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WealthPreneurs, B/M2/74, N2, Thakare Nagar Cidco, Aurangabad (2026)

07/04/2020

Day 14/21 Living
*GOLDEN RULES BEFORE TAKING ANY LOAN*

1. *DON’T BORROW MORE THAN YOU CAN REPAY*

The first rule of smart borrowing is don’t live beyond your means.Car EMIs should not exceed 15% while personal loan EMIs should not exceed 10% of the net monthly income. Your monthly outgo towards all your loans put together should not be more than 50% of your monthly income.

2. *KEEP TENURE AS SHORT AS POSSIBLE*

The maximum home loan tenure offered by all major lenders is 30 years. The longer the tenure, the lower is the EMI, which makes it very tempting to go for a 25-30 year loan. However, it is best to take a loan for the shortest tenure you can afford. In a long-term loan, the interest outgo is too high. In a 10-year loan, the interest paid is 57%
20-year loan, the interest paid is 128%.

If you take a Rs 50 lakh loan for 25 years, you will pay Rs 83.5 lakh (or 167%) in interest alone.

But for Young person with low income it is not possible hence advisable to increase the EmI amount every year in line with increase in income.

If a person takes a loan of Rs 50 lakh at 10% for 20 years, his EMI will be Rs 48,251. If he increases the EMI every year by 5%, the loan gets paid off in less than 12 years. If he tightens the belt and increases the EMI by 10% every year, he would pay off the loan in just nine years and three months.

3. *ENSURE TIMELY AND REGULAR REPAYMENT*

It pays to be disciplined, especially when it comes to repayment of dues. Whether it is a short-term debt like a credit card bill or a long-term loan for your house, make sure you don’t miss the payment. Missing an EMI or delaying a payment are among the key factors that can impact your credit profile and hinder your chances of taking a loan for other needs later in life.

4. *DON’T BORROW TO SPLURGE OR INVEST*

This is also one of the basic rules of investing. Never use borrowed money to invest. Ultra-safe investments like fixed deposits and bonds won’t be able to match the rate of interest you pay on the loan. And investments that offer higher returns, such as equities, are too volatile. If the markets decline, you will not only suffer losses but will be strapped with an EMI as well.

5. *TAKE INSURANCE WITH BIG-TICKET LOANS*

If you take a large home or car loan, it is best to take insurance cover as well. Buy a term plan of the same amount to ensure that your family is not saddled with unaffordable debt if something happens to you. The lender will take over the asset (house or car) if your dependents are unable to pay the EMI.

6. *KEEP SHOPPING FOR BETTER RATES*

A long-term mortgage should never be a sign-and-forget exercise. Keep your eyes and ears open about the new rules and changes in interest rates. Keep shopping around for the best rate and switch to a cheaper loan if possible.

Also, switching will be more beneficial if done early in the loan tenure. Suppose you have a loan at 11.75% and are being offered a new rate of 9.9%. You can save up to 52 EMIs if the loan still has 18 years to go. But if the loan only has five more years to go, the new loan tenure will be only three EMIs shorter.

7. *UNDERSTAND THE FINE PRINT*

Loan documents don’t make for light reading. Paragraph after paragraph of legalese printed in a small font can be a put off. Yet, read the terms and conditions carefully to avoid unpleasant surprises. If you are unable to understand the legalese, get a financial advisor or chartered accountant to take a look at the agreement before you sign it.

8. *SUBSTITUTE HIGH COST LOANS*

If you have too many loans running, it’s a good idea to consolidate your debts under one omnibus low-cost loan. Make a list of all outstanding loans and identify the high cost ones that can be replaced with cheaper loans (see table). For instance, an unsecured personal loan that charges 18-20% can be replaced with a loan against life insurance policies.

A loan against property can be used to repay all other outstanding loans. You could also consider other options like gold loans and loan against bank deposits. It is also a good idea to prepay costly loans as soon as possible. Divert windfall gains, such as annual performance bonus, tax refunds and maturity proceeds from life insurance policies towards repayment of these high-cost loans.

9. DON’T NIX RETIREMENT BY AVOIDING LOANS

Indians are emotional about certain financial goals, especially when these relate to children. Given a choice, no parent would want to burden their children with a loan, especially for the purpose of education. While securing your child’s future is important, you need to also assess if it impacts your own future.

