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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.)

Villagers spurn caste-sympathy factors, vote for issues

Apr 29
2 min read

Beed: In an emotional yet bitterly contested by-poll, the people of Massajog village in Beed district rejected caste and sympathy politics to elect a prominent local leader Swarupanand Deshmukh as their new Sarpanch, defying most political punditry.


Swarupanand edged past his rival, Ashwini Deshmukh - widow of the slain Sarpanch Santosh Pandit Deshmukh, a local Bharatiya Janata Party leader killed in December 2024 - by a narrow margin of 92 votes.


The by-election, held on Tuesday, recorded a robust 84pc turnout, with 1,744 of the total 2,084 registered voters casting their ballots. The results were declared on April 29 in which Swarupanand secured 914 votes, while Ashwini polled 822; and eight votes were cast for NOTA.


Ashwini’s campaign was led prominently by her children, Vaibhavi and Viraj, and her brother-in-law Dhananjay Deshmukh, among others, who appealed to voters to help complete the “unfinished work” of the late Santosh Deshmukh - banking on a sympathy wave.


However, defying pre-poll expectations, the electorate appeared to set aside emotional appeals, favouring local issues, equations, and leadership considerations.


Soon after his unexpected victory, Swarupanand alleged that he had faced “money power, muscle power and emotional pressure,” but remained undeterred.



He also claimed that Ashwini had been fielded as “a proxy” in a larger political game.


“My ‘sister’ Ashwini-tai was not even keen to contest. However, we stand firmly with the family in their quest for justice for Santosh Deshmukh,” he said, striking a conciliatory note.


Reacting to the outcome, Dhananjay Deshmukh accepted the people’s mandate and pledged continued efforts for the village’s development, which had drawn national attention following the Sarpanch’s killing 16 months ago. He acknowledged that prolonged protests and legal battles had strained ties between the family and sections of the village.


Prominent OBC leader Navnath Waghmare described the result as a rejection of caste-based politics, blaming Dhananjay’s proximity to Maratha quota activist Manoj Jarange-Patil for alienating voters.


“This is a setback not only for the Deshmukh camp and Jarange-Patil, but also for (NCP-SP) MP Bajrang Sonawane,” Waghmare said, in remarks seen as a swipe at the Nationalist Congress Party (SP), whose senior leaders, including Sharad Pawar, had visited Massajog after the killing to express solidarity.


Following Santosh Deshmukh’s murder, the region witnessed widespread protests, road blockades and marches cutting across caste and party lines, with villagers demanding swift arrests, a high-level probe and justice for the family. The agitation soon acquired political overtones, extending beyond the state to the national stage.


Over time, however, unity gave way to divisions, with caste and political alignments coming to the fore and influencing the local political discourse - factors that played heavily in yesterday’s Sarpanch by-poll.


The verdict conveyed a clear message that though Santosh Desumukh’s brutal killing remains a deep wound on the villagers’ collective psyche, they decided on candidate merits and local developmental issues above mere sympathy or caste considerations.


Dhananjay Munde lost cabinet berth
In the political storm after Santosh Deshmukh’s killing Dhananjay Munde, a Minister of the Nationalist Congress Party (NCP) – now led by Deputy Chief Minister Sunetra Ajit Pawar – had to quit after a close aide’s alleged involvement emerged.

The investigators arrested his close associate, Walmik Karad, in connection with the killing as the Opposition clamoured for booking Munde as a co-accused in the crime.

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