Money Money Money: Financial planning for couples

Image result for Money Money Money: Financial planning for couplesFinancial planning is required at every stage in life to realise your goals and this exercise takes new dimensions when there is a life partner in the picture.

So how should couples look at aligning their ideas goals and finances? What are the dos and don’ts that can help you move forward on the path of financial independence and fulfilment?

CNBC-TV18’s Surabhi Upadhyay is in conversation with personal finance expert Amit Kukreja and Aarti Dewan & Saurav Dey, couple that has chosen the financial planning path to secure their future.

[“source=cnbctv18”]

Follow these 5 ways to make more money in this financial year

The starting of the financial year is the best time to review your financial planning. If you want to make more money in this financial year 2020 then you must follow these five easy ways.

Today Gold Rate, 22 & 24 Carat Gold Price in India, Today Gold Rate in delhi

5 ways to make more money this financial year  |  Photo Credit: BCCL

New Delhi: The starting of the financial year is the best time to review your financial planning. Apart from the saving, planning, investing and reshuffling the portfolio, there are some tips which can help you grow your wealth. Earning a high salary is not enough to make money. It is essential to make a proper plan and track your income and expenditure.

Financial planning should involve taxes, deductions, loans, EMI, budget, earnings, income, etc. To lead a financially fit life one must plan accordingly. You should be careful enough before investing your hard earned money.

Five ways to make more money-

  1. In the first month of the new financial year, people should start planning for the taxes. Most of people complete this task at the end of the financial year. Planning in advance lets you know about tax saving instruments.
  2. Insurance plans should not be bought blindly. Look for an insurance cover which is capable to cater your future needs and lifestyle. Seeing your financial commitments and dependents from your family determine the right amount of insurance amount. You can even take the financial advisor’s help to choose the right plan and cover.
  3. It is advisable to review your investments from time to time. If you find out that some specific investment plan is not performing well, then do not shy away from switching it to another plan. Always look at the five to six years of return history before making investments. Try to make a plan and explore new funds after reviewing their returns in the past.
  4. Always keep a check on your cash flow. Track your income and expenditure and ensure that your expense should not be more than your income. Cut down on your extra and unnecessary expenses and invest that amount in your emergency fund. A contingency fund comes in handy during the financial crisis. It ensures cash in hand at the time of urgent need.
  5. Do not get lured by the idea of making more money. Before you invest your hard earned money make sure that the option is not risky. If you do not understand any particular scheme then sought the financial advisor’s help. Try to avoid putting your money into those funds or options which you do not understand.

[“source=timesnownews”]

The Money School Created By A Financial Guru & Bestselling Author Who Triumphed To Build Wealth

New York Times bestselling author and financial guru Nicole LapinIMAGE COURTESY OF NICOLE LAPIN

Long-term goals, budgeting, saving, and enjoying small indulgences are a some of the key things you will often hear explored by financial guru and New York Times bestselling author Nicole Lapin. Lapin founded The Money School after a role as an anchor on major television networks where she noticed a large gap in populations that gained access to financial literacy knowledge. The population Lapin desired to support was the former version of her self. The one, the founder describes as: “that girl who was smiling, nodding, and not joining basic money conversations because she was too freaked out and too scared to do it.”

As a first-generation American, Lapin was raised in a household where financial literacy was not primarily taught or spoken of. Growing up, at age eleven, she encountered the loss of her father due to a drug overdose and a lack of guidance from her mother. During this time, Lapin describes seeing her parents primarily make money moves that were not the most ideal. This sparked her desire to write a new trajectory for her future.

By starting from the ground up, Lapin expresses taking any job she could from working at a low salary to accumulating credit card debt, and more. Finally, with determination and grit, she landed a job as a business reporter and it just happened that the role was in the field of finance. While feeling clueless and freaked out about the language of money, Lapin explains that she had to learn the language of money the hard way because her job demanded that she spoke it to the world.

Learning The Language of Money

At the “school of hard knocks” the financial expert, who then was the process of acquiring greater knowledge, details that she encountered a plethora of funny affirmable moments along the way. Through her work, Lapin shares these experiences to challenge others to embrace being comfortable with learning and growing through unfamiliar spaces.

For example, while Lapin was on the floor of the Chicago Mercantile Exchange she gathered her belongings to head to an interview with a few founders. On her way out she recalled her manager asking: “Do you have the P&L?” And she responded: “No” staring with a puzzled grimace. “No, I don’t have to pee,” she thought to herself. In another instance, Lapin describes thinking that a former boyfriend was a garden “hedge manager” given his role at a hedge fund.

To Lapin, money has served as a language to be learned and one that we often don’t realize can serve as the biggest hurdle for bridging avenues to opportunities in our financial lives.

Pervasive Disparities in Financial Education 

Learning the language of money has become instrumentally important due to an ongoing widespread dialogue surrounding the financial literacy education gap in America. Currently, two-thirds of American adults are said not to be able to pass a basic financial literacy test, 54% of Millennials express worry that they will not be able to pay back student loans, and only 16% between the ages 18-26 feel very optimistic about their financial futures.

