers in a global IT firm in California, USA : Amit and Prerna Rai who are already on the journey towards financial freedom now. The response to such posts has been overwhelming. You can read more about their journey and experience till now by clicking here.

In continuation with our effort to interlock you with some common men and women who have been seeking financial freedom, today, it is a chance to meet a young and dynamic lady - Mrs. Annapurna Sharma, a QA Associate with a global IT company in Gurgaon, India.

Monday, September 8, 2014

Do you need a written plan to build wealth?



(A part of this article was published in 'Complete Well Being' magazine - July 2014 edition by the name - '5 Financial Fallacies we follow').
(You can read the complete article by clicking here.)

"OK, we have just signed a 1 year project with a new client." Rohit informed his team during the team meeting.

"Congratulations sir !!" and the team applauded the success.
Everyone clapped and basked in the glory of the moment.

Monday, September 1, 2014

How important it is to formally track your monthly expenses?



I overlooked monthly expense tracking for 10 years of my earning life, and am still paying a heavy price. Simple things have immense power. You may decide to ignore them at your own peril.

Sunday, August 17, 2014

How powerful can compound interest be?



The other day, my 12 year daughter came to me after checking her online account, and started to discuss about the interest that was credited to her bank account. She had done some mental analysis, and wanted to understand how powerful compound interest can be?

Monday, August 11, 2014

Does NPS investments fall under Section 80C? (QandA : 011)

Question : 011
Does NPS investments fall under Section 80C?
National Pension Scheme (NPS) has been the buzzword of discussions off late. Lot of our readers wrote to us wanting to understand if there are any additional tax benefits of NPS over and above what Section 80C has to offer?

Saturday, August 2, 2014

Is switching of funds taxable (QandA : 010)

Question : 010
Is switching of funds taxable?
Let us say you want to switch from one mutual fund to another (of the same or another company) fund in less than 12 months. Will the switching attract short term capital gains tax?

Saturday, July 26, 2014

Are child insurance plans worth buying? (QandA : 009)

Question : 009
Are child insurance plans worth buying?
New parents are often overdrawn towards life insurance towards their angel who has probably just arrived on this planet. But is their any merit in buying an insurance plan for a child?

Monday, July 21, 2014

5 Financial Fallacies We Follow - Article in CWB magazine - by yours truly..

Complete Well Being is the world's leading magazine on living with awareness. You can visit them here. They published this article on most common financial fallacies in their most recent July 2014 edition, and it did attract some rave reviews.

This article had a dedicated 4 page section in the magazine. 
You can read the complete article by clicking here.

And one of the first reviews for the article is as below:
'Financial Fallacies We Follow' by Mr Manoj Arora was an eye-opener. His quote by Albert Einstein that compounding is the eighth wonder of the world, is thought-provoking. Likewise, his advice to track the monthly expenses is invaluable and easy to follow. Though I had left this habit, Mr Arora motivates me to start again and cultivate financial discipline. 
I was pleasantly surprised to learn that '20 percent of money saved is equivalent to 100 percent of more money earned'.
~ Anuradha, Kochi.


Related Posts:

Cheers

Manoj Arora
Freedom can buy you....what money cannot !!

Wednesday, July 16, 2014

What is the most critical factor to select a life insurance company?


Question : 007
What is the most critical factor to select a life insurance company?
Irrespective of whether you have shortlisted on a term insurance plan or a whole life insurance policy depending on your need, the next most critical question is to select the insurance company you can trust.

Friday, July 11, 2014

Meet another Freedom Seeker : Amit and Prerna Rai from California, USA

Last time, we met a Consulting Manager from Accenture, USA : Mr. Rajesh Arora who is on the journey towards financial freedom now. The response to these posts has been overwhelming. You can read more about his journey and experience till now by clicking here.

In continuation with our effort to interlock you with some common men and women who have been seeking financial freedom, today, it is a chance to meet a young couple - Amit and Prerna Rai, both Managers at a global IT company in California, USA.

