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How Differently-Abled Can Plan For A Financially Secure Future Without Prior Education

Why planning finances is crucial for specially abled-01

The country has already celebrated its 73rd Independence Day. However, many still ignore the very existence of differently-abled people, their requirements and their plight, including the importance of financial Independence for specially abled people. Few years back, our Prime Minister spoke about the importance of ‘financial independence’ and ‘financial inclusion’ for a side-lined majority of individuals with special disabilities, so that the benefits can reach to them too. According to Census 2011, India has 2.68 crore differently-abled people who lack the ability to perform any activity in the main stream. That is why planning finances is crucial for specially abled; it is required for their special needs and secured future.

Why is it important to plan in advance?
By prioritising finances and future savings, a person with disability is independent and has a low disposable income left as a huge chunk is often directed towards regular expenses such as treatments, regular checkups and other expenditures on medical care and supervision. All these factors hint towards the need of implementation of a sound and appropriate financial plan in order to safeguard the future not only of one’s own self but also of the family. These schemes are only depending upon one’s investment and risk appetite.

How and where to invest?
A plethora of investment options are available in the market, but the lack of knowledge and drive have kept such a huge mars behind the dark clouds. While saving should be a goal, it is also important to remember to set the investment according to earning potential.

Following are a few places differently abled people can invest in:

Public Provident Fund and FDs
It is often advised to invest in PPF and FDs in order to suit long-term saving needs. But it also requires completing the maturity to withdraw from the scheme. You can withdraw the total amount by paying a penalty. Anyone can invest in the PPF scheme with upto Rs 1.5 Lakh. Also, it helps in income tax redemption where they can get effective return.

PM Atal Pension Yojana
This pension scheme is primarily designed for the unorganized sector working class. The age eligiblity for a person joining the scheme is minimum 18 years and maximum 40 years. After its maturity, joinees will get Rs 5000 monthly by investing just Rs 210 per month.

Pradhan Mantri Vaya Vandana Yojana (PMVVY)
This program has been introduced keeping senior citizens in mind. The pension plan is for senior citizens of 60 years and above. The investment limit of the plan is Rs 15 lakhs and senior citizens will get assured 8% return for 10 years. The modes of pension payment will be monthly, quarterly, half-yearly and yearly. The minimum pension amount will be Rs 1,000 per month, Rs 3,000 per quarter, Rs 6,000 per half year and Rs 12,000 per year. The maximum pension amount will be 10x the minimum amount. The last date to apply for the plan is 31st March, 2019.

Small Cap Funds
A part of mutual funds, small cap funds are the funds in companies with a market capitalisation ranging less than Rs 500 crore. The cap in small cap, stands for a company’s capitalisation. Small cap funds are the ones in which the risk factor is really high, but so is the return. Small Cap Funds give aggressive returns. Fund managers are likely to haver exposure to stocks of small companies in range of 65%-90%. Small cap funds also charge an annual fee, known as ‘Exposure Ratio’, to manage your money.

Multicap Funds
These funds are diversified mutual funds which have the option of investing in stocks across market capitalisation. The Multicap Funds portfolio includes all sorts of funds, which are, large cap, mid cap and small cap funds. multicap funds involve comparatively less risk as compared to mid-cap or small cap Funds. This is because these funds involve mixed risk factors, wherein Large Cap has low risk, Mid Cap has medium risk and Small Cap has the highest risk. However, whereas Large Cap has high stability, Mid and Small Cap have high returns. The investments are done in different proportions to fulfil investment objectives.

Along with debt and above-mentioned government and private schemes, equity and mutual funds are also recommended as they help to deal with inflation while at the same time giving good alphas (returns). All such financial plans are highly accessible by simply consulting an investment professional who would understand the requirements and help to draft a plan which is most suitable as per one’s needs.

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Best Ways to save and Invest Money for Newly Married Couples

Best Ways to save and Invest Money for Newly Married Couples

When two people decide to stay with each other, there are many responsibilities which come together. Including Changes in Living or spending money on different choices. Sometimes Not planning proper finance Destroys the flow of happy living. Many Wealth management Companies also advises how can people plan the finance if they don’t have enough money to invest.

There are some ways by following them any one can lead to happy married and wealthier life. These are some points which can help any couple to plan money making.

Opening a Joint Account–  Couples should start saving money firstly by opening a joint account. It will help them in saving money, And planning their future needs. All the experts suggests that opening a joint account in which the couple invests n saves money from their salaries, definitely will be beneficial in future.

Budget making- When we enter in new phase of life it is sometimes difficult to maintain the budget. People are unaware of their partners habits, and don’t have an idea about what they prefer and in which things they love to spend money. So it’s better to make budget for maintaining the flow of funds.

