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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.)

Uddhav tears into BJP’s claim

Apr 21
2 min read

Mumbai: Shiv Sena (UBT) President Uddhav Thackeray on Tuesday launched a blistering, wide-ranging attack on the Bharatiya Janata Party-led governments at the Centre and in the state, targeting what he termed as a ‘toxic political climate’, rising crimes against women, and a ‘hire-and-fire’ culture hurting workers.


Addressing the 58th annual general meeting of the Bharatiya Kamgar Sena, Thackeray delivered a strong political cocktail laced with jibes, concerns over labour rights, women’s issues, unemployment, and governance priorities.


Attacking Chief Minister Devendra Fadnavis for his recent remarks about ‘tearing the burqas’ of the Opposition, Thackeray questioned sarcastically: “We are Hindus… So what ‘burqas’ are you going to rip off? Were you even present in the Lok Sabha?”


Referring to atrocities on women, Thackeray sharply questioned the government’s priorities saying while the CM is campaigning in other states, women are being molested right here, fake babas are multiplying and drug rackets are flourishing in the state.


On BJP’s claims of commitment to women’s reservation, the SS (UBT) chief asked “why the President (Droupadi Murmu) was not invited to key national events such as the inauguration of the new Parliament building or the consecration of the Ram Temple in Ayodhya”.


“This is not a new issue. We are ready… Implement women’s reservation today,” Thackeray asserted.


Veering to national politics, Thackeray said that the BJP today lacks personalities of (the late) Arun Jaitley’s stature, and described West Bengal CM Mamata Banerjee as “a fighting tigress who is bound to win”. He claimed that ‘two lakh CRPF personnel’ were deployed in West Bengal while barely 20,000 were stationed in the violence-hit Manipur. “Security forces were once used by Sardar Vallabhbhai Patel for integrating states into the Union, but now they are being used to win elections,” Thackeray said.


On the alleged misuse of central security agencies, Thackeray dared the BJP to ‘set aside the CBI and ED’ and face the elections in a fair fight. “You deploy security forces to ensure your party wins as you lack the capability to win on your own merits, or unleash the ED-CBI. It is better to live like a tiger for one day than as a goat for 100 days,” said Thackeray.


Alluding to the debates triggered by RSS Sarsanghchalak Mohan Bhagwat’s views on population, he asked: “Encouraging more children is fine - but who will feed them? What about unemployment problems?”


Thackeray expressed concerns over delimitation based on population, warning it could skew political representation. “Some states are implementing family planning programmes quite effectively… Is practicing family planning now considered a crime?”


Turning to the distress faced by the working classes, he flayed the current employment model as a ‘constant cycle of hire-and-fire’, with the government ignoring the security of workers.


“Why are workers being compelled to leave the state, or even the country, for employment. They are the architects of the nation’s destiny. Now reports emerge that workers from north India are being employed in Dubai. The country is calling them to ‘return’. They ignored the calls, preferring to die by a bomb rather than returning to India only to die of unemployment,” said Thackeray, in a swipe at Prime Minister Narendra Modi.


He compared the current bout of global tensions, including the ongoing Iran-United States war, as a repetitive spectacle, triggering multi-fold domestic economic anxieties.

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