Sunday, July 6, 2014

What are the best Mutual Funds i can invest in? (QandA : 006)

Question 006
What are the best Mutual Funds you can invest in?
Considering that the Indian market is now stable and upward looking, what are the best mutual funds i can invest in, for the next 5 years?

Friday, June 27, 2014

Can i save Property Tax by filing it online? (QandA : 005)

Question 005
Can i save Property Tax by filing it online?
Property Tax needs to be paid for every property (real estate) that is fully or partially owned by you. Last date for filing property tax this year (2014-15) is 30th June 2014. Check out how can you can file it online from the comfort of your home, and save 2% of property tax at the same time.

Tuesday, June 24, 2014

Is investing in NPS (National Pension Scheme) really useful? (QandA : 004)

Question : 004
Is investing in NPS (National Pension Scheme) really useful?
Even if your company has aligned its salary structure to provide you "additional tax benefits" and persuading you to invest in NPS, you must think through before indulging in this long term commitment.

Saturday, June 14, 2014

Tuesday, June 10, 2014

Friday, June 6, 2014

What is the meaning of Taxation Regimes - EEE EET ETE TEE

There are different systems for tax exemption / deduction of investments, and for taxation of the income earned from it, like Exempt – Exempt – Exempt (EEE) or Exempt – Exempt -Taxed (EET).
What do these combinations mean? Which investment option follows which taxation regime? A fundamental understanding can help us select the right investment tool...Read on...

Sunday, June 1, 2014

What are micro SIPs

Many investors are keen to start SIPs of small amounts for their household helps, drivers or other small investors. However, these investors may not have a PAN card or other documentation required for mutual fund investments.
In order to facilitate such small-ticket investments, Sebi has withdrawn the requirement of PAN for SIPs that do not exceed Rs 50,000 in a financial year. Such installments are called micro SIPs... read on...

Sunday, May 25, 2014

Credit Cards Vs Debit Cards

On the journey towards financial freedom, i strictly recommended in my book (From the Rat Race to Financial Freedom) that Debit Card is the only way for a freedom seeker. Credit Card will always lead you to spend more, even if you manage to stay out of its debt trap. At the same time, many readers came back to me asking how do we have a win-win wherein we can en cash the benefits of both the credit cards and debit cards... Read on...

Friday, May 16, 2014

Meet another freedom seeker : Mr. Rajesh Arora


Last time, we met a Project Manager from IBM India, Gurgaon : Mr. Mukesh Chopra who is on the journey towards financial freedom now. The response to these posts has been overwhelming. You can read more about his journey and experience till now by clicking here.

In continuation with our effort to interlock you with some common men and women who have been seeking financial freedom, today, it is a chance to meet Mr. Rajesh Arora, a Consulting Manager at Accenture, USA.

Sunday, May 11, 2014

10 most common Mutual Fund Myths

Mutual Funds are just the right solution for investors ready to take reasonable risk and do not have time to analyse and dissect organisation data. Each one of us will probably touch Mutual Funds at some point of our financial investment cycle. Here are the 10 most common myths surrounding Mutual Funds that you must be aware of .. read on...

Sunday, May 4, 2014

What is Securities Transaction Tax (STT)

Did you know that with every mutual fund or stock transaction, a TDS is being deducted by the government (by the name of Securities Transaction Tax or STT) and you may just be missing on asking for the refund. Let us understand more about STT.

Sunday, April 27, 2014

What is Universal Account Number / Permanent PF Account Number

Get ready employees. Your Universal Account Number will soon be holding your maximum wealth after October 2014...read on..

Sunday, April 20, 2014

Withdrawal and Loans from your PPF Account

Public Provident Fund (PPF) is a great wealth building tool for risk-averse investors and should be opened and continued till maturity by one and all. But, can you withdraw from PPF? If yes, when and how much? Can you take a temporary loan? Let us understand.

