Thumb Rule of Financial Planning!

1. 30 % of your income must be used for monthly living expenses.
2. 30% of your income must be used for Liabilities repayments, if any…
3. 30% of your income must be SAVED and INVESTED for your future LIVING.
4. 10% of your income must be spared for entertainments, vacations
5. 6 months expenses must be available for emergency fund (should be invested in LIQUID FUND, FD Etc)
6. Home loan must be registered and apply on both husband and wife name. (Both can get benefits on Home loan Tax benefits)
7. Buying second house for investment is not advisable ( _Survey reports – it will fetch you only around 3% return_)
8. After 45 years of age, not supposed to enter into any BIG LIABILITIES (Higher education of children and wedding of children will happen around 45 to 50 only, so plan now for the same.)
9. Have joint account @ Bank savings account.
10. Property must be registered on both Husband and wife name. (As per legal act – after husband first legal heir is wife, after wife it will go to children only)
11. Regular check on Nominations at all financial instruments. if not nominated, do it now..
12. Only in insurance policy, Claims payable to Nominee. In other financial instruments legal heirs certificate is must to get back the settlement
13. Must have Term Insurance to financially secure future of your dependants..
14. Don’t take any financial investment decisions EMOTIONALLY,  and also Avoid last minute tax saving investment decisions, plan well in advance..
15. MEDICLAIM is must (in spite of Group mediclaim coverage given at office) (After retirement there is no mediclaim coverage, after 50-55 years of age, it’s very tough and costly to enter into mediclaim)
16. For your jewelry LOCKER, Only one lakh is payable by bank, if theft or fire happen at bank. Provided insurance done.
17. Like same way Government guaranteed only one lakh for your FD also. (Fixed deposits with Banks upto Rs. 1 lakh only are backed by deposit insurance)
18. Must know all Tax implications. You cannot avoid paying tax. But you can minimize by way of tax planning and investments..
19. All financial documents must be kept safely and keep family members informed of the same..
20. Financial investments must be followed through personal financial advisor..
21. Review your portfolio at every six month..
These are general suggestions, personal Finance and investment decisions depends upon case to case_
Have a Healthy and Wealthy 2017..
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The 90/10 Principle 

Have you read this before? Discover the 90/10 Principle. It will change your life (at least the way you react to situations). What is this principle?

10% of life is made up of what happens to you. 90% of life is decided by how you react. What does this mean?

We really have no control over 10% of what happens to us. We cannot stop the car from breaking down. The plane will be late arriving, which throws our whole schedule off. A driver may cut us off in traffic. We have no control over this 10%. The other 90% is different. You determine the other 90%.

How? By your reaction. You cannot control a red light, but you can control your reaction. Don’t let people fool you; YOU can control how you react.

Let’s use an example.

You are eating breakfast with your family. Your daughter knocks over a cup of coffee onto your business shirt. You have no control over what just what happened. What happens when the next will be determined by how you react.You curse. You harshly scold your daughter for knocking the cup over.

She breaks down in tears. After scolding her, you turn to your spouse and criticize her for placing the cup too close to the edge of the table. A short verbal battle follows. You storm upstairs and change your shirt. Back downstairs, you find your daughter has been too busy crying to finish breakfast and get ready for school. She misses the bus. Your spouse must leave immediately for work.

You rush to the car and drive your daughter to school. Because you are late, you drive 40 miles an hour in a 30 mph speed limit. After a 15-minute delay and throwing Rs. 200/- traffic fine away, you arrive at school. Your daughter runs into the building without saying goodbye. After arriving at the office 20 minutes late, you find you forgot your briefcase. Your day has started terrible. As it continues, it seems to get worse and worse. You look forward to coming home, When you arrive home, you find small wedge in your relationship with your spouse and daughter.

Why? Because of how you reacted in the morning. Why did you have a bad day?

A) Did the coffee cause it?

B) Did your daughter cause it?

C) Did the policeman cause it?

D) Did you cause it?

The answer is “D”.

You had no control over what happened with the coffee.

How you reacted in those 5 seconds is what caused your bad day. Here is what could have and should have happened.