Your retirement is as important as your child’s education, perhaps even more. Do not plan for your children in isolation. Let all your goals be a part of your expense planning, it will help you balance better.

10. *KEEP SPOUSE, FAMILY IN LOOP ABOUT LOAN*

Before you take a loan, discuss it with your family. This is important because the repayment will impact the overall finances of the entire household. Make sure your spouse is aware of the loan and the reasons for taking it.

To know more about Loan mangement , please Contact -Your True Financial Planner @+91-8007639503
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05/04/2020

Day12/21
*JARS System of Money Management*

1.*Necessities 55%:*
This account is for managing your everyday expenses and bills. This would include things like your rent, mortgage, utilities, bills, taxes,
food, clothes, etc.
*Golden Rule* : Necessities should not be more than 55%. On other hand try to minimize the expenses on necessities and whatever lsaved put that in Jar no. 1 & Jar no. 2

2.*Long Term Savings 10% :
This is your golden goose. This jar is your ticket to financial freedom.
The money that you put into this jar is used for investments and building your passive income streams. You never spend this money. The only time you would spend this money is once you become financially free. Even then you would only spend the returns on your investment. Never spend the principal.

3.*Long-term short saving 10%:*
Money in this jar is for bigger, nice-to-have purchases. Use the money for vacations, extravagances, Car, contingency fund, your children's education /marriage etc. A small monthly contribution can go a long way.

4.*Education 10%:*
Money in this jar is meant to further your education and personal
growth. An investment in yourself is a great way to use your money. You are your most valuable asset. Never forget this.
Education money can be used to purchase books, CD’s, courses on self development, career enhancement and anything else that has educational value.

5.*Entertainment 10%:*
Entertainment money is spent every month on purchases you wouldn’t normally make. The purpose of this jar is to nurture yourself. You could purchase an expensive bottle of wine at dinner, get a massage or go on a weekend getaway.
Golden Rule*-Never ever try to save from this Jar. Whether you spend this in single go or split it throughout the year it's upto yo

6.*Charity 5%:*
Money in this jar is for giving away. Use the money for social cause, Donation's to orphanage.

Want to streamline your financials, please Contact -Your True Financial Planner @+91-8007639503
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04/04/2020

/21

*Investing Mantras by

Because of recent turmoil worldwide many investors are afraid about their investments in Mutual Funds,Stock Market,etc. But one need to have patience and take smart moves by investing on big fall.

History has proven that those who fearlessly hold what they have and invest more on dips creates wealth and that is how one can become rich too.

1. Cash Is King

2. Be Fearful When Others Are Greedy

3. Dividends Are Your Friend

4.Always Buy Undervalued Stocks

5. Buy & Hold

To know more about Money Wisdom, please
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03/04/2020

/21
*Must Read Books on Personal Finance*

You can make A "Million Excuses " or you can make A "Million Dollars"

To know more about Money Wisdom, please
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01/04/2020

/21
*Credit Card Management*

Don't cut up your credit cards , the problem is not the cards, it's the lack of financial literacy of the person holding the cards and always make the best out of bad situation.

You learn to manage your card like a pro.

1.*Live within your means:*
This is the number one rule of successful personal finance, as well as credit management. Make sure that you can afford what you buy – even when you buy on credit. You want to be able to afford the loan payments, and before you buy anything with a credit card, save up for It so you can pay off the balance.

2. *Understand Your Billing Cycle*

Your billing cycle will usually end on the 1st or 2nd of every month. This is when your credit provider will add interest to your account based on the balance ending on the last day of your billing cycle.

Always make sure that your balance is the lowest you can possibly make it by the end of your billing cycle.

3. *Don’t Use More than 30% of Your Credit Card Balance*

This little trick is called your “credit utilisation percentage” and it’s kind of a big deal. FICO, the standard credit score model used to work out your credit score, shows that those who have a score above 750 usually have a credit utilisation percentage of an average of 7%.

Want to work out your credit utilisation percentage?

