Chennai Money - keep liquid investments in some cases

Keep some of your investments Liquid

Chennai personal finance wisdom -

Sponsored by OruAcre.com

Are you planning a major purchase this year? If so, make sure to keep some of your investments liquid. The liquidity of an asset refers to how quickly it can be converted to cash without penalty. So, if you are planning a significant expenditure, is important to have liquid assets to avoid pulling from a long-term investment or a retirement fund at an inopportune time.

Most long-term accounts will penalize you for withdrawing your money too early. Some will take away the interest that you have earned; others will actually dip into the principal that you have invested. Utilize a high-yield savings account or a short-term Fixed deposits to have funds accessible when you need them.

Hope this helps in your savings!!!

Chennai Money - keep liquid investments in some cases

Keep some of your investments Liquid

Chennai personal finance wisdom -

Sponsored by OruAcre.com

Are you planning a major purchase this year? If so, make sure to keep some of your investments liquid. The liquidity of an asset refers to how quickly it can be converted to cash without penalty. So, if you are planning a significant expenditure, is important to have liquid assets to avoid pulling from a long-term investment or a retirement fund at an inopportune time.

Most long-term accounts will penalize you for withdrawing your money too early. Some will take away the interest that you have earned; others will actually dip into the principal that you have invested. Utilize a high-yield savings account or a short-term Fixed deposits to have funds accessible when you need them.

Hope this helps in your savings!!!

Chennai Slums and Chennai Microfinance help

Chennai Slums and Microfinance help

When researchers met with people living in slums in Chennai, during a research, people brought the sufferings that they faced with the private money lenders. With no hope to get small business loans from financial institutions, people living in slums that would like to start up small businesses had to turn to illegal lenders charging a hefty high monthly interest. Moreover, they are totally shut out from professional help on starting and running a small business. In order to let the lives of people living in slums to be self-sustainable, as well as to help parents in Chennai to earn enough income to send their children back to school, we will have to decide to start micro credit and micro finance programs in Chennai.

In general, the rate of repayment of the loans is expected to be 99%. Micro-credit can be provided to the community for carrying out the following activities:

1. Flower Vending
2. Tea Stall
3. Cloth Vending
4. Sugar Cane Juice
5. Grocery shop
6. Milk Vending
7. Tricycle
8. Vegetable Vending
9. Sewing Machine
10. Idly Shop
11. Bakery
12. Fancy Store
13. Bottle cap
14. Dry Fish
15. Petty Shop
16. Basket Making
17. Rice Grinding
18. Ironing
19. Goat rearing
20. Selling toys

If you are a self-sufficiently budgeted person, you could try this project?!

Chennai Slums and Chennai Microfinance help

Chennai Slums and Microfinance help

When researchers met with people living in slums in Chennai, during a research, people brought the sufferings that they faced with the private money lenders. With no hope to get small business loans from financial institutions, people living in slums that would like to start up small businesses had to turn to illegal lenders charging a hefty high monthly interest. Moreover, they are totally shut out from professional help on starting and running a small business. In order to let the lives of people living in slums to be self-sustainable, as well as to help parents in Chennai to earn enough income to send their children back to school, we will have to decide to start micro credit and micro finance programs in Chennai.

In general, the rate of repayment of the loans is expected to be 99%. Micro-credit can be provided to the community for carrying out the following activities:

1. Flower Vending
2. Tea Stall
3. Cloth Vending
4. Sugar Cane Juice
5. Grocery shop
6. Milk Vending
7. Tricycle
8. Vegetable Vending
9. Sewing Machine
10. Idly Shop
11. Bakery
12. Fancy Store
13. Bottle cap
14. Dry Fish
15. Petty Shop
16. Basket Making
17. Rice Grinding
18. Ironing
19. Goat rearing
20. Selling toys

If you are a self-sufficiently budgeted person, you could try this project?!

What to do if You Lose Your Job - Chennai Personal Finance Wisdom

What to do if You Lose Your Job

You lost your job, now what?

Stay positive and surround yourself with supportive family and friends and consider the following steps:

1) Immediately evaluate expenditures, bills and financial accounts for strengths and weaknesses.

2) Adjust your budget accordingly and minimize discretionary spending.

3) Discuss with your employer severance pay, outplacement services and medical insurance continuation options.

4) Check out the free job placement and career training services offered by your state. Taking classes will enhance your resume.

5) Remember, every penny saved will add up and help you get through until you find a new job.

Sourced from f e e d p i g dot org

What to do if You Lose Your Job - Chennai Personal Finance Wisdom

What to do if You Lose Your Job

You lost your job, now what?

