Currently banks are offering payment of your phone bills and electricity bills through the net. If you receive a bill in the post from either MTNL, Airtel, Orange, BPL Mobile, BSES, BEST and Skycell, all you have to do is log into the bank's network after entering your code. Then you select the company to whom payment is to be made, specify the date and the amount of payment. The bank will act on the request by debiting your account and crediting the money to the company. Not just phone and electricity bills. Some banks are even offering this facility to pay insurance premiums and loan instalments.
Another service offered by banks is concerned with the stock markets. Banks are offering to dematerialise (or demat)the shares of customers. Apart from offering to demat shares some banks are also offering customers the choice to buy or sell shares online through them. So, people wanting to invest in the stock markets can do so hassle free. Depending on whether you buy or sell, money and shares are transferred to your bank and demat account automatically, electronically, without any paper work.
Maybe you should try out some of these facilities!
Banking in cyberspace
No, you don't have to look at the face of that surly clerk in the bank anymore. Just get ready for banking in cyberspace. Just log on and you can see right on your computer screen a snapshot of all your accounts - whether it is Saving Banks, Recurring Deposits, Cash Credit Overdraft or Deposits. It also displays account balance messages and warning in case your overdraft limit has been crossed. Apart from checking balances, you can also retrieve on the screen, transaction details based on cheque numbers, transaction amounts and the date of issue.
Banks will also entertain requests to issue chequebooks, which will then be sent by courier to your address. You can also issue 'stop payment' instructions if you so desire.....all on the net.
If your child is studying in another city, all you have to do is to transfer funds from your account to his/hers... all through the net.
Therefore, banks will be at your disposal 24 hours a day, from any part of the world, thanks to the internet.
Yet to come
Soon, banks are going to be selling other things on the net such as - personal loans, car loans and housing loans. All you have to do is log on to the site, fill up the necessary forms, find out your eligibility for the amount of loan that you can get and BINGO, the bank will send its representative to you for completing the documentation.
Banks will also entertain requests to issue chequebooks, which will then be sent by courier to your address. You can also issue 'stop payment' instructions if you so desire.....all on the net.
If your child is studying in another city, all you have to do is to transfer funds from your account to his/hers... all through the net.
Therefore, banks will be at your disposal 24 hours a day, from any part of the world, thanks to the internet.
Yet to come
Soon, banks are going to be selling other things on the net such as - personal loans, car loans and housing loans. All you have to do is log on to the site, fill up the necessary forms, find out your eligibility for the amount of loan that you can get and BINGO, the bank will send its representative to you for completing the documentation.
No more queues
If you are still making those trips to the telephone department and the electricity office, sweating it out in the long queues just to pay your bills, here's good news for you. You can accomplish all those tasks right from your home while relaxing in your home, reading the latest book of your favourite author.
Well, How is this possible? The answer is: Electronic Clearing Service. You can now pay your electricity bills, telephone bills, loan instalments and insurance premia through your friendly neighbourhood bank by just giving them the instructions in writing to use the ECS. And this service is for FREE.
The Reserve Bank of India has introduced the Electronic Clearing Service (Debit) scheme to provide faster method of effecting periodic and repetitive payments by debiting customers' accounts directly.
Present coverage of the scheme:
Presently, the scheme is available at Mumbai, Calcutta, Chennai, New Delhi, Hyderabad and Bangalore. Steps have already been initiated to extend the scheme to Ahmedabad and other cities.
How does it work?
Utility Companies, banks/institutions receiving payments towards electricity bills/ telephone bills/ loan instalments/ insurance premia, initially collect mandates from their customers for collection of amounts due from them by direct debit to their accounts with banks. The mandate provides details such as the name, account number, name of bank/branch etc., duly certified by the bank concerned.
Then the customer will request the bank to pay the money, before the due date of the bill.
The bank debits the customers account and sends an advice to the customer about the payment.
Benefits of this service:
To the institution
Faster Collection of bills and better cash management by the companies help customers avoid going to the collection centres/banks and stand in long queues for payments.
To the customer
Automatic debiting to the accounts once the customers give the mandates to that effect cuts down the endless and mindless waiting in the queue.
Well, How is this possible? The answer is: Electronic Clearing Service. You can now pay your electricity bills, telephone bills, loan instalments and insurance premia through your friendly neighbourhood bank by just giving them the instructions in writing to use the ECS. And this service is for FREE.
The Reserve Bank of India has introduced the Electronic Clearing Service (Debit) scheme to provide faster method of effecting periodic and repetitive payments by debiting customers' accounts directly.
Present coverage of the scheme:
Presently, the scheme is available at Mumbai, Calcutta, Chennai, New Delhi, Hyderabad and Bangalore. Steps have already been initiated to extend the scheme to Ahmedabad and other cities.
How does it work?
Utility Companies, banks/institutions receiving payments towards electricity bills/ telephone bills/ loan instalments/ insurance premia, initially collect mandates from their customers for collection of amounts due from them by direct debit to their accounts with banks. The mandate provides details such as the name, account number, name of bank/branch etc., duly certified by the bank concerned.
Then the customer will request the bank to pay the money, before the due date of the bill.
The bank debits the customers account and sends an advice to the customer about the payment.
Benefits of this service:
To the institution
Faster Collection of bills and better cash management by the companies help customers avoid going to the collection centres/banks and stand in long queues for payments.
To the customer
Automatic debiting to the accounts once the customers give the mandates to that effect cuts down the endless and mindless waiting in the queue.
ATMs and your Money
ATMs are convenient. They are located at convenient places. They offer you money on the spot. You don't have to see the face of that surly cashier. But be careful!
Use caution when approaching an ATM machine, especially at night, if the area is poorly lit or hidden behind trees or buildings. Take someone with you if possible, or choose another machine in a safer area.
Have your card ready before approaching the machine. Don't take time fumbling around in your purse or wallet.
Make sure no one can see you punch in your PIN number. Shield the keypad with your body.
Don't count your cash while standing at the ATM, immediately put it in your pocket or fold it in your hand and walk away.
At the drive-up ATM machines, keep all your doors locked and passenger windows rolled up.
Always take the receipts with you. Compare your ATM receipts to your monthly bank statement. If you find discrepancies, call the bank immediately.
Memorise your PIN. If you must write it down, don't keep it in your wallet or purse or write it on the card itself.
Don't ever give your card and PIN number to anyone to use, just because you are feeling lazy or are unable to draw money.
If you lose your ATM card, contact the financial institution that issued your card immediately.
