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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.)

MNS helped UBT win half of its total tally

Writer: Abhijit Mulye
Abhijit Mulye
Nov 28, 2024
2 min read

Updated: Nov 29, 2024

MNS

Mumbai: Though Maharashtra Navanirman Sena (MNS) had not supported the Mahayuti in assembly election, unlike they did in the Lok Sabha, Raj Thackeray had asserted that the party shall be part of the government if Mahayuti returns to power in the state. However, while the party couldn’t get any of its candidate elected, it seems that their presence has actually helped the Shiv Sena (UBT) win at least half of their seats. This has further reduced the chances of MNS getting any share of power in the state government now.


A closer look at the votes polled by the MNS shows that it has helped the Shiv Sena (UBT) candidates at least on 10 seats where the MNS candidates remained in the third position and Mahayuti candidates lost the seat by margins lower than the votes polled by the MNS candidates. Vikroli, Kogeshwari East, Dindoshi, Kalina, Vandre East, Mahim and Worli are the seven out of these 10 constituencies where the UBT clearly seems to have gained sufficient margin to win the seats because of the MNS candidates.


One can look at the most spectacular triangular contest in Mumbai that took place in the Worli constituency. Shiv Sena (UBT) scion Aditya Thackeray who fetched 63,324 votes defeated Milind Deora of Shiv Sena by 8801 votes. Deora got 54,523 votes while the third candidate Sandeep Deshpande of the MNS fetched 19,367 votes.


Deora said that all efforts were made to turn the MNS to its favour. “We were in touch with them. We even met some of their demands. But, after a limit they started becoming impracticable and it wasn’t possible to meet all their demands. We knew that it was not their purpose, yet, they became the ‘B’ team of Shiv Sena (UBT),” he added.


In Dindoshi Shiv Sena’s Sanjay Nirupam lost by 6182 votes to Shiv Sena (UBT)’s Sunil Prabhu, where the MNS candidate fetched 20,309 votes. Data like this further strengthens the ‘B’-team rhetoric. While reacting to the results Nirupam Said, “In 2009 people felt that the MNS was eating up the Shiv Sena votes which benefitted the Congress. However, at least on seven seats in Mumbai, the MNS grabbed Marathi votes and in turn helped the Shiv Sena (UBT). We realized this during the campaign. But, by then it was too late to rectify that.”


Raj Thackeray’s son Amit stood third in the bastion of undivided Shiv Sena – Mahim. This is the home constituency of Raj Thackeray. In the triangular contest between MNS’ Amit, Shiv Sena’s Sada Sarvankar and UBT’s Mahesh Sawant in this constituency Sawant won by 1316 votes while Amit could fetch only 17,151 votes.


Interestingly, the MNS had not fielded any candidate in any of the 16 constituencies where Congress won or the 10 constituencies where NCP-SP won. This clearly indicates that though MNS had vouched support to the Mahayuti, they were actually helping the MVA. However, the voters in the state rejected them. The MNS could gather only about 1.8 percent votes in the state even though they had contested 125 seats. This is likely to affect the party’s status and may also lead them in losing their party symbol.

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