Monday, April 14, 2014

Stuck with a wrong life insurance policy? Options for you..

It is not uncommon to get into buying a life insurance policy which we should never have bought. In India, because of the lack of financial education at an early age, we tend to mix insurance with investments. We all have done that mistake at some point of our financial decision making. But, having bought the policy and paid a few premiums, what are the possible options with us? Should we let the policy lapse? Should we surrender? Read on..

Saturday, April 5, 2014

Tax on Savings Account interest Sec 80TTA

Savings Bank Account is the most common account for individuals. When you have money in bank savings account, your money earns interest. What about taxes on this earned interest income? 

Thursday, April 3, 2014

Meet another freedom seeker : Mr. Mukesh Chopra

Last time, we met a General Manager - Plant Operations from Himachal Pradesh, India : Mr. Rishi Diwan who is on the journey towards financial freedom now. The response to that post was overwhelming. You can read more about his journey and experience till now by clicking here.

In continuation with our effort to interlock you with some common men and women who have been seeking financial freedom, today, it is a chance to meet Mr. Mukesh Chopra, an Advisory IT Project Manager from Gurgaon, India.

Sunday, March 30, 2014

Voted as Newsana's Top New Member

Being voted as a Top New member in one of the most promising blog sharing portals is a welcome news right after the scintillating Dubai Family vacations.... Read on....

Saturday, March 22, 2014

Save Taxes on Capital Gains

Capital Gains are different from money gains. These are the biggest gains that you would ever earn in your life. Understand how to get smarter with capital gains and saving taxes arising out of such gains.. Read More.

Saturday, March 15, 2014

Income Tax Slabs for FY 2013-14 / AY 2014-15

There has been no change in the existing tax slabs in the interim budget of the current fiscal year. The tax slabs applicable for FY 2013-14 / AY 2014-15 are as given in the post...read on...

Saturday, March 8, 2014

5 Simple Questions you must answer (Video+)

After the webinar on 1st March 2014, which got people ruffled out of their comfort zones, this new video is creating ripples across the minds of hundreds of freedom seekers. 
This video will push you to THINK about answering 5 of the simplest, yet un answered questions of your life.

Sunday, March 2, 2014

Withdrawal or Advance from Employee Provident Fund (EPF)

Almost all salaried people contribute a certain percentage of their salary towards their Employee Provident Fund (EPF) account every month. While most of us know that EPF is an effective tool that helps generate a corpus for life post retirement, many of us are unaware that you can make a withdrawal from your EPF account for urgent cash requirements....Read on...

Sunday, February 23, 2014

Voluntary Provident Fund (VPF)

For risk-averse investors who want to invest for their retirement, Public Provident Fund (PPF) seems to be a good choice. But considering there is a limit on the maximum amount that you can deposit in your PPF account every year, and that inflation will certainly undo part of your wealth creation effort, you need other options to augment your savings.

Sunday, February 16, 2014

Tax Saving under Sec 80EE for first time home buyers

First time individual home-buyers can get tax deduction on interest of home loan, under newly inserted section 80EE of the Income Tax Act, applicable for assessment year 2014-15. This is in addition to tax rebate on interest payment of home loan, under section 24.

Saturday, February 8, 2014

HRA and Rent Benefit under Section 80 GG

In the last post, we studied about the tax implications of HRA under Section 10. But this section is applicable only if the individual qualifies for HRA as per the company policies. But what if your employer does not give you HRA or you are self employed? In that case, Section 10 is not applicable for you. You can still save taxes using Section 80GG of the IT Act.

Saturday, February 1, 2014

House Rent Allowance (HRA) Entitlement under Section 10

In the absence of sufficient knowledge of key tax exemption opportunities like House rent allowance (HRA), we may end up losing out on valuable saving and investing opportunities. So, let us learn about HRA and how it helps us get tax exemption.

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