When selecting a PIN, avoid numbers and letters that can be easily identified or associated with you. Do not use your initials, birth date, car number or telephone number.
If you are using an indoor ATM that requires your card to open the door, avoid letting anyone you don't know come in with you.
Cancel your transaction and leave the location if you see any suspicious activity.
Use caution when approaching an ATM machine, especially at night, if the area is poorly lit or hidden behind trees or buildings. Take someone with you if possible, or choose another machine in a safer area.
Have your card ready before approaching the machine. Don't take time fumbling around in your purse or wallet.
Make sure no one can see you punch in your PIN number. Shield the keypad with your body.
Don't count your cash while standing at the ATM, immediately put it in your pocket or fold it in your hand and walk away.
At the drive-up ATM machines, keep all your doors locked and passenger windows rolled up.
Always take the receipts with you. Compare your ATM receipts to your monthly bank statement. If you find discrepancies, call the bank immediately.
Memorise your PIN. If you must write it down, don't keep it in your wallet or purse or write it on the card itself.
Don't ever give your card and PIN number to anyone to use, just because you are feeling lazy or are unable to draw money.
If you lose your ATM card, contact the financial institution that issued your card immediately.
When selecting a PIN, avoid numbers and letters that can be easily identified or associated with you. Do not use your initials, birth date, car number or telephone number.
If you are using an indoor ATM that requires your card to open the door, avoid letting anyone you don't know come in with you.
Cancel your transaction and leave the location if you see any suspicious activity.
ATMs and your Money
ATMs are convenient. They are located at convenient places. They offer you money on the spot. You don't have to see the face of that surly cashier. But be careful!
Use caution when approaching an ATM machine, especially at night, if the area is poorly lit or hidden behind trees or buildings. Take someone with you if possible, or choose another machine in a safer area.
Have your card ready before approaching the machine. Don't take time fumbling around in your purse or wallet.
Make sure no one can see you punch in your PIN number. Shield the keypad with your body.
Don't count your cash while standing at the ATM, immediately put it in your pocket or fold it in your hand and walk away.
At the drive-up ATM machines, keep all your doors locked and passenger windows rolled up.
Always take the receipts with you. Compare your ATM receipts to your monthly bank statement. If you find discrepancies, call the bank immediately.
Memorise your PIN. If you must write it down, don't keep it in your wallet or purse or write it on the card itself.
Don't ever give your card and PIN number to anyone to use, just because you are feeling lazy or are unable to draw money.
If you lose your ATM card, contact the financial institution that issued your card immediately.
When selecting a PIN, avoid numbers and letters that can be easily identified or associated with you. Do not use your initials, birth date, car number or telephone number.
If you are using an indoor ATM that requires your card to open the door, avoid letting anyone you don't know come in with you.
Cancel your transaction and leave the location if you see any suspicious activity.
Use caution when approaching an ATM machine, especially at night, if the area is poorly lit or hidden behind trees or buildings. Take someone with you if possible, or choose another machine in a safer area.
Have your card ready before approaching the machine. Don't take time fumbling around in your purse or wallet.
Make sure no one can see you punch in your PIN number. Shield the keypad with your body.
Don't count your cash while standing at the ATM, immediately put it in your pocket or fold it in your hand and walk away.
At the drive-up ATM machines, keep all your doors locked and passenger windows rolled up.
Always take the receipts with you. Compare your ATM receipts to your monthly bank statement. If you find discrepancies, call the bank immediately.
Memorise your PIN. If you must write it down, don't keep it in your wallet or purse or write it on the card itself.
Don't ever give your card and PIN number to anyone to use, just because you are feeling lazy or are unable to draw money.
If you lose your ATM card, contact the financial institution that issued your card immediately.
When selecting a PIN, avoid numbers and letters that can be easily identified or associated with you. Do not use your initials, birth date, car number or telephone number.
If you are using an indoor ATM that requires your card to open the door, avoid letting anyone you don't know come in with you.
Cancel your transaction and leave the location if you see any suspicious activity.
6 ways to the art of giving
Love is undoubtedly the most powerful force in the world. Let's take this opportunity to extend the horizon of love to include all those who are deprived of not only emotional love, but also material comforts. Here's how you could do it.
Teach your children the joy of giving. Charity includes not only money, but also money's worth. As young children, let them pick up those toys, books and clothes that they have outgrown and are willing to give up. Put these in a carton and give them away to charitable organisations. They will not only get to know of those kids who are in need but will also see their faces light up.
Once children reach the age where they are given pocket money, let them set aside a small amount periodically for charity. Teach them to allocate money for spending, saving and giving.
Pick up small change that you find around the house and put these in a piggy bank. The children can do the same. On festive occasions, use this amount to help those in need.
Instead of throwing lavish parties on your children's birthdays, you could distribute sweets or small gifts to children in orphanages. You can be sure that your children will continue the tradition.
You can also sponsor the education of your maid's children, thereby, setting an example.
Let the children realise that one does not need to have lots of money to help others. Any amount, no matter how small, will suffice.
So, go ahead, share what you have and teach your children the art of giving.
Teach your children the joy of giving. Charity includes not only money, but also money's worth. As young children, let them pick up those toys, books and clothes that they have outgrown and are willing to give up. Put these in a carton and give them away to charitable organisations. They will not only get to know of those kids who are in need but will also see their faces light up.
Once children reach the age where they are given pocket money, let them set aside a small amount periodically for charity. Teach them to allocate money for spending, saving and giving.
Pick up small change that you find around the house and put these in a piggy bank. The children can do the same. On festive occasions, use this amount to help those in need.
Instead of throwing lavish parties on your children's birthdays, you could distribute sweets or small gifts to children in orphanages. You can be sure that your children will continue the tradition.
You can also sponsor the education of your maid's children, thereby, setting an example.
Let the children realise that one does not need to have lots of money to help others. Any amount, no matter how small, will suffice.
So, go ahead, share what you have and teach your children the art of giving.
Charity begins here…
Charity does not necessarily mean parting with your money at a time when you are struggling to make both ends meet. Instead you can try and get creative and think of other ways by which you can have the satisfaction of having done your bit for the improvement of society without pinching your pocket.
Donate becomes the key word –
You could begin by spring cleaning your house. This is the best way to rid it of all clutter. So why don’t you identify all the unwanted items you have come across and donate it to the nearest NGO which runs a thrift shop? Most NGOs sell these items and use the proceeds to fund shelters or vocational programmes like sewing classes for women or any similar job training courses. Church-run charities gladly accept old clothes that are in good condition – why don’t you donate to clothe some under privileged person? It could also be your children’s old books or toys that will help brighten another child’s life. So do not throw away anything that might have value to someone else – instead, donate!