Stay positive and surround yourself with supportive family and friends and consider the following steps:

1) Immediately evaluate expenditures, bills and financial accounts for strengths and weaknesses.

2) Adjust your budget accordingly and minimize discretionary spending.

3) Discuss with your employer severance pay, outplacement services and medical insurance continuation options.

4) Check out the free job placement and career training services offered by your state. Taking classes will enhance your resume.

5) Remember, every penny saved will add up and help you get through until you find a new job.

Sourced from f e e d p i g dot org

Supplementing Your income - Chennai Personal Finance Wisdom

Supplementing Your Income

If you've reduced your monthly expenses but still find it hard to save each month, consider additional sources of income—which doesn't always mean working a second job on the side. Look for income sources that are flexible, sustainable and enjoyable. Here are some ideas:

* Become a virtual assistant – Virtual assistants are individuals hired to perform duties online that don't require a physical presence, such as conducting research, designing websites, writing articles and making reservations.
* Start a home business – Turn your skills and hobbies into an additional income source. Home businesses are often inexpensive to start and easy to grow and promote via the Internet.
* Write a blog – Earning a little extra money can be as easy as blogging from your home. With free or low-cost blog publishing tools, you could turn a small time investment into extra savings.

Sourced from f e e e e d p i g

Supplementing Your income - Chennai Personal Finance Wisdom

Supplementing Your Income

If you've reduced your monthly expenses but still find it hard to save each month, consider additional sources of income—which doesn't always mean working a second job on the side. Look for income sources that are flexible, sustainable and enjoyable. Here are some ideas:

* Become a virtual assistant – Virtual assistants are individuals hired to perform duties online that don't require a physical presence, such as conducting research, designing websites, writing articles and making reservations.
* Start a home business – Turn your skills and hobbies into an additional income source. Home businesses are often inexpensive to start and easy to grow and promote via the Internet.
* Write a blog – Earning a little extra money can be as easy as blogging from your home. With free or low-cost blog publishing tools, you could turn a small time investment into extra savings.

Sourced from f e e e e d p i g

what would you do with Rs.1 crore? - Chennai Finance Wisdom

Sponsored by OruAcre.com

What would you do, if you get a financial windfall of Rs.1 crore?

Would you invest all into real estate?
Would you buy stocks and put it into the market?
Would you and your wife enjoy spending it?
Would you give it for charity?

What would you do?

I am sure you would be shocked! Money can come in various ways to you. At some point of time, if you are lucky, you would get a financial windfall. Be prepared! I am not saying tomorrow you would get a windfall, but any point of life, it can happen.

As soon as you get a financial windfall, don't do anything. There would be lot of advices, lot of new friends, lot of relatives hanging out with you. These people wouldn't have even cared for you in normal days. Hence, don't get overwhelmed. Just stay calm and do whatever you were doing, as in past.

However, you should consult the financial planner and not mention about the windfall. If you mention about it, you will be looted by commissions. However, if this financial planner is a trustworthy person, he/she is the right person to talk to.

Talk to your good friends about it and others ignore it. However, don't overthrow any good friends on the name of money.

Don't panic. If you panic, you will end up putting the money in wrong places. Hence, stay calm and patient.

The whole idea of putting all the money into one pocket is not a good. The age old fundaa has to be applied here. Diversification...

Think about what you really need from life? Do you want to just stay on life and exist in life, without working. Retire early? or do you want to become big using this money?

Put the money in various pockets and make sure you have enough backup for anything emergent. Invest in something, which would earn you money, with a safety lock on it. In Chennai there is solid business - build commercial complexes, wherein businesses can be opened. You would get good money for your living.

So, invest a part of it, in real estate. I wouldn't give any percentage, because it depends on what you really want in life, based on Rs.1 crore you have. Invest in lands.

Pay off all the debts you will have;
Invest in market; Invest in businesses you know very well;
Invest on people; Make yourself a job, out of it;
Build businesses for yourself. Have a great backup like 40% of the money!

Give some for charity...

Don't forget to enjoy the money - like 3 lakhs for enjoyment out of 1 crore.

At last, don't forget one important point - People first, Money next!

If you have any thoughts, please post your opinions here by clicking on the comments below the article.

what would you do with Rs.1 crore? - Chennai Finance Wisdom

Sponsored by OruAcre.com

What would you do, if you get a financial windfall of Rs.1 crore?

Would you invest all into real estate?
Would you buy stocks and put it into the market?
Would you and your wife enjoy spending it?
Would you give it for charity?

What would you do?

