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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.)

Sugar Daddy’s Bitter Fight

Writer: Abhijit Mulye
Abhijit Mulye
Nov 15, 2024
2 min read
Radhakrishna Vikhe-Patil

Ahilyanagar (erstwhile Ahmednagar) is the largest district of Maharashtra area-wise. It sends 12 MLAs to the state assembly and hence political parties in the state always struggle to control this district. Since past few years, the current revenue minister Radhakrishna Vikhe-Patil who has won the Shirdi assembly constituency in the district for past seven times and is preparing for the eighth consecutive victory, has been undisputedly controlling the district.


Members of the Vikhe-Patil family, whose interests go beyond politics, have been part of almost all major parties in the last 70 years. The biggest contribution of the family in Maharashtra has been its role in setting up Asia’s first cooperative sugar mill in Ahmednagar right after independence by late Vitthalrao Vikhe-Patil under the guidance of then Congress stalwart Dhananjay Gadgil. It changed the rural economy and introduction of sugarcane as a cash crop contributed to uplift of people in villages and towns in several parts of Maharashtra.


Radhakrishna Vikhe-Patil is the grandson of Vitthalrao Vikhe-Patil. Born on June 15, 1959, he began his political career as the district head of the Youth Congress in 1986. He won his first assembly election in 1994 from Shirdi on the Congress ticket. However, after his father left the party and joined Shiv Sena, Radhakrishna too resigned from post and quit the party. He won with a thumping majority in the by-polls and became minister for entrepreneurship and rehabilitation departments. He returned to the Congress in 2004 and was minister of School Education, Transport, Ports, Law and Judiciary, Agriculture, FDA and Marathi language, under different Chief Ministers Between 2008 and 2014. In 2014 he became the leader of opposition of the state assembly. In 2019, ahead of the Lok Sabha election, his son Dr. Sujay joined the BJP leaving little chance for Radhakrishna Vikhe-Patil but to follow him. He was entrusted with the responsibility of Housing department by the then CM Devendra Fadnavis. In 2022, Vikhe-Patil became the revenue minister under Eknath Shinde.


Throughout his career, Vikhe-Patil has been known for his focus on issues related to agriculture, rural development, and infrastructure. As minister for Agriculture, he implemented several initiatives aimed at improving the lives of farmers and boosting the state’s agricultural output, while as minister for School education he brought in schemes for improving educational infrastructure across the state. As transport minister he brought in smart ticketing system, initiated computerization of reservations and booking system. His tenure in the role of Agriculture minister was also marked by efforts to modernize agricultural practices, enhance market access for farmers, and address issues such as water scarcity and crop insurance.

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