Are you in the habit of collecting free coupons? It could be something like a ‘Buy one get one free’ offer. It may be a free pizza offer. It won’t harm you if you could donate the coupon once in a while to a Children’s Home where the young kids can share the pizza between them! You could also think of donating stuff that might be new, like a wedding gift which you think you will never use. Whatever is surplus should be donated and not thrown away or wasted.
You could shop for specific like ‘almost new’ items in any thrift shop and donate it to the NGO to be used in some institution. This way, not only does your money go for a worthy cause, you also donate what you have bought to another worthy cause. The Red Cross or the Salvation Army come to your doorstep to collect what you have to give away. Why don’t you make that call to them after organizing what you want to donate?
Finally, give of your time. That is quite the most significant contribution you can ever make to some worthy cause. Volunteer for reading to the blind, volunteer to serve at the nearest charity lunch held by an NGO. Help with your computer skills if necessary on weekends for an hour. You just have to identify your niche and start working on your ‘donation’. You can make a difference to society in a small but significant way. Do not waste time thinking of what you do not have or cannot do. Just think of what can be done with whatever you have. Come then – isn’t it time to start?
Donate becomes the key word –
You could begin by spring cleaning your house. This is the best way to rid it of all clutter. So why don’t you identify all the unwanted items you have come across and donate it to the nearest NGO which runs a thrift shop? Most NGOs sell these items and use the proceeds to fund shelters or vocational programmes like sewing classes for women or any similar job training courses. Church-run charities gladly accept old clothes that are in good condition – why don’t you donate to clothe some under privileged person? It could also be your children’s old books or toys that will help brighten another child’s life. So do not throw away anything that might have value to someone else – instead, donate!
Are you in the habit of collecting free coupons? It could be something like a ‘Buy one get one free’ offer. It may be a free pizza offer. It won’t harm you if you could donate the coupon once in a while to a Children’s Home where the young kids can share the pizza between them! You could also think of donating stuff that might be new, like a wedding gift which you think you will never use. Whatever is surplus should be donated and not thrown away or wasted.
You could shop for specific like ‘almost new’ items in any thrift shop and donate it to the NGO to be used in some institution. This way, not only does your money go for a worthy cause, you also donate what you have bought to another worthy cause. The Red Cross or the Salvation Army come to your doorstep to collect what you have to give away. Why don’t you make that call to them after organizing what you want to donate?
Finally, give of your time. That is quite the most significant contribution you can ever make to some worthy cause. Volunteer for reading to the blind, volunteer to serve at the nearest charity lunch held by an NGO. Help with your computer skills if necessary on weekends for an hour. You just have to identify your niche and start working on your ‘donation’. You can make a difference to society in a small but significant way. Do not waste time thinking of what you do not have or cannot do. Just think of what can be done with whatever you have. Come then – isn’t it time to start?
Deprivers
True
False
I am always broke.
True
False
I feel unworthy if given a promotion or other form of recognition.
True
False
Even though I have a low-paying job, I often take my work home or put in lots of unpaid overtime.
True
False
I often dream about ways to make more money.
True
False
I lose valuable items.
True
False
Each time I feel as if I'm getting ahead, something happens to put me back on square one.
True
False
If I enjoy what I do, like fixing cars, sewing or painting, I can't charge for it.
True
False
I do not feel capable of handling my money.
True
False
I'm not willing to buy into the system and give up my freedom.
True
False
Money just isn't important.
Why does the Depriver constantly sabotage her efforts to get ahead financially? She may feel undeserving. She may prefer that people do not expect too much from her. She may not know a lot about finances or is unwilling to make an effort to learn. To her, money is incomprehensible. Or perhaps it is dirty. To some, having money will make them spiritually bankrupt or politically incorrect. They think it is virtuous to be broke. Or perhaps they simply want to stay within their peer group, believing that rich people are greedy, arrogant, power-mad and selfish. To want money is to want all those other characteristics.
Some Deprivers seem to want to achieve financial security. They are dreamers, thinking of ways to get money, working out elaborate schemes to make their fortunes. Unfortunately, they never quite get the plane off the ground. They procrastinate or sabotage themselves. Or perhaps they fear failure and rejection in the face of their parents' obsession with money.
Another reason for depriving themselves is to avoid the grief of loss that will accompany failure. Remaining poor feels safer. By not drawing attention to themselves, they can avoid being hurt. If they achieve success, others will envy them and want to hurt them.
False
I am always broke.
True
False
I feel unworthy if given a promotion or other form of recognition.
True
False
Even though I have a low-paying job, I often take my work home or put in lots of unpaid overtime.
True
False
I often dream about ways to make more money.
True
False
I lose valuable items.
True
False
Each time I feel as if I'm getting ahead, something happens to put me back on square one.
True
False
If I enjoy what I do, like fixing cars, sewing or painting, I can't charge for it.
True
False
I do not feel capable of handling my money.
True
False
I'm not willing to buy into the system and give up my freedom.
True
False
Money just isn't important.
Why does the Depriver constantly sabotage her efforts to get ahead financially? She may feel undeserving. She may prefer that people do not expect too much from her. She may not know a lot about finances or is unwilling to make an effort to learn. To her, money is incomprehensible. Or perhaps it is dirty. To some, having money will make them spiritually bankrupt or politically incorrect. They think it is virtuous to be broke. Or perhaps they simply want to stay within their peer group, believing that rich people are greedy, arrogant, power-mad and selfish. To want money is to want all those other characteristics.
Some Deprivers seem to want to achieve financial security. They are dreamers, thinking of ways to get money, working out elaborate schemes to make their fortunes. Unfortunately, they never quite get the plane off the ground. They procrastinate or sabotage themselves. Or perhaps they fear failure and rejection in the face of their parents' obsession with money.
Another reason for depriving themselves is to avoid the grief of loss that will accompany failure. Remaining poor feels safer. By not drawing attention to themselves, they can avoid being hurt. If they achieve success, others will envy them and want to hurt them.
How can I change my attitude?
Try these simple exercises and then judge over a period of time how much better you and your partner feel.
Just for today, don't deprive yourself of anything. Pat yourself on the back for any job well done. Treat yourself to a nice lunch.
Set reachable goals. What do you like to do? How can you use your skills to improve your financial picture?
