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By:

Kaustubh Kale

10 September 2024 at 11:37:15 pm

Nine Financial Tips for a Prosperous Navratri

As Navratri draws to a close, I wish you and your family happiness, prosperity, and continued success. Festivals are a time of celebration, but they also serve as a valuable reminder to reflect on our financial habits and strengthen our financial discipline. In the spirit of the nine days of Navratri, here are nine essential financial tips to help you stay on track with your financial goals and make your journey towards financial freedom smoother and more secure. Build an Emergency Fund Make...

Nine Financial Tips for a Prosperous Navratri

As Navratri draws to a close, I wish you and your family happiness, prosperity, and continued success. Festivals are a time of celebration, but they also serve as a valuable reminder to reflect on our financial habits and strengthen our financial discipline. In the spirit of the nine days of Navratri, here are nine essential financial tips to help you stay on track with your financial goals and make your journey towards financial freedom smoother and more secure. Build an Emergency Fund Make sure you have at least six months of living expenses saved in a bank fixed deposit or a debt mutual fund. This reserve will serve as your emergency fund for unforeseen situations and ensures you are prepared for any rainy days. Review Your Asset Allocation Revisit your investments to ensure they align with your goals. For short-term goals within three years, bank fixed deposits, recurring deposits, or debt mutual funds are appropriate. For long-term goals beyond three years, a diversified combination of hybrid/equity mutual funds, direct equities, and gold should be preferred. Do Sufficient SIPs Systematic Investment Plans (SIPs) are the backbone of disciplined investing. At least 25-30 percent of your in-hand monthly income should ideally be invested through SIPs in mutual funds, equities, and gold. This consistent approach will steadily build wealth over time. Make Lumpsum Investments Along with SIPs, voluntary lumpsum contributions into long-term assets whenever you have surplus funds can accelerate wealth creation. Even occasional lumpsum additions make a significant difference to the overall corpus. Increase Your SIPs Annually As your income increases, make sure your investments grow as well. Increasing your SIP amounts every year helps your wealth stay in line with inflation and your rising lifestyle needs. Increase your SIPs yearly and anchor them to at least 30 percent of your monthly income. Stay Invested Remain invested until your financial goals are achieved. Avoid redeeming investments unnecessarily. Frequent withdrawals disrupt compounding. If liquidity is required, consider taking an overdraft loan against your investments rather than breaking them prematurely. Health Insurance Safeguard your family with adequate health insurance. Opt for a minimum cover of 25 lakhs per family member with comprehensive features. Remember that relying only on employer-provided insurance is risky. Independent health insurance is essential. Term Life Insurance Protect your loved ones with a pure term life insurance policy. Ensure a cover of at least ten times your annual income, along with provisions for any outstanding loans. Stay away from mixing insurance with investments. A simple term plan is the most effective solution. Consult a Financial Advisor A full-time, well-qualified financial advisor can simplify your financial journey. Professional guidance ensures disciplined planning, correct product selection, and proper execution of your financial strategy. May this festive season bring abundance and lasting financial peace. (The author is a Chartered Accountant and CFA (USA). Financial Advisor. Views personal. He could be reached on 9833133605.)

Dependable Cong face Chavan’s loss sends shock waive

Nov 25, 2024
3 min read
Prithviraj Chavan

Mumbai: The defeat of Congress veteran and former chief minister Prithviraj Chavan in the Assembly polls in his home district Karad has come as a shock and big setback for him in his decades long political career.


One of the most educated lawmakers in the state, Chavan's career saw him becoming the chief minister of the state and also a Union minister.


Known for his clean and non-controversial image, Chavan, 78, took over as the state's chief minister when the Congress was battling allegations of corruption 2010.


When Deputy Chief Minister Devendra Fadnavis recently campaigned in Karad South assembly seat, he quipped that Chavan was a politician of international standard and a misfit in the state Vidhan Sabha.


To the shock and surprise of even Chavan's critics, the senior leader lost the seat to BJP's Atul Bhosale by nearly 40,000 votes in the state poll results announced on Saturday.


The defeat is a new low for Chavan personally as well as the Congress, which suffered the worst ever-defeat bagging only 16 seats in the 288-member state assembly.


A graduate in mechanical engineering from BITS Pilani and doing his masters from the University of California, Berkeley, Chavan worked in the US aerospace industry as a research engineer for four year before taking up politics full time in 1991.


In India, he founded a company to develop defence electronic equipment and special purpose computers for air defence, missile control, ASW (anti-submarine warfare), aircraft testing equipment and made significant contributions to research in the field of Indian language computing.


His father and Congress leader Dajisaheb Chavan had served in the cabinets of Jawaharlal Nehru, Lal Bahadur Shastri and Indira Gandhi.


His mother Premla Chavan, popularly known as Premla kaki (aunt), was a three-term Congress MP before her death in 1991.


Prithviraj Chavan started his career in 1991 winning the then Karad seat, which had been held by his parents. He later also won the seat in 1996 and 1998 but lost in 1999.


In 2010, the Congress moved him to Mumbai to replace Ashok Chavan, who had to quit as the CM following a controversy over the Adarsh housing scam.

Prithviraj Chavan became an MLC after taking over as the CM and since 2014, he was MLA from the Karad South seat.


The Coastal Road in Mumbai and the Navi Mumbai international airport were conceptualised by him as chief minister.


An honorary visiting professor at BITS Pilani and a member of the council of the Indian Institutes of Technology (IITs), Prithviraj Chavan was elected to the Rajya Sabha in 2002 and again in 2008.

 

In 2004, Prithviraj Chavan served as minister of state in the PMO.


He was member of the Atomic Energy Commission and Space Commission from 2004 to 2010. In 2008, he was given additional charge of  the ministry of personnel, public grievances and pensions, and the ministry of parliamentary affairs.


In 2009, he was elevated to the rank of MoS with independent charge of the ministry of science and technology, and the ministry of earth sciences in addition to his earlier responsibilities.


Cong's performance shocking: Chavan

Prithviraj Chavan on Sunday said his party's defeat was "shocking" and dubbed it as the "worst-ever" loss in the state assembly polls.


Talking to PTI, Chavan said the Mahayuti government's Ladki Bahin Yojana, for providing financial assistance to women, clicked with voters in rural areas while polarisation hit the opposition MVA’s prospects in urban parts of the state.


"It is difficult to say whether there was a wave or tampering," said Chavan, who lost from his Karad South seat.


Chavan said he had spoken to All India Congress Committee in-charge for Maharashtra Ramesh Chennithala, who has left for Delhi to discuss the state results with the Congress leadership.

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