FinVise India

Retirement planning is a critical aspect of personal finance that is often overlooked until it's too late. The earlier you start, the better your chances of creating a financially secure future. This blog post will guide you on how to save for retirement and create a solid financial plan that will help you achieve your retirement goals. First, let's look at why retirement planning is essential. Retirement can last for decades, and you want to ensure you have enough money to support your lifestyle during that time. Also, social security benefits may not be enough to cover all your expenses, and healthcare costs may rise as you age. Therefore, having a retirement savings plan in place is crucial. Now, let's look at some practical steps to help you save for retirement. Firstly, start by setting retirement goals and creating a budget. A budget helps you track your expenses and identify areas where you can cut back to save more money. It's also essential to calculate your re

  Mutual fund investors may have been unpleasantly surprised by a recent tax change for non-equity funds. The Finance Bill amendment, effective as of April 1, 2023, states that all capital gains in non-equity funds, regardless of their length, will be taxed based on the investor's income tax rate. Previously, long-term capital gains in debt funds held for 36 months or longer were taxed at a rate of 20% after factoring in indexation benefits. However, starting on April 1, 2023, all capital gains in debt funds will be included in the investor's income and taxed at their marginal tax rate, which is determined by their income tax slab. The recent tax change by the Finance Minister has eliminated the long-term capital gains (LTCG) tax benefit for debt funds, making their taxation equivalent to that of bank fixed deposits and some government small savings schemes. With this change, some investors are questioning the value of investing in debt funds, as they no longer have a tax advan

  Raise your kids to be Financial Rockstars. 7 steps for teaching kids to manage their money like a boss: 1) Set an example. Kids learn by example. If you want them to be financially responsible, you need to be a model of financial responsibility. Show them how you make financial decisions. Demonstrate the importance of budgeting, saving, and investing. 2) Teach the value of money. Kids don't understand the value of money until you teach it to them. Start with some basic concepts and build from there. Teach them how to count money, how to save money, and how to set aside money for specific goals. 3) Make money a part of everyday life. Kids should be exposed to money on a regular basis. Take them grocery shopping, let them pay for small items, and involve them in household budgeting. 4) Encourage saving. Teach your kids the importance of saving money. Help them set up a savings account and encourage them to save for something they really want. 5) Set up an allowance system. An allo

Are you financially literate? The digital age is driving money advice into uncharted territory. Here are 7 tips to stay ahead of the curve: 1. Automate your finances. Automatic bill pays, savings, and investments save time and eliminate human error. You can set automated systems for: → Paying bills → Investing → Saving 2. Use budgeting apps. Mint, You Need A Budget, and PocketGuard are popular budgeting apps that keep track of expenses and generate reports. This helps you identify where you can cut expenses and invest more money. 3. Understand basic finance terms. Know the difference between a stock, bond, and mutual fund. Learn what an APR means and what your credit score represents. 4. Diversify your investments. Diversification of your investments reduces your risk of losses by spreading your investments across a range of asset classes. Examples of investments include: → Stocks → Bonds → Mutual Funds →

  Our ability to achieve financial freedom can be significantly hampered by debt. There are many people who struggle with debt. The average amount owed by Indian citizens is Rs. 1.16 lakh, according to a recent poll. Debt can be paid off and financial freedom can be attained, though, with the appropriate tactics and attitude. We'll talk about seven methods in this blog post for settling debt and obtaining financial security. Create a budget: Setting up a budget is the first stage in debt repayment. You may keep track of your expenditure with the aid of a budget and find areas where you might reduce your spending. Make a list of all of your debts in the beginning, including the interest rates and required minimum payments. Pay your high-interest debts off first while only making the minimum payments on your other debts. Once you've created a budget, adhere to it as precisely as you can. Consolidate your debts: If you have several high-interest loans, combining them into one lo

  Why should you consider retirement planning? For most individuals, their investments after retirement will be their primary source of income. Only a small portion of Indian retirees have additional income sources, such as pensions or rental money. When you retire, you will need to have enough savings and investments to cover your regular expenditures. Your retirement preparation should focus on achieving financial independence as its primary goal. It is implied that you are financially independent if your investment money covers all of your expenses. If you become financially dependent on your offspring or other relatives, you will no longer be financially independent. Retirement life spans are lengthening as a result of improved medical treatment and rising life expectancy. You and your spouse should be able to survive off of your retirement fund for the rest of your lives. Inflation-related costs will increase as you live longer in retirement. Assume you are 30 years old with a mon