Stop thinking and speaking about money as if it were evil or dirty. Money is paper and metal. How you decide to represent it is a reflection of your morals - not of the morals of money itself. Remember that an inanimate object can't have a morality of its own.
Find a money mentor, someone knowledgeable and experienced who doesn't share your dread of money. Look for someone who will share your successes joyfully.
Just for today, don't deprive yourself of anything. Pat yourself on the back for any job well done. Treat yourself to a nice lunch.
Set reachable goals. What do you like to do? How can you use your skills to improve your financial picture?
Stop thinking and speaking about money as if it were evil or dirty. Money is paper and metal. How you decide to represent it is a reflection of your morals - not of the morals of money itself. Remember that an inanimate object can't have a morality of its own.
Find a money mentor, someone knowledgeable and experienced who doesn't share your dread of money. Look for someone who will share your successes joyfully.
What drives a miser?
True
False
I enjoy holding on to my money.
True
False
I find it difficult to spend on myself.
True
False
I find it difficult to give to others.
True
False
I seldom give to charity.
True
False
I'm afraid I won't have enough money.
True
False
I often put off buying because I'm sure I can get it cheaper elsewhere.
True
False
My family often gets angry with me because I refuse to spend money.
True
False
I could never trust anyone else with my money.
True
False
I often say, "I can't afford it."
What drives the Miser? It's not really meanness, although it may appear that way to others. It is fear; fear of not having enough, fear of being poor, fear of catastrophe. In order to protect themselves, misers make sure they never run out of money. The best way to have money is to not spend any. These people have no confidence in their ability to make more money. They think the gravy train is about to end and they'll be left destitute.
What the Miser has to learn is that money is just a symbol of security. And she has to learn to stop imagining all those worst-case scenarios that make her feel even more fearful.
If you fear poverty so much that you create poverty in your daily life, you are living your worst nightmare. Stop. Instead of focusing so much on the future, live each day as if you have enough money. Remember, it's not money that makes you rich. It is what you choose to do with your money that will determine the richness of your life.
False
I enjoy holding on to my money.
True
False
I find it difficult to spend on myself.
True
False
I find it difficult to give to others.
True
False
I seldom give to charity.
True
False
I'm afraid I won't have enough money.
True
False
I often put off buying because I'm sure I can get it cheaper elsewhere.
True
False
My family often gets angry with me because I refuse to spend money.
True
False
I could never trust anyone else with my money.
True
False
I often say, "I can't afford it."
What drives the Miser? It's not really meanness, although it may appear that way to others. It is fear; fear of not having enough, fear of being poor, fear of catastrophe. In order to protect themselves, misers make sure they never run out of money. The best way to have money is to not spend any. These people have no confidence in their ability to make more money. They think the gravy train is about to end and they'll be left destitute.
What the Miser has to learn is that money is just a symbol of security. And she has to learn to stop imagining all those worst-case scenarios that make her feel even more fearful.
If you fear poverty so much that you create poverty in your daily life, you are living your worst nightmare. Stop. Instead of focusing so much on the future, live each day as if you have enough money. Remember, it's not money that makes you rich. It is what you choose to do with your money that will determine the richness of your life.
Get Out of the Miserly Frame of Mind
Here is how to do it. It might be difficult at first. But then it is always difficult to break any habit. Try your hand at what we suggest.
Write down a list of five things that you would like to buy for yourself: flowers, books, a new blouse, candles or even a hippo! Ask a friend or family member to look at your list and add two things she has heard you say you want. For each of the next seven weeks, buy one item on your list.
Make a list of the people closest to you. Beside each name, write one item you know that person wants to buy, or that she or he would enjoy receiving. If you cannot think of anything, just write "a card and some flowers". Then, each week for the next few weeks, buy one of the items on the list and present it to your loved ones.
Each time a catastrophic image comes to your mind, write it down on a piece of paper. Put it in a box created specifically for this purpose. At the end of each week, take those bits of paper and tear them up, burn them, or bury them in the garden. Do one piece at a time, reminding yourself with each that you will not give up control of your happiness to this Demon Worry.
Write down a list of five things that you would like to buy for yourself: flowers, books, a new blouse, candles or even a hippo! Ask a friend or family member to look at your list and add two things she has heard you say you want. For each of the next seven weeks, buy one item on your list.
Make a list of the people closest to you. Beside each name, write one item you know that person wants to buy, or that she or he would enjoy receiving. If you cannot think of anything, just write "a card and some flowers". Then, each week for the next few weeks, buy one of the items on the list and present it to your loved ones.
Each time a catastrophic image comes to your mind, write it down on a piece of paper. Put it in a box created specifically for this purpose. At the end of each week, take those bits of paper and tear them up, burn them, or bury them in the garden. Do one piece at a time, reminding yourself with each that you will not give up control of your happiness to this Demon Worry.
Acquires
Well then if you are neither a miser nor a spender, what are you? Do you like to spend all your time acquiring money? Even at the cost of house and home? Do you get the feeling that what you have is never enough? Find out if you fit the bill.
True
False
I often take a flyer to try to get ahead financially.
True
False
I'm very focused on increasing my net worth.
True
False
I love having lots of money at my disposal.
True
False
I feel in greater control when I have more money.
True
False
I often compare the amount of assets I have with others.
True
False
People who have less than me are lazy or stupid.
True
False
I spend a great deal of my time working.
True
False
Money is power.
True
False
Time is money.
While a healthy attitude toward money means you will use it to experience life and to enrich the lives of those around you, an Acquirer relates to money as if the acquisition is the ultimate goal. She believes it's not what you do with your money, it's how much you have. And since greed makes people vulnerable to dubious get-rich-quick schemes, the desire to acquire doesn't always translate into wealth.
The desire does however, translate into effort. Acquirers are notorious workaholics. Their motto is "time is money." Spouses and children are ignored, and evenings and weekends are spent on the phone completing deals or managing projects. And their perception of money becomes distorted: no amount is ever enough.
Hard-core Acquirers will go to any lengths to increase their net worth. They will take from others. They will cheat, steal, or involve themselves in shady schemes. The end justifies the means. The goal is to get as much as possible, in any way possible. All that matters is money.
True
False
I often take a flyer to try to get ahead financially.
True
False
I'm very focused on increasing my net worth.
True
False
I love having lots of money at my disposal.
True
False
I feel in greater control when I have more money.
True
False
I often compare the amount of assets I have with others.
True
False
People who have less than me are lazy or stupid.
True
False
I spend a great deal of my time working.
True
False
Money is power.
True
False
Time is money.