I am sure you would be shocked! Money can come in various ways to you. At some point of time, if you are lucky, you would get a financial windfall. Be prepared! I am not saying tomorrow you would get a windfall, but any point of life, it can happen.

As soon as you get a financial windfall, don't do anything. There would be lot of advices, lot of new friends, lot of relatives hanging out with you. These people wouldn't have even cared for you in normal days. Hence, don't get overwhelmed. Just stay calm and do whatever you were doing, as in past.

However, you should consult the financial planner and not mention about the windfall. If you mention about it, you will be looted by commissions. However, if this financial planner is a trustworthy person, he/she is the right person to talk to.

Talk to your good friends about it and others ignore it. However, don't overthrow any good friends on the name of money.

Don't panic. If you panic, you will end up putting the money in wrong places. Hence, stay calm and patient.

The whole idea of putting all the money into one pocket is not a good. The age old fundaa has to be applied here. Diversification...

Think about what you really need from life? Do you want to just stay on life and exist in life, without working. Retire early? or do you want to become big using this money?

Put the money in various pockets and make sure you have enough backup for anything emergent. Invest in something, which would earn you money, with a safety lock on it. In Chennai there is solid business - build commercial complexes, wherein businesses can be opened. You would get good money for your living.

So, invest a part of it, in real estate. I wouldn't give any percentage, because it depends on what you really want in life, based on Rs.1 crore you have. Invest in lands.

Pay off all the debts you will have;
Invest in market; Invest in businesses you know very well;
Invest on people; Make yourself a job, out of it;
Build businesses for yourself. Have a great backup like 40% of the money!

Give some for charity...

Don't forget to enjoy the money - like 3 lakhs for enjoyment out of 1 crore.

At last, don't forget one important point - People first, Money next!

If you have any thoughts, please post your opinions here by clicking on the comments below the article.

Advice for Credit Card Users - Chennai Money Wisdom

Smart Tips for Credit Card Users

Credit cards can help build a good credit history but improper use can be disastrous. It can be said that credit card debt is easy come and not so easy go. Being knowledgeable and reading the fine print may save you money and may prevent unnecessary expenses when it comes to using plastic.

If you own one or more credit cards, consider the following tips:

1) Most credit cards offer rewards such as airline tickets, cash back, car insurance and other incentives.
2) Paying off your monthly balance to avoid interest will allow you to fully reap the benefits of the card.
3) Credit card applications may often contain low interest rates to attract customers. Before you sign, research: varying interest rates, minimum payment requirements, grace periods, annual fees and credit limits.
4) Understand the impact that cancelling a credit card will have on your credit score. If the card is one that you've had for awhile and consistently paid off, it could negatively affect your credit rating.

Sourced from: f e e d t h e p i g

Advice for Credit Card Users - Chennai Money Wisdom

Smart Tips for Credit Card Users

Credit cards can help build a good credit history but improper use can be disastrous. It can be said that credit card debt is easy come and not so easy go. Being knowledgeable and reading the fine print may save you money and may prevent unnecessary expenses when it comes to using plastic.

If you own one or more credit cards, consider the following tips:

1) Most credit cards offer rewards such as airline tickets, cash back, car insurance and other incentives.
2) Paying off your monthly balance to avoid interest will allow you to fully reap the benefits of the card.
3) Credit card applications may often contain low interest rates to attract customers. Before you sign, research: varying interest rates, minimum payment requirements, grace periods, annual fees and credit limits.
4) Understand the impact that cancelling a credit card will have on your credit score. If the card is one that you've had for awhile and consistently paid off, it could negatively affect your credit rating.

Sourced from: f e e d t h e p i g

Happy Family in Chennai

What do you need for a happy family?

1) Understanding spouse
2) Loving and caring spouse
3) Children
4) Satisfaction
5) Work to do for everyone in the family. At least one person as earning MONEY. Not necessary that another one also has to work to earn. But definitely something to do.
6) Savings is good.
7) Simple life.
8) Everyone likes you and your family. Being good to everyone - very difficult but possible.

The above is minimum. If you want to be more happy -

9) Wealthy - more money
10) Achievement in life - Success.

It is all my personal opinion.
If you think of anything more, please post it as comments.

Happy Family in Chennai

What do you need for a happy family?

1) Understanding spouse
2) Loving and caring spouse
3) Children
4) Satisfaction
5) Work to do for everyone in the family. At least one person as earning MONEY. Not necessary that another one also has to work to earn. But definitely something to do.
6) Savings is good.
7) Simple life.
8) Everyone likes you and your family. Being good to everyone - very difficult but possible.

The above is minimum. If you want to be more happy -

9) Wealthy - more money
10) Achievement in life - Success.