To counter these disparities at a national scale, Lapin advocates for lobbying for more financial education in our governmental system to bridge what she notes as “a personal budget deficit.” However, in addition to lobbying at the national level, she advocates helping others explore a fundamental piece of the puzzle that they truly can control, which begins with themselves. She articulates this by sharing:

People say all the time I’m freaked out by the stock market; I’m freaked out by all of these things. And all we really have control over is ourselves. This is a deeper component of the conversation because how we each interact within these markets permeates all aspects of our lives.

By founding The Money School, Lapin has created opportunities to support each individual learner where they are in their financial growth journey. Given that so often financial learning exists within traditionally broad topics explored in school such as macroeconomics, by meeting the individual learner where they are in the process Lapin shares practical hands-on tips and tricksfrom writing checks to completing taxes or making a budget.

IMAGE COURTESY OF NICOLE LAPIN

One Solution: The Money School

The Money School is an online community Lapin created where she shares a 12-step plan for helping others get their financial lives together. This plan has been tested in both of her books and the third book due to hit shelves soon. Traditionally, readers and students have found the guides to be easy to follow and iterate upon.

The financial guru and New York Times Bestselling author shares that the first step at The Money School is:

…Admitting you have a problem—and we all have problems—so that you can do something about it. From there, I wanted to create interactive video lessons, worksheets, and quizzes for the school community. Then bring in some cool experts and friends that I know from the business world to help along the way.

Overall, a key goal for the Money School is to rethink the way education around this topic looks. To do so Lapin has broken down finance into a language we often would use daily, like in a meeting with a circle of friends. Similar to friendships, she compares starting a new financial guide to embarking on a long-term endeavor. During the journey, Lapin says it’s “beneficial to set benchmarks and opportunities for small outings and/or indulgences so that you stay on track.”

How to Start Achieving Your Money Goals Today

To start achieving your money goals today, Lapin shares: “We really need to focus on our endgames and goals.” To cover these two areas, she recommends breaking down: 1) a spending plan into three E’s—essentials, endgame, and extras, and 2) goals into three F’s—family, finance, and fun. The Money School founder uses these alliterations to explore how we can look at our goals holistically due to our work lives and personal lives overlapping in numerous ways. In order to achieve true happiness, “we must achieve happiness in all areas,” she shares.

Additionally, when it comes to creating plans for money matters Lapin encourages those who wish to become financially fit to pursue money from a place of aspiration versus deprivation—mentality plays a crucial role in the process. For example, a person aspiring to build wealth settling to clip coupons and digging in the couch for coins may have greater adverse effects than one focusing on creating a savings plan.

As Lapin highlights:

…Figure out where you aspire to go and then reverse engineer your actions. The more I’ve been able to be real, the closer I’ve gotten to reaching my goals and you can too! For me, I had to get to a place where I was super vulnerable, authentic, basically naked, sharing all the stories I wanted to whiteout in the past when I tried to pretend I was perfect. Doing the internal work, only I could do for myself, made all the difference.

[“source=forbes”]

Paytm Says Mobile Wallets Will Become Strong Players in Financial Ecosystem

Paytm Says Mobile Wallets Will Become Strong Players in Financial Ecosystem

Mobile wallets will become strong players in the financial ecosystem as the RBI guidelines on prepaid instruments will allow more features like unlimited transfer of funds between a bank account and a wallet, a top official of Paytm Payments Bank said.

Paytm Payments Bank MD-CEO Renu Satti said the RBI guidelines released this month will enable mobile wallets to gain access to more functionalities like unlimited transfer of funds between a bank account and a wallet and higher limit of up to Rs. 1 lakh for money transfer to beneficiary accounts.

She added that as part of Paytm Payments Bank, customers get the convenience of wallets and can earn interest on their deposits by transferring money from the wallet to their payments bank account.

“This will further strengthen the value proposition of mobile wallets and make them stronger players in the financial ecosystem,” Satti said.

Paytm has over 270 million registered wallet users. However, the mandate to undertake KYC of customers could be a challenge as mobile wallets companies will have to make additional investments in the diligence process.

The KYC (Know Your Customer) process allows banks and other institutions to obtain and verify information about customers’ identity and address.

As per the new norms, mobile wallets that were conforming to a minimum KYC format (like verification of mobile number) will have to get full KYC of customers done within 12 months of setting up the wallet.

Paytm has already said it plans to invest $500 million towards the KYC exercise over the next three years.

Satti said while the process may seem time-consuming, it will also help prevent identity theft, fraud and money laundering and ensure customers’ money is safer than ever before.

“The new RBI guidelines would bring greater confluence and power to m-wallets. It will also ensure money transfers are simpler and financial systems are safer,” she added.

Paytm has introduced a ‘Nearby KYC Points’ section in its app that directs users to nearby partner shops and locations where customers can get Aadhaar biometric KYC done for their Paytm wallets.

Paytm Payments Bank started its operations earlier this year. Its Chairman Vijay Shekhar Sharma owns majority stake in the company, while the remaining share is owned by One97 Communications.

Disclosure: Paytm’s parent company One97 is an investor in NDTV’s Gadgets 360.

[“Source-gadgets.ndtv”]