While a healthy attitude toward money means you will use it to experience life and to enrich the lives of those around you, an Acquirer relates to money as if the acquisition is the ultimate goal. She believes it's not what you do with your money, it's how much you have. And since greed makes people vulnerable to dubious get-rich-quick schemes, the desire to acquire doesn't always translate into wealth.
The desire does however, translate into effort. Acquirers are notorious workaholics. Their motto is "time is money." Spouses and children are ignored, and evenings and weekends are spent on the phone completing deals or managing projects. And their perception of money becomes distorted: no amount is ever enough.
Hard-core Acquirers will go to any lengths to increase their net worth. They will take from others. They will cheat, steal, or involve themselves in shady schemes. The end justifies the means. The goal is to get as much as possible, in any way possible. All that matters is money.
How an acquirer could health herself
If you find that all you are doing is work and more work all because you want to acquire and acquire and acquire-- Stop and Think. Money is not everything, and there are other things you need to address too. Here is a short but precise list on how an acquirer could help herself
Look beyond your financial assets to the other "assets" in your life: spouse, children, friends, personal time, self-development, gratifying work, creative release, spirituality, relaxation, community. Are you expending as much effort to increase your net worth in those areas? List the things that you consider to be "assets" in your life. How can you increase those assets?
Look realistically at the role money plays in your life. How does your acquisitional behaviour work against your personal well-being? Long commutes, long workdays, lost vacations, few interactions with your loved ones are all costs associated with your drive to acquire. Today, decide that you will spend one hour with a child, mate, or friend, just shooting the breeze. Talk about life, dreams, loves, adventures, a good book, a fine meal. Don't mention money.
What skills do you have that could benefit your community? Choose a community project and volunteer. Keep your commitments to the group.
Look beyond your financial assets to the other "assets" in your life: spouse, children, friends, personal time, self-development, gratifying work, creative release, spirituality, relaxation, community. Are you expending as much effort to increase your net worth in those areas? List the things that you consider to be "assets" in your life. How can you increase those assets?
Look realistically at the role money plays in your life. How does your acquisitional behaviour work against your personal well-being? Long commutes, long workdays, lost vacations, few interactions with your loved ones are all costs associated with your drive to acquire. Today, decide that you will spend one hour with a child, mate, or friend, just shooting the breeze. Talk about life, dreams, loves, adventures, a good book, a fine meal. Don't mention money.
What skills do you have that could benefit your community? Choose a community project and volunteer. Keep your commitments to the group.
Getting into a debt trap?
Me, getting into a debt trap? Never! Most of us think we can manage our money, and whilst juggling it around, sometimes ignore the warning signs that could drive us into a debt trap! We bring you some eye openers, that may jolt you out of a false sense of security!
Okay, so you are not late paying your credit card dues, even if it is only the bare minimum, and you do pay your bills on time. Could you still be heading towards a debt trap?
Credit Card Debt….
You only pay the minimum amount due, on your credit cards
You use your card to buy day to day necessities like groceries, vegetables etc
You revolve your credit often by availing of the balance transfer facility
You possess several credit cards
You withdraw cash against your credit card, even if it’s not an emergency
You are close to the maximum limit allowed on the card
You are not sure about the exact outstanding amount you have on your cards
Other Warning Signals…
You have no savings
You are left wondering where all the money goes
You don’t maintain accounts
Your spend is greater than the income
You spend on impulse
Strategy for clearing your debts
If you are in debt, the first thing that can happen to you is loss of self-confidence. Avoid this by taking charge of the situation.
List out the debts and plan carefully to repay them.
Pay off debts that incur a higher rate of interest eg. cash withdrawls on credit card
It may be easier to pay off small debts first, but focus on the rate of interest and pay off the debts with high interest rates first.
If you have taken a balance transfer facility on your card, it usually comes at 0% interest for 3 months. Divide the amount by three and pay it off in three months flat.
If you can borrow at a lower rate of interest, use that money to clear debts, which incur a higher rate of interest.
Learn to save some amount every month. This can tide you over before you go under.
Remember, the sooner you act, the better! You can certainly turn your finances around, with a little effort, and proper planning. It’s up to you, would you rather remain “in-debted” or get your act together and snap out of the situation fast enough!
Okay, so you are not late paying your credit card dues, even if it is only the bare minimum, and you do pay your bills on time. Could you still be heading towards a debt trap?
Credit Card Debt….
You only pay the minimum amount due, on your credit cards
You use your card to buy day to day necessities like groceries, vegetables etc
You revolve your credit often by availing of the balance transfer facility
You possess several credit cards
You withdraw cash against your credit card, even if it’s not an emergency
You are close to the maximum limit allowed on the card
You are not sure about the exact outstanding amount you have on your cards
Other Warning Signals…
You have no savings
You are left wondering where all the money goes
You don’t maintain accounts
Your spend is greater than the income
You spend on impulse
Strategy for clearing your debts
If you are in debt, the first thing that can happen to you is loss of self-confidence. Avoid this by taking charge of the situation.
List out the debts and plan carefully to repay them.
Pay off debts that incur a higher rate of interest eg. cash withdrawls on credit card
It may be easier to pay off small debts first, but focus on the rate of interest and pay off the debts with high interest rates first.
If you have taken a balance transfer facility on your card, it usually comes at 0% interest for 3 months. Divide the amount by three and pay it off in three months flat.
If you can borrow at a lower rate of interest, use that money to clear debts, which incur a higher rate of interest.
Learn to save some amount every month. This can tide you over before you go under.
Remember, the sooner you act, the better! You can certainly turn your finances around, with a little effort, and proper planning. It’s up to you, would you rather remain “in-debted” or get your act together and snap out of the situation fast enough!
Internet Banking
A successful Internet banking solution offers:
Exceptional rates on Savings, CDs, and IRAs.
Checking with no monthly fee, free bill payment and rebates on ATM surcharges.
Credit cards with low rates.
Easy online applications for all accounts, including personal loans and mortgages.
24 hour account access.
Quality customer service with personal attention.
Internet banking is a cost-effective delivery channel for financial institutions. Customers are embracing the many benefits of Internet banking. Access to one's accounts at anytime and from any location via the World Wide Web is a convenience unknown a short time ago. The six primary drivers of Internet banking are:
Improve customer access
Facilitate the offering of more services
Increase customer loyalty
Attract new customers
Provide services offered by competitors
Reduce customer attrition
Indian banks on web
The banking industry in India is facing unprecedented competition from non-traditional banking institutions, which now offer banking and financial services over the Internet. The deregulation of the banking industry coupled with the emergence of new technologies, are enabling new competitors to enter the financial services market quickly and efficiently. Indian banks are going for the retail banking in a big way.
