An emergency fund is money that you have set aside to specifically cover any unexpected expenses that may come up. An emergency fund may cover unexpected car repairs, medical bills or other emergency situations. You may also use an emergency fund to help pay your bills when you are unemployed. You should also prepare for unexpected events with a solid plan in addition to your emergency fund. Initially, you may want to start with a small emergency fund of 1 […]
Money lessons for kids of different ages
The most basic lesson about money is that you have to pay money to buy something. Nothing in life comes free. Though kids will understand it eventually as they grow older, it is important for them to grasp this concept at a very young age. One of the biggest oversights in our education system is the fact we don’t have curriculum teaching children about money from a young age. It is even more surprising when you see that as adults […]
When Should I Dip Into My Emergency Fund?
An emergency fund is a financial buffer. It is a certain sum of money set aside to pay off unexpected expenses. An emergency fund will help you avoid taking a personal loan or racking up your credit card bill. It is not necessary that the emergency fund has to be stored as cash at home. It can be in the savings account or a liquid mutual fund. Cash-at-home will lose value due to inflation. Moreover, money from the savings bank […]
Tax saving options for self-employed/small business units and start ups
In today’s scenario where, doing business has become more stringent due to the mandatory requirement of complying with multiple & complex laws, taxation law is something you should outsource to an expert. Taxation laws not only in our country, but all over the world are complex and not everyone’s cup of tea. As a business owner, you have income from almost every head except from the head ‘Income from Salaries’. If you are not aware of tax saving options, you […]
Do Financial Advisors plan for clients taxes
Financial Planners assist their clients in a wide variety of financial areas, including tax return preparation and tax planning. Many financial advisors are skilled in tax issues and provide comprehensive tax advice to their clients, including tax problem resolution, taxes planning and return filing, as well as preparing estate, gift and trust tax returns. Tax Preparation requires brief knowledge of different taxes and laws to reduce the potential risks involved in implementing different tax procedures according to Tax rates. Typically, […]
Tax Planning for the New Financial Year
Investment options under Sec 80C The most popular tax-saving options available to individuals in India are under Section 80C of the Income Tax Act. Section 80C includes various investments and expenses one can claim deductions on – up to the limit of Rs. 1.5 lakhs in a financial year. Section 80D: Payment of medical insurance premium The amount paid as medical insurance premium (mediclaim) is eligible for deduction under this section. The policy can be taken in own or spouse’s […]
Tips to manage your finances if you are settling abroad
It’s quite common these days to see people move abroad to settle down. Settling abroad is an exciting, but a complex task, especially when it comes to your finances. Taking care of a few financial things, among others, will ensure a smooth transition. Here are some financial steps you must take before you leave the country. Close or re-designate bank accounts. From the day you leave the country to settle abroad 180 days later,, you will be considered a NNon-Resident […]
What is Smart Traveller Enrolment Program (STEP)? Its importance, benefits and enrolment procedure?
Careful planning and common sense are two of the best ways to stay safe when traveling, security situations can change very rapidly in foreign countries and if you’re not carefully following the news, you might miss an important update. In the recent years, the travel community has been shaken by attacks of various size and scope, from Turkey to France. And while most of the destinations that were targeted are most likely no more dangerous than they were before the attack, it pays to […]
Living abroad after retirement – A know-how
Retirement is increasingly a stage of life when people undertake great and bold migrations – People in their 60s are looking to retire but they’re often cash-poor and living in a country with a high standard of living and prices to match. For some, retiring overseas is an option, but it pays to do your homework.
The Average Time to Reach Profitability in a Start Up Company
It is impossible to define an average time to profitability for a start-up company because different start-ups will measure profitability in different ways. In conventional terms, it can take two to five years. The entrepreneur can take an income from a company even while it is making a loss on paper, while investors can profit if they are paid back a fixed interest rate on their investment regardless of how the company is doing. What are the milestones in a […]