Coffee splashes over you. Your daughter is about to cry. You gently say, “It’s ok honey, you just need, to be more careful next time”. Grabbing a towel you rush upstairs. After grabbing a new shirt and your briefcase, you come back down in time to look through the window and see your child getting on the bus. She turns and waves. You arrive 5 minutes early and cheerfully greet the staff. Your boss comments on how good the day you are having.

Notice the difference?

Two different scenarios. Both started the same. Both ended different.

Why? Because of how you REACTED.

You really do not have any control over 10% of what happens. The other 90% was determined by your reaction.

Here are some ways to apply the 90/10 principle.

If someone says something negative about you, don’t be a sponge. Let the attack roll off like water on glass. You don’t have to let the negative comment affect you! React properly and it will not ruin your day. A wrong reaction could result in losing a friend, being fired, getting stressed out etc.

How do you react if someone cuts you off in traffic? Do you lose your temper? Pound on the steering wheel? A friend of mine had the steering wheel fall off)

Do you curse? Does your blood pressure skyrocket? Do you try and bump them? WHO CARES if you arrive ten seconds later at work? Why let the cars ruin your drive?

Remember the 90/10 principle, and do not worry about it.

You are told you lost your job. Why lose sleep and get irritated? It will work out. Use your worrying energy and time into finding another job.The plane is late; it is going to mangle your schedule for the day. Why take out your frustration on the flight attendant? She has no control over what is going on. Use your time to study, get to know the other passenger.

Why get stressed out? It will just make things worse. Now you know the 90-10 principle. Apply it and you will be amazed at the results. You will lose nothing if you try it.

The 90-10 principle is incredible. Very few know and apply this principle.

The result? Millions of people are suffering from undeserved stress, trials, problems and heartache.

Author: Stephen Covey (Management Guru)

Financial Literacy from SEBI for All [Must Read]

Financial Literacy from SEBI. Click on the following links to download the reading material:

Please spread awareness about importance financial planning to your family members, friends and all your well wishers.

Concentration and Focus Test

Participate in the following test to know your Concentration and Focus score. Know more about yourself.

This quiz is designed to assess your concentration levels. Please rate your response among 1 to 5. 1. Strongly Agree, 2. Agree, 3. Neutral,4. Disagree, 5. Strongly Disagree There are totally 25 questions and based on your score the result will be communicated to you on your mail ID. The result will…
DOCS.GOOGLE.COM

10 Signs Someone Is Smarter Than You

Unless you think you’re the smartest, who doesn’t want to be smarter? Of course I want to be smarter too, so I try to find out who’s the real smart guy that maybe I can learn from. James Gardner has got me an answer on Quoraabout whether someone’s smart or not.

Here are the signs of smart people:

1. They don’t talk as much as you do, because they know they got smart by listening.

2. They know lots of things other than what they’re specialised in. Theirs is the gift of a broad mind, constantly fed with the stimulant of being interested in what everyone else is doing.

3. They juggle home, work and personal interests with dexterity and never fall back on the tired old refrain about “work life balance”. And when they’re juggling, they somehow manage to seem 100% engaged with what they’re doing, on all fronts simultaneously, even though you know they’re taking appropriate steps behind the scenes to make sure their lives are perfectly, serenely balanced.

4. They probably do social media. Not always, but probably. It is not only another chance to listen, but one they use to ensure they can feed their brains with things they otherwise won’t have come across.

5. Even when things go very badly wrong, they’ll be smiling. Smart people never get ruffled because their smart brains present them with alternatives faster than the bad stuff can happen.

6. They know they are usually the smartest person in the room, but they don’t spend their time dwelling on that. Instead, they take it as a personal challenge to see if they can make everyone else the smartest person in the room too.

7. If they are managers, they will make every effort to get people smarter, more connected and more popular than them in their teams. They’re not threatened because they know that smartness is synergistic. They also make sure that their smart people get to look smarter than them for the same reason.

8. They have hidden skills that never get rolled out until they’re needed. They don’t have any need to show their full capabilities for reasons of proving they’re better than others.

9. They may or may not have expensive educations. You’d never know just by being with them unless you had their CV in front of you.

10. They never, ever, under any circumstances, make you look stupid, even though it would be easy to do so. They’ve learned through bitter experience that the only thing that happens when you make someone look bad is you look bad yourself.

Now you should know who the smart people are. If you want to be the smart one, let me give you this extra advice from Steve Jobs “Stay hungry. Stay foolish.”