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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.)

Misplaced Priorities

Apr 15
2 min read

On May 1, Maharashtra’s taxi drivers will confront a new occupational hazard in form of a Marathi language test. Under a state-wide inspection drive led by State Transport Minister Pratap Sarnaik, the ability to read a signboard, write a sentence and exchange pleasantries in Marathi may determine whether or not a driver can keep a licence.


In a transport system better known for its crumbling road infrastructure and eternally congested roads, this choice of priority is revealing.


In principle, the case for learning the local language is unimpeachable. Marathi is the cultural and administrative spine of the state and its use in public life ought to be encouraged, even expected. But principles, like policies, are best applied with a sense of proportion. A taxi driver’s primary duty is not linguistic elegance but safe conveyance which is to pick up a passenger, navigate chaotic roads and deliver them, intact, to their destination. That contract has endured for decades in Mumbai, Pune and beyond and often in a polyglot mix of Marathi, Hindi, English and improvised gestures.


Indeed, the very success of Maharashtra’s urban transport ecosystem rests on its informality and inclusiveness. Thousands of drivers from Uttar Pradesh, Bihar and other states alongside local Maharashtrians keep its cities moving. Many speak limited Marathi. Few passengers, in practice, have treated this as a deal-breaker.


The government’s rationale rests on complaints that some drivers are “unable or unwilling” to converse in Marathi. Perhaps so. But inconvenience is a curious hill on which to plant the flag of enforcement, especially when more substantive failures stare commuters in the face. Maharashtra’s roads remain a patchwork of craters and repairs and traffic discipline is sporadic. Yet it is the driver’s vocabulary that is to be inspected with bureaucratic zeal.


The imbalance borders on the absurd. One imagines an inspector, clipboard in hand, quizzing a driver on basic sentence construction while the vehicle idles beside a waterlogged pothole large enough to swallow a suspension system. If governance is about prioritisation, this is an object lesson in getting it wrong.


There is also an element of selective rigidity. It is entirely reasonable for the state to mandate Marathi in its own offices. Requiring officials in Mantralaya to conduct business in the language reinforces administrative coherence and public accessibility. But extending that logic to taxi drivers, many of whom operate on thin margins and are often migrants navigating a new city, conflates governance with compulsion.


Encouraging the use of Marathi is a worthy goal. Compelling it in contexts where it is tangential to the task at hand is not. A taxi ride is not a language examination; it is a service.


In the end, commuters are unlikely to care whether their driver can compose a sentence in Marathi. They will care whether the route is efficient and their journey is safe. The state government would do well to focus its attention on those counts.

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