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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.)

SC judges' team arrives in Manipur's Imphal to inaugurate legal aid clinics

PTI
Mar 22, 2025
1 min read

Imphal: A delegation of Supreme Court judges arrived at the airport here on Saturday morning and is scheduled to visit people displaced due to ethnic violence in Manipur, officials said.    


The top court delegation led by Justice BR Gavai was accorded a warm welcome by the lawyers' fraternity of the state at the airport.    


The judges are scheduled to visit relief camps and virtually inaugurate legal services camps, legal aid clinics and temporary medical facilities from the Mini Secretariat in Churachandpur district around 10.40 am and later, they will go to a relief camp at Moirang College in Bishnupur, the officials said.    


"We are very happy to be here...we have just come here and are looking forward to the visit," one of the visiting judges told reporters.    


Justice N Kotiswar Singh, who is part of the delegation and belongs to the Meitei community, will not visit the Kuki-majority Churachandpur district, amid objection from a lawyers' body there, the officials said, adding that Justice Singh will head for Bishnupur district.    


The All Manipur Bar Association (AMBA) has urged its Churachandpur district counterpart to withdraw its directive preventing a Meitei judge of the Supreme Court from visiting the Kuki-Zo-dominated area.        


AMBA president Puyam Tomcha Meitei told PTI that the visit of the Supreme Court judges is historic and first-of-its-kind.    


The apex court judges will also attend an event at the High Court of Manipur on Sunday.    


More than 250 people have been killed and thousands rendered homeless in ethnic violence between Imphal Valley-based Meiteis and adjoining hills-based Kuki-Zo groups since May 2023.

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