Emerging challenges
Demand side pressure due to increasing access to low cost electronic services.
Emergence of open standards for banking functionality.
Growing customer awareness and need of transparency.
Global players in the fray
Close integration of bank services with web based E-commerce or even disinter mediation of services through direct electronic payments (E- Cash).
More convenient international transactions due to the fact that the Internet along with general deregulation trends, eliminate geographic boundaries.
Move from one stop shopping to 'Banking Portfolio' i.e. unbundled product purchases.
Certainly some existing brick and mortar banks will go out of business. But that's because they fail to respond to the challenge of the Internet. The Internet and it's underlying technologies will change and transform not just banking, but all aspects of finance and commerce.
Main Concerns in Internet Banking
In a survey conducted by the Online Banking Association, member institutions rated security as the most important issue of online banking. There is a dual requirement to protect customers' privacy and protect against fraud.
Banking Securely:
Online Banking via the World Wide Web provides an overview of Internet commerce and how one company handles secure banking for its financial institution clients and their customers. A multi-layered security architecture comprising firewalls, filtering routers, encryption and digital certification ensures that your account information is protected from unauthorised access:
Firewalls and filtering routers ensure that only the legitimate Internet users are allowed to access the system.
Encryption techniques used by the bank (including the sophisticated public key encryption) would ensure that privacy of data flowing between the browser and the Infinity system is protected.
Digital certification procedures provide the assurance that the data you receive is from the Infinity system.
Net Banking has come of age in India. The security and safety systems help the customer confident about using it.
Exceptional rates on Savings, CDs, and IRAs.
Checking with no monthly fee, free bill payment and rebates on ATM surcharges.
Credit cards with low rates.
Easy online applications for all accounts, including personal loans and mortgages.
24 hour account access.
Quality customer service with personal attention.
Internet banking is a cost-effective delivery channel for financial institutions. Customers are embracing the many benefits of Internet banking. Access to one's accounts at anytime and from any location via the World Wide Web is a convenience unknown a short time ago. The six primary drivers of Internet banking are:
Improve customer access
Facilitate the offering of more services
Increase customer loyalty
Attract new customers
Provide services offered by competitors
Reduce customer attrition
Indian banks on web
The banking industry in India is facing unprecedented competition from non-traditional banking institutions, which now offer banking and financial services over the Internet. The deregulation of the banking industry coupled with the emergence of new technologies, are enabling new competitors to enter the financial services market quickly and efficiently. Indian banks are going for the retail banking in a big way.
Emerging challenges
Demand side pressure due to increasing access to low cost electronic services.
Emergence of open standards for banking functionality.
Growing customer awareness and need of transparency.
Global players in the fray
Close integration of bank services with web based E-commerce or even disinter mediation of services through direct electronic payments (E- Cash).
More convenient international transactions due to the fact that the Internet along with general deregulation trends, eliminate geographic boundaries.
Move from one stop shopping to 'Banking Portfolio' i.e. unbundled product purchases.
Certainly some existing brick and mortar banks will go out of business. But that's because they fail to respond to the challenge of the Internet. The Internet and it's underlying technologies will change and transform not just banking, but all aspects of finance and commerce.
Main Concerns in Internet Banking
In a survey conducted by the Online Banking Association, member institutions rated security as the most important issue of online banking. There is a dual requirement to protect customers' privacy and protect against fraud.
Banking Securely:
Online Banking via the World Wide Web provides an overview of Internet commerce and how one company handles secure banking for its financial institution clients and their customers. A multi-layered security architecture comprising firewalls, filtering routers, encryption and digital certification ensures that your account information is protected from unauthorised access:
Firewalls and filtering routers ensure that only the legitimate Internet users are allowed to access the system.
Encryption techniques used by the bank (including the sophisticated public key encryption) would ensure that privacy of data flowing between the browser and the Infinity system is protected.
Digital certification procedures provide the assurance that the data you receive is from the Infinity system.
Net Banking has come of age in India. The security and safety systems help the customer confident about using it.
Are you in touch with your family's finances?
For a person wishing to exercise more control on family monies, knowledge about financial matters is primary; then comes winning the full confidence of your partner in your abilities of managing the finances.
Here are a few tips on how to keep a check on money matters.
Knowledge is power.
Know the details of your family's income sources, savings and various investments. Many families still hesitate to discuss nominations or beneficiaries in case the original owner dies. If things are in order the grieving survivor/s of a tragedy will not have to face the additional burden of having to sort out tedious financial affairs.
Know where important financial documents are stored.
Can you access them? If there are passwords required to access, do you know these? With a lot of information available online, it is imperative to know your login id and password. Many times, a family ends up with several login ids and passwords for its various accounts; keep these handy in a safe place for easy access.
Win your partner’s confidence.
In delicate matters of family finances, known to cause rifts and disruptions in marital harmony, it is important to truly establish confidence in your partner’s mind that you can be as good, or perhaps better in handling money matters.
Accept responsibility.
Take steps to control wanton spending habits. Jot down every expenditure and review them later on objectively. Use budgeting to stay close to your financial goals and learn to take charge.
Share responsibilities.
Divide finances into different areas of responsibilities and work. In many homes, the woman is in charge of bill payments towards home maintenance, while the spouse maintains payments in areas like mortgage payments, car payments, investments etc.Reverse the roles with your partner so that you get a bird’s eye view of all your investments and family earnings.
Budget realistically.
Allocate some money each month to simply spend as you wish? This way, you will not feel guilty about overshooting your budget and your partner is also confident that you are on track as per budget.
Communicate regularly with partner.
This is very important for mutual understanding. Both partners must know what the other is doing in their individual areas of financial responsibilities. This helps in building more trust and confidence in the partner.
Stay motivated.
This works really well for those in the ‘inertia trap’, the ones who would rather not handle money matters. Get together with like-minded friends and form a ‘Personal Finance Club’. Meet regularly and exchange ideas and experiences on budgeting, spending, saving and investing. Being members of a group like this can be rewarding even for financially savvy women.
So follow some of these guidelines and seek the road to true financial freedom. It is never too early or too late to take control of your financial future.
Here are a few tips on how to keep a check on money matters.
Knowledge is power.
Know the details of your family's income sources, savings and various investments. Many families still hesitate to discuss nominations or beneficiaries in case the original owner dies. If things are in order the grieving survivor/s of a tragedy will not have to face the additional burden of having to sort out tedious financial affairs.
