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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.)

Navy doc treat injured Pakistani crew

Quaid Najmi
Apr 6, 2025
1 min read

Mumbai: In a humanitarian gesture, the Indian Navy (IN) rendered lifesaving medical assistance to save the life of a Pakistani crewman on an Iranian fishing vessel in the Arabian Sea, officials said.


The operation took place on Friday/Saturday around 350 nautical miles in the high seas off Oman coast, with the help of the stealth frigate INS Trikand.


On April 4, the INS Trikand monitored a distress call from the Omani vessel 'Al Omeedi' seeking help for a crew member, who was seriously injured with multiple fractures and blood loss.


Further enquiry revealed that the distressed crewman was working on the vessel's engine when he sustained the grievous injuries and was transferred to another Iran-bound dhow, 'FV Abdul Rehman Hanzia', in the vicinity.

On getting the SOS, INS Trikand immediately altered her course to rush medical assistance to the injured crew.


The 'FV Abdul Rehman Hanzia' has a contingent of 11 Pakistanis and 5 Iranians manning the vessel.


The Indian warship's medical officer along with a team of Marine Commandos boarded the FV.


Ob board, the MO started the three hour long medical procedures, controlling the blood flow, suturing and splinting of the crew's injured fingers.

It was a timely response which prevented the patient's total loss of the injured fingers due to gangrene.


The IN stealth warship also provided crucial medical supplies, antibiotics to the FV to ensure the injured crew's wellbeing till the dhow reaches Iran.


The entire crew of the dhow expressed their gratitude to the IN for rendering assistance on time that helped saving their injured mate's life, said the IN officials.

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