Total Balance ÷ Total Credit Limit = Credit Utilization x 100 = %

Not only do you pay less interest, but you may also be eligible for a credit card with a lower interest rate. Savings all round.

4. *Pay More Than the Minimum*
The less you pay now, the more you pay later. Depending on the credit card, you could save an average of 20% per year on interest.

5. *Make multiple payments*
We all fall into the trap of only paying one payment off your card at the end of the month. But it’s a little-known fact that making multiple payments can improve your credit limit and make it easier to manage your balance.

6. *Never take cash out*
Credit card companies like to add on fees and interest wherever they can. Taking cash out, also known as a cash advance, is an expensive way to use your card. Every time you use your credit card at the item, you will immediately be charged interest and you will also have to pay a fee.

7.*Have different types of credit* accounts: One of the factors considered by lenders when it comes to your credit is the different types of accounts you have had in the past. A mix of revolving accounts and installment accounts is preferred. Installment accounts are those, like mortgages and car loans, show you can make a fixed payment over time (and do it on time). Revolving accounts, like credit cards, show that you can handle paying down your debt periodically, without going over your limit.

To know more about Nomination , please
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31/03/2020

Day7/21
*Nomination-*

Ensure proper nomination for all your assets like -
1. Insurance Policies
2.Mutual Funds
3.Demat Account
3. Bank Accounts
4.Bank Lockers
5. Post office Schemes-PPF,RD,MIS,Senior Citizens scheme,Etc
6.Employee Provident Fund
7. Government Bonds/Debentures
8.Will

To know more about Nomination , please
Contact -Your True Financial Planner @+91-8007639503
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30/03/2020

Day 6/21
*Curb on your expenses to save more*

Below are some of the smart ideas you can implement in your life to curb on expenses.

1. *Envelopes*
Start budgeting and for each expense head put budgeted money in diffrent envelopes. For Ex- Entertainment Envelope with2500 rs. So every time you open it you will decide the venue or activity according to the money balance in it.

2. Use resources such as *community event* listings to find free or low-cost events to reduce entertainment spending.

3.Cancel *subscriptions and memberships* you don’t use—especially if they renew automatically.

4.Commit to *eating out only once a month* and trying places that fall into the “cheap eats” category.

5.Give yourself a *“cooling off period”*: When tempted by a nonessential purchase, wait a few days. You may be glad you passed—or ready to save up for it.

6. Take a *‘no buy’ day or week*. This means for the entire time of the ‘no buy’ break, you aren’t allowed to buy anything new or to go shopping.

7.You should also try your best to avoid *impulsive spending*. If you see something you would like to buy, try waiting a day before actually committing yourself to buying. If you really want it, you will come back. If not, you will never. This also gives you the chance to find other things that may be better.

8.You can also end up with a substantial chunk of extra cash every month just by paying your bills, particularly credit card bills, on time.

9. Recycle all items that can be recycled.

For more details
Contact -Your True Financial Planner @+91-8007639503
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29/03/2020

/21

*Emergency-* Remember when disaster strikes,the time to prepare has passed. And hence one should take smart move by always keeping aside 6 to 12 months income as a Emergency Fund.

For more details
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28/03/2020

/21

Health is not valued till sickness comes and it comes with huge cost.One should take smart move by opting Family Floater Health Insurance plan that covers all diseases along with Corona (COVID-19).

For more details
Contact -Your True Financial Planner @+91-8007639503
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13/03/2020

Sensex was corrected more than 10% many times in last 39 years.

*Year 1992* - Sensex down by 54% in a year and up by 127% in next 1.5 yrs.

*Year 1996* - 40% down in 4 years and 115% in next year

*Year 2000* - 56% down in my 1.5 years and 138% up next 2.5 years.

*Year 2008* - 61% down in 1 year and 157% up in next 1.5 years

*Year 2010* - 28% down in 1 year and 96% up in next 3 years

*Remember Corrections are temporary and Growth is Permanent*

Stay invested 👍👍👍

Contact -Your True Financial Planner @+91-8007639503
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WealthPreneurs

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Wednesday	9:30am - 8pm
Thursday	9:30am - 8pm
Friday	9:30am - 8pm
Saturday	9:30am - 8pm
Sunday	9:30am - 8pm