It is all my personal opinion.
If you think of anything more, please post it as comments.

Chennai Money: Money Buckets for Personal Finance Management

There are various money buckets we need to keep the money, when it comes to money management. Here are the buckets, I could think of.

Income Bucket - is where all the income comes in. This would be the starting place of the money in our account. From here, all the buckets would get the money.

Debt Bucket - is where debt payments would go. Like Home Loan, Auto Loan, Personal loan would come under.

Expenses Bucket - is where the day-to-day expenses and planned expenses would go in.

Asset Bucket - is where the assets would come under.

Short-Term Bucket - is where the emergency funds would come. For example, normal savings account or cash at home or checking account money, which is easily accessible would be under the short-term bucket. Immediately accessible!

Medium-Term Bucket - is where next level of emergency fund is available. For example - if you have a not-so-easily accessible high-yield savings account - this would be the right bucket.

Long-Term Bucket - is where the retirement accounts - for both employer sponsored and individual retirement accounts and any other long-term accounts would come under.

Worst Case Bucket - is where all the insurance accounts would come under. ULIP products, term insurance and endowment insurance plans etc.,

Goals:

Go towards the goal of making Debt Bucket empty;
Increase the Income bucket;
Expenses has to be reduced;
Asset bucket has to be increased gradually;
Long-term bucket has to be filled gradually;
Short-Term and Medium Buckets has to be filled aggressively;
Worst Case Insurance is always mandatory if are the breadwinner and you have dependants.

Chennai Money: Money Buckets for Personal Finance Management

There are various money buckets we need to keep the money, when it comes to money management. Here are the buckets, I could think of.

Income Bucket - is where all the income comes in. This would be the starting place of the money in our account. From here, all the buckets would get the money.

Debt Bucket - is where debt payments would go. Like Home Loan, Auto Loan, Personal loan would come under.

Expenses Bucket - is where the day-to-day expenses and planned expenses would go in.

Asset Bucket - is where the assets would come under.

Short-Term Bucket - is where the emergency funds would come. For example, normal savings account or cash at home or checking account money, which is easily accessible would be under the short-term bucket. Immediately accessible!

Medium-Term Bucket - is where next level of emergency fund is available. For example - if you have a not-so-easily accessible high-yield savings account - this would be the right bucket.

Long-Term Bucket - is where the retirement accounts - for both employer sponsored and individual retirement accounts and any other long-term accounts would come under.

Worst Case Bucket - is where all the insurance accounts would come under. ULIP products, term insurance and endowment insurance plans etc.,

Goals:

Go towards the goal of making Debt Bucket empty;
Increase the Income bucket;
Expenses has to be reduced;
Asset bucket has to be increased gradually;
Long-term bucket has to be filled gradually;
Short-Term and Medium Buckets has to be filled aggressively;
Worst Case Insurance is always mandatory if are the breadwinner and you have dependants.

Financial Health Check: Chennai Finance

Add 10(ten) to every "Yes" answer. Add zero(0) to every "No" answer.
You will get a percentage of your FINANCIAL HEALTH out of 100.
Determine yourself...

Financial Health Check

Q1: Do you have 6 months' salary handy for an emergency?
Yes No
Q2: Do you know exactly how much you spend every month?
Yes No
Q3: Do you save at least 20% of your household income every year?
Yes No
Q4: Do you invest that sum regularly?
Yes No
Q5: Do you know what you earn on your various investments?
Yes No
Q6: Do you review investments at least twice a year?
Yes No
Q7: Do you invest beyond what you have to save taxes?
Yes No
Q8: Do you know how much you will need every month to live on when you retire?
Yes No
Q9: Have you enough life insurance?
Yes No
Q10: Do you have medical insurance?
Yes No

Financial Health Check: Chennai Finance

Add 10(ten) to every "Yes" answer. Add zero(0) to every "No" answer.
You will get a percentage of your FINANCIAL HEALTH out of 100.
Determine yourself...

Financial Health Check

Q1: Do you have 6 months' salary handy for an emergency?
Yes No
Q2: Do you know exactly how much you spend every month?
Yes No
Q3: Do you save at least 20% of your household income every year?
Yes No
Q4: Do you invest that sum regularly?
Yes No
Q5: Do you know what you earn on your various investments?
Yes No
Q6: Do you review investments at least twice a year?
Yes No
Q7: Do you invest beyond what you have to save taxes?
Yes No
Q8: Do you know how much you will need every month to live on when you retire?
Yes No
Q9: Have you enough life insurance?
Yes No
Q10: Do you have medical insurance?
Yes No