Know where important financial documents are stored.
Can you access them? If there are passwords required to access, do you know these? With a lot of information available online, it is imperative to know your login id and password. Many times, a family ends up with several login ids and passwords for its various accounts; keep these handy in a safe place for easy access.
Win your partner’s confidence.
In delicate matters of family finances, known to cause rifts and disruptions in marital harmony, it is important to truly establish confidence in your partner’s mind that you can be as good, or perhaps better in handling money matters.
Accept responsibility.
Take steps to control wanton spending habits. Jot down every expenditure and review them later on objectively. Use budgeting to stay close to your financial goals and learn to take charge.
Share responsibilities.
Divide finances into different areas of responsibilities and work. In many homes, the woman is in charge of bill payments towards home maintenance, while the spouse maintains payments in areas like mortgage payments, car payments, investments etc.Reverse the roles with your partner so that you get a bird’s eye view of all your investments and family earnings.
Budget realistically.
Allocate some money each month to simply spend as you wish? This way, you will not feel guilty about overshooting your budget and your partner is also confident that you are on track as per budget.
Communicate regularly with partner.
This is very important for mutual understanding. Both partners must know what the other is doing in their individual areas of financial responsibilities. This helps in building more trust and confidence in the partner.
Stay motivated.
This works really well for those in the ‘inertia trap’, the ones who would rather not handle money matters. Get together with like-minded friends and form a ‘Personal Finance Club’. Meet regularly and exchange ideas and experiences on budgeting, spending, saving and investing. Being members of a group like this can be rewarding even for financially savvy women.
So follow some of these guidelines and seek the road to true financial freedom. It is never too early or too late to take control of your financial future.
Importance of giving
Learning to live with an open hand is a lifelong process, but it will yield dividends beyond expectations. If this is what you are yearning for, here are some steps you can take to make gratitude, contentment and generosity part of your financial strategy for life.
Gratitude
"Too many people miss the silver lining because they're expecting gold." - Maurice Setter
Focus on what you have:
You cannot afford the knicknack of your dreams? You've got no money for extras? Focusing on what you lack will make you feel impoverished. But if you choose instead to be thankful for what you have, you soon feel richer.If you're short of cash, it may take extra willpower to look at the bright side. But it's worth it. Gratitude has the power to transform your outlook and open your eyes to life's fullness. It can transform a trinket into a treasure, a meal into a feast, a deficit into a gain. Recognising that many of the best things in life are free. Springtime. Friendship. The laughter of children. They cost nothing – in fact, they cannot be bought – but they enrich your life in invaluable ways. What's more, there's freedom in enjoying things without owning them. You can relish a walk on the beach without having a beach house.Make a daily inventory of what you're thankful for. This is a must if you are to reap the full benefits of practising gratitude. Choose a time – it need not take long – to tally up daily blessings. Write them down. When days are tough, reading your list will lift your spirit.
Contentment
"He is poor who does not feel content." - Japanese proverb
Distinguish between essentials and non-essentials. If you confuse what you want with what you need, you've
probably bought into a consumer culture. Advertisers would like you to believe life is not worthwhile unless
you're buying what they're selling. But they're lying. A worthwhile life lies not in having many riches, but in
being content with what you have.
Realising you don't need a new colour TV or a supermatic onion chopper, sets you free from consumer jail. You have a choice; you may choose to buy what you want, but you know your happiness doesn't depend on it. Don't let wealth define who you are.Your worth is not equal to your bank balance. Your home, your car and your clothes are, at best, a weak
reflection of who you are. There is so much more to you than your possessions. You'll never be content with what you have, until you're happy with who you are.
Giving
"You make a living by what you get...But you make a life by what you give." - Winston Churchill
Give where your heart is. What moves you? The plight of Rwandan orphans? Women in Afghanistan? Earthquake victims? Give to the cause that arouses your compassion and concern. Having an impact where you think it matters, will keep you giving.
Budget for giving
If you wait for the end of the month to share your wealth, you may find there's nothing left. To experience the full benefit of giving, you have to make it a priority. Budgeting for giving means you're committed. And, of course, you may still give on the spur of the moment too, if you like.
Give regularly
The more you give, the easier it becomes. Giving regularly shows you're living with an open hand. And an open
hand is ready to receive abundant blessing in return.
Gratitude
"Too many people miss the silver lining because they're expecting gold." - Maurice Setter
Focus on what you have:
You cannot afford the knicknack of your dreams? You've got no money for extras? Focusing on what you lack will make you feel impoverished. But if you choose instead to be thankful for what you have, you soon feel richer.If you're short of cash, it may take extra willpower to look at the bright side. But it's worth it. Gratitude has the power to transform your outlook and open your eyes to life's fullness. It can transform a trinket into a treasure, a meal into a feast, a deficit into a gain. Recognising that many of the best things in life are free. Springtime. Friendship. The laughter of children. They cost nothing – in fact, they cannot be bought – but they enrich your life in invaluable ways. What's more, there's freedom in enjoying things without owning them. You can relish a walk on the beach without having a beach house.Make a daily inventory of what you're thankful for. This is a must if you are to reap the full benefits of practising gratitude. Choose a time – it need not take long – to tally up daily blessings. Write them down. When days are tough, reading your list will lift your spirit.
Contentment
"He is poor who does not feel content." - Japanese proverb
Distinguish between essentials and non-essentials. If you confuse what you want with what you need, you've
probably bought into a consumer culture. Advertisers would like you to believe life is not worthwhile unless
you're buying what they're selling. But they're lying. A worthwhile life lies not in having many riches, but in
being content with what you have.
Realising you don't need a new colour TV or a supermatic onion chopper, sets you free from consumer jail. You have a choice; you may choose to buy what you want, but you know your happiness doesn't depend on it. Don't let wealth define who you are.Your worth is not equal to your bank balance. Your home, your car and your clothes are, at best, a weak
reflection of who you are. There is so much more to you than your possessions. You'll never be content with what you have, until you're happy with who you are.
Giving
"You make a living by what you get...But you make a life by what you give." - Winston Churchill
Give where your heart is. What moves you? The plight of Rwandan orphans? Women in Afghanistan? Earthquake victims? Give to the cause that arouses your compassion and concern. Having an impact where you think it matters, will keep you giving.
Budget for giving
If you wait for the end of the month to share your wealth, you may find there's nothing left. To experience the full benefit of giving, you have to make it a priority. Budgeting for giving means you're committed. And, of course, you may still give on the spur of the moment too, if you like.
