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
From the launch of the retail digital rupee and a likely increase in the repo rate to a new rule to calculate the minimum amount due on credit cards, a lot is happening in December. Here’s what to watch for.
IRDAI has allowed higher agent commissions within the overall expense cap, modifying its August 2022 proposal to drastically cut commissions. Under the new proposal, commissions may not come down, but one can save on premiums by buying policies directly from insurers.
It is safe to say that the recent rally in gold and risk assets is on account of the anticipation that the Fed will be less aggressive going forward. However, for assets that come with a degree of price volatility, there are still downside risks of recession and financial instability after the massive withdrawal of liquidity and interest rate hikes.
The RBI is likely in the last leg of its interest-rate hikes and might start easing rates somewhere down the line. But higher portfolio yields on account of past interest rate hikes make debt funds suitable in the current environment.
InvITs list on the stock exchanges to raise capital for the purchase of a portfolio of operational infrastructure assets that are already producing consistent cash flows. It is like a hybrid product―with equity and fixed-income characteristics
Mercedes India sales and marketing head Santosh Iyer said that the rising popularity of SIPs in India has resulted in a shift in the way people are spending their disposable income, with many prospective buyers opting to continue their SIPs as opposed to purchasing luxury cars.
Wedding insurance is a relatively untapped market and popular with mainly weddings that cost in excess of around Rs 50 lakh. It covers you against uncertainties beyond your control. But if you get second thoughts about your life partner and call the wedding off, the insurance doesn't offer any solace.
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.