When an individual or a family unit plans to save or spend monetary resources over time, considering various financial risks and future life events, that term is called personal finance. While planning personal finances, the individual normally considers the suitability to his or her needs of a range of banking products or investment in private equity or insurance products. Also, the person even considers participation and monitoring of and- or employer-sponsored retirement plans, social security benefits, and income tax management. Through personal finance education, a family or individual can make rational financial decisions throughout their life regarding the financial management skills. However, personal finance differ based on circumstances of people like income, wealth, and consumption needs. Apart from this, taxes and finance laws also differ from country to country, and market conditions vary geographically and over time. Experts comment that the key component of personal finance is financial planning, which is a dynamic process requiring regular monitoring and re-evaluation. The whole process is divided in 5 parts: assessment, goal setting, plan creation, execution, and monitoring and reassessment. Among others, experts believe personal financial planning areas include: financial position, adequate position, tax planning, investment and accumulation goals, retirement planning, estate planning, delayed gratification, cash management, revisiting written financial plan regularity, and education planning. They also opine that personal finance should be taught in schools. More
The insurance regulator said the amendments will promote ease of doing business and simplify the process of setting up an insurance in India.
Foreign banks are offering a higher rate of interest compared to leading private and public sector banks. These banks are offering interest rates as high as 7.25 percent.
It’s difficult to gauge fund manager performance in a PMS, due to disparity in composition and benchmarks. But it can be done
Start early to avail the benefits of compounding, build a nest egg, work to a plan, stay safe: do this, and the force will be with you.
The income-tax department has launched a new helpdesk facility that can help you, in real-time, file your taxes. Although the facility was launched on November 14, it has still not gone live.
The crash in share prices of technology companies on the US markets reminds us of a painful lesson: Don’t let employee stock option plans become too big in your investment portfolio
An annual portfolio review allows you to take a close look at what’s working in your portfolio and what’s not. But any big life changes like marriage, birth of a child, death in the family, and inheritance are also occasions for you to revisit your investments.
Investing at market peaks at the dotcom bubble in 2000 and the global market highs of 2007 would have given good results, had you stayed invested. But you get better returns if you keep some cash aside to jump in at every correction.
The rider benefit offers up to a 40 percent renewal discount or cash-back to policyholders with limited car usage. This is applicable to the own damage component, and not the mandatory third-party insurance element
Investors should not be overly worried by the sharp fall in US tech stocks as a reset is underway, and it is a healthy one, says Jonathan Curtis, who also leads the Franklin Technology Fund research team overseeing technology companies
The markets expect the US Fed to stop hiking interest rates and start reducing them as early as 2023. However, Sonal Desai of Franklin Templeton Fixed Income global says that’s not going to happen and the US Fed will cut rates only in 2024.
The co-branded cards are aimed at fans of Tata brands, offering maximum benefits to users of the Tata Neu app for shopping.
A pet insurance policy offers to financially secure the overall health and well-being of your pets by taking care of treatment costs and even third-party liability if the pet happens to bite someone or damage property.
Insurance benefits could be differentiated on the basis of designation, salary, family size, or a combination of these factors.
Small finance banks and smaller private banks top the FD interest rate charts on tax-saving deposits
"It isn’t easy to make money in the stock markets. The right step here should be to start investing in an index mutual fund. And once you start tracking the market you potentially might develop a liking for a particular sector."
Not more than 25% of the money earned should be spent on material things such as cars and bikes is Kamath's advise to youngsters. "Investing in experiences will make you more intellectual than anything else ever will,” he says in an interview to Moneycontrol
It is inarguable that R&D leads to growth and therefore it becomes important that these expenses are treated properly from an investment analysis perspective.
While household expenses can easily be calculated on monthly basis, other expenses will normally be on yearly basis, which would then need to be divided by 12 to arrive at the monthly requirement.
Bank of Maharashtra, Bank of India and State Bank of India offer interest rates between 8.9-10.55 percent on personal loans