Give regularly
The more you give, the easier it becomes. Giving regularly shows you're living with an open hand. And an open
hand is ready to receive abundant blessing in return.
Smart tips for woman to manage their finances
For Preeti Malhotra, a 29-year-old housewife, her world fell apart when her marriage of five years was on the rocks. With no family support to fall back on, and hardly any savings she could call her own, Preethi soon realized that she was heading towards a financial disaster.
While more and more women have entered the workforce and are independently pursuing career options of their choice, few are aware,of how to make themselves financially secure. So women, whether you are single, married, separated, widowed, or divorced, here are some basic factors you should consider to have a decent corpus to fall back on - just in case something untoward happens.
Have a separate bank account
After marriage most women have a joint account with their husbands. But you should ensure that you have a separate bank account even if you have a joint account with your spouse.
Also ensure that the first name is yours.
Save in your own name
Save money in your own name. Create funds through Systematic Investment Planning. A systematic investment plan akin to a piggy bank saving ensures that a certain amount of money is deposited at regular intervals enabling you to benefit in a myriad ways in the long term.
Don’t put all your eggs in one basket
Firstly, ascertain your position, financially. Take stock of your present situation as far as savings and expenses go and make sure that your investments are diversified. To start with invest in gold. It’s a safe investment option and has high liquidity - its helps in times of need. While there is no fixed rule as far as investing goes, the following pattern could be followed while investing. If you allot Rs. 80,000 in Public Provident Fund, then put Rs. 20,000 in pension schemes. Depending on your financial capacity invest 30,000 in insurance. Besides mutual funds, invest up to 2 lakh in equity-linked schemes. Fixed deposits are unsecured instruments so a strict no. After exploring the above options you could keep the balance funds in stocks. This should be the last option only, considering the high risk. But then you must have a minimum 30 percent of your portfolio in shares else inflation will beat you.” Whatever the investment option, the important factor is the corpus and the risk that an individual is willing to take. So secure future women should invest 60 percent in equities and the balance in mutual funds. If she is the conservative sort perhaps 70 percent should be in fixed income with the balance 30 percent in risky avenues. For long-term secure investments she should consider putting a substantial amount in Post Office savings. Here there’s no risk at all only good returns.
Ensure your husband has good insurance cover
If you are married you should be prudent enough to ensure that your husband has a good insurance cover. Most women are not aware of the nitty gritties when it comes to finances. And since men handle matters of money, women think it’s an area best left to them. But its only when there’s a marital discord that women realize their blunder.
Ensure that you are nominated on all your husband’s assets
A woman should ensure that she is nominated on all the assets, bank accounts, and insurance policies of her husband.
Keep account of all ornaments you got at your wedding
Women should also keep an account of all the ornaments she has brought with her during marriage.
Take active part in your family investment decisions
It is observed that usually, it is the men who take investment decisions. Be an active participant in all investment decisions and make shared decisions regarding your finances.
Take adequate insurance for yourself
Coverage of at least 10 times your salary is a must. Besides, accident and health insurance cover is a must.
Build your own career
If the woman is a housewife she should take up a career. It’s important to identify ones skills and talents to put it to use in order to earn maximum. If not a full time one there are flexi careers that provide endless possibilities. And the sky is the limit as far as the earning potential is concerned. Taking up a career is a must to secure a reasonably good income for oneself. Most financial professionals opine that women need to be more practical and farsighted when it comes to financial planning. The future is unpredictable. Why get caught off-guard?
While more and more women have entered the workforce and are independently pursuing career options of their choice, few are aware,of how to make themselves financially secure. So women, whether you are single, married, separated, widowed, or divorced, here are some basic factors you should consider to have a decent corpus to fall back on - just in case something untoward happens.
Have a separate bank account
After marriage most women have a joint account with their husbands. But you should ensure that you have a separate bank account even if you have a joint account with your spouse.
Also ensure that the first name is yours.
Save in your own name
Save money in your own name. Create funds through Systematic Investment Planning. A systematic investment plan akin to a piggy bank saving ensures that a certain amount of money is deposited at regular intervals enabling you to benefit in a myriad ways in the long term.
Don’t put all your eggs in one basket
Firstly, ascertain your position, financially. Take stock of your present situation as far as savings and expenses go and make sure that your investments are diversified. To start with invest in gold. It’s a safe investment option and has high liquidity - its helps in times of need. While there is no fixed rule as far as investing goes, the following pattern could be followed while investing. If you allot Rs. 80,000 in Public Provident Fund, then put Rs. 20,000 in pension schemes. Depending on your financial capacity invest 30,000 in insurance. Besides mutual funds, invest up to 2 lakh in equity-linked schemes. Fixed deposits are unsecured instruments so a strict no. After exploring the above options you could keep the balance funds in stocks. This should be the last option only, considering the high risk. But then you must have a minimum 30 percent of your portfolio in shares else inflation will beat you.” Whatever the investment option, the important factor is the corpus and the risk that an individual is willing to take. So secure future women should invest 60 percent in equities and the balance in mutual funds. If she is the conservative sort perhaps 70 percent should be in fixed income with the balance 30 percent in risky avenues. For long-term secure investments she should consider putting a substantial amount in Post Office savings. Here there’s no risk at all only good returns.
Ensure your husband has good insurance cover
If you are married you should be prudent enough to ensure that your husband has a good insurance cover. Most women are not aware of the nitty gritties when it comes to finances. And since men handle matters of money, women think it’s an area best left to them. But its only when there’s a marital discord that women realize their blunder.
Ensure that you are nominated on all your husband’s assets
A woman should ensure that she is nominated on all the assets, bank accounts, and insurance policies of her husband.
Keep account of all ornaments you got at your wedding
Women should also keep an account of all the ornaments she has brought with her during marriage.
Take active part in your family investment decisions
It is observed that usually, it is the men who take investment decisions. Be an active participant in all investment decisions and make shared decisions regarding your finances.
Take adequate insurance for yourself
Coverage of at least 10 times your salary is a must. Besides, accident and health insurance cover is a must.
Build your own career
If the woman is a housewife she should take up a career. It’s important to identify ones skills and talents to put it to use in order to earn maximum. If not a full time one there are flexi careers that provide endless possibilities. And the sky is the limit as far as the earning potential is concerned. Taking up a career is a must to secure a reasonably good income for oneself. Most financial professionals opine that women need to be more practical and farsighted when it comes to financial planning. The future is unpredictable. Why get caught off-guard?
Subscribe to:
Posts (Atom)