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
AU Bank’s all-new LIT credit card is aimed at millennials and first-time card users. But every features offered comes at a price. It pays to know your spending pattern, thoroughly
Keeping aside income-tax benefits, selling property under an HUF structure may be cumbersome because the consent of all members of the family is required.
The cases pertain to an inspection carried out on inter-scheme transfer for the period August 2018 to February 2019. Sebi fined the AMC Rs 25 lakh, CEO Ajit Menon Rs 5 lakh, and three fund managers for Rs 2 lakh each
Provident fund contribution for employees whose basic wage is over Rs 15,000 could remain unchanged, say experts
Taxation works differently for individuals, companies, firms and other entities. One such entity is a Hindu Undivided Family (HUF), which has its separate tax liabilities and exemptions.
Cryptocurrency transfers, freebies to social media influencers, I-T returns, mutual fund investments… there’s a lot happening in July. Here are the operational and regulatory changes you need to watch out for.
Fund houses not sponsored by banks depended on a mix of national distributors, banks and brokers
TDS need to be withheld from July 1 on crypto transactions above Rs 10,000 annually and the same need to be deposited with the I-T department within the stipulated time frame.
All those SIPs will stop where your broker used to transfer funds from your broking account balance to the mutual fund house. You have to sign up for fresh NACH mandates.
Before applying for a scholarship, it’s important to build a strong profile, do in-depth research on options available for scholarship, apply early and search for alternative options to get the scholarship. Most importantly, do not make fake or inflated claims while applying for one.
Special needs children have many specific things to be taken care of by parents. While typical succession planning can be taken care of by a Will and an executor, a special needs child might just require a trust.
More fund houses could also be forced to shut their schemes once again as these new limits are not expected to be substantial
From selecting a suitable destination and university to funding your overseas studies through investments, scholarships and education loans, Moneycontrol’s one-stop guide has all bases covered.
A third-party cover, which is mandatory, can only cover the cost of damages incurred on someone else’s car because of you. But monsoon can damage your own car as well. Here is why you need a comprehensive motor insurance cover
Individuals with a preference for FDs can hold 40 percent of their savings in floating-rate FDs and the remaining 60 percent in traditional fixed-rate FDs.
Often, companies remunerate social media influencers in kind. Such gifts or perks will be taxed from next month. However, if an influencer returns a gift, there will be no tax on the item
TDS of 1 per cent on transfer of cryptocurrencies is set to come into force from July 1. The responsibility of withholding this tax will be on the buyer, crypto exchanges and brokers, depending on the type of transaction, CBDT has clarified.
Aside from health issues, you may also face a toxic work culture later that forces you to retire sooner than planned. A sound financial plan will help you cope with the sudden loss of income that follows.
Factors such as rising inflation, weakness of Rupee, rising interest rates and ongoing Russia-Ukraine conflict have impacted different sectors and different segments of the stock markets.
One of Benjamin Graham’s most useful illustrations is the personification of the stock market as “Mr. Market”. Mr. Market, an imaginary friend or business associate to every investor, offers daily prices for shares in a business.