Planning in tax saving Funds-  When couple earns  jointly, the amount of tax which lend on them is also increases. So for avoiding and decreasing the amount of tax, they can save and invest into various insurance schemes. These insurance schemes can not only save the taxes, also give you security for your future.

Planning Smartly-  for every newlywed their are some sort of responsibilities which they need to manage.  Like buying their own house, Buying a car, planning for future emergencies and so on. So it is important to plan smartly and wisely for future financial success.

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Investment Solutions For the People Who Don’t Have Enough Money to Invest

People With Lower Incomes Have More Struggles

People with lower incomes have more struggles. They don’t have enough money for investing. In most cases they don’t have enough money left over after paying the expenses of daily life. The old saying says that money to make money clearly says it all. You should definitely have some  money or wealth to invest for the future sake. It is also true that if you don’t plan money management for the future and uninvited adversaries you will have to face big trouble. If someday you won’t be able to work and have enough savings for living that what you will you do in that case. Well to avoid these situations it is very important to plan investments.

We after talking to Best Wealth Management Companies in Delhi NCR put together some ideas for the people who don’t have enough funds to invest. There are many small funding Schemes in which you can invest :-

DRIPS (Dividend Reinvestment Plan)–  DRIPS, allow you to invest small amounts of money into dividend-paying stock, by purchasing directly from the company. Companies that allow you to make regular purchases of very small amounts of stock, and reinvest the dividends. This can add up to a big investment over time and, as you gain a larger balance, you may consider diverting some of these funds into other investments.

ETFs (exchange-traded funds)-  ETFs,or exchange-traded funds, are financial products that track the performance of a certain sector of the investment market. You can buy as little as one share of an ETF through a broker, and some of these ETFs track the performance of the total stock market, the bond market, and many others.

Target Date Funds- Target date funds, as the name implies, target your retirement date by changing the percentage of stocks and bonds to assure that your money remains safe as you approach retirement age.

If you want to hire Professional Financial Services for your business and funds investment you can contact to VSRK Wealth, one of the Investment Services Company in Delhi.

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How are Fintech Companies creating disturbance in Banking Sector?

Times have changed and the technology has also challenged the status quo of the Financial Sector. The bombardment of mobile payment apps, online shopping, investments, mobile to mobile banking has made a tilt shift of 180 degrees in financial arena. The Banking System has been confronted by this new idea of Fintech Companies which are spreading its roots in India. People now-a-days to avoid paper formalities and finding ease of access through the internet, are switching from Banks to these Fintech Ventures.

Mobility has played a vital role in financial revolution. In this fast-paced World, one needs all the information and services on their smartphones. Financial Services traditionally needed an infrastructural setup (branches) and fixed assets to raise their entry for customer retention. While technology advancements now allow Fintech startups to virtually operate to deliver complex financial solutions. The digital transformation coupled with mobility gives the ease of excess to their clients who initially were forced to wait in long queues for making a deposit, requesting a check-book or conduct trades. That’s where these Fintech Companies earn trust and credence from the public at large giving flexible and adaptable options to their customers.

 

Ways how Fintech is creating disturbance in Banking Sector

Fintech venture opens the door to choose between various and multiple schemes which are available in market. Whereas, mostly bank can only promote their own products. Fintech not only offers numerous plans like mutual funds, pension plans or insurances but with the help of various tools and artificial intelligence draws a comparative analysis chart for the customer which eventually aids them to choose the right plan/scheme for their financial goals.

These Fintech Giants have incorporated the pop of online transactions and use of digital wallets, which eventually has made our life trouble-free than those times where we use to trade goats for wheat. Old fashioned banking transactions have been losing its charm. Today these e-wallets allows anybody to transfer funds from any place on the planet to any person having a mobile phone. This provides a faster, cheaper and more reliable way to transact than conventional banking system. Customers like to experiment with new methods offered by Fintech players which aids them track their payments, passbooks and account balance more transparently on their smartphones. In recent years we have also seen a rapid growth in block-chain, crypto-currency which has taken toll in the financial world by providing a swift way to transact.

Fintech players also empower customers with mobile applications which time to time notifies Portfolio Insights, Tracking of Goals, etc. This contributes customers to get information about their investments and holdings. The inheritance of Mobile Application embodies a platform which personalizes with each and every customer which mostly Bank fails to deliver. With all the statistics and data on one’s fingertips, customer is always updated. Neobanks are a very refined example for the same. In this digital sphere, Fintech endeavours from customer support chat-boxes, machine learning algorithms and biometric fraud analysis which attracts customer’s confidence.

Fintech ventures also promotes machine-learning through artificial intelligence which keeps a track of money laundering. These security software alerts while making any fraudulent payment or any virus attacks, which aids in check and balance of every transaction. Biometrics, facial recognition, iris scans and voice pattern adds a layer to the security system which increases the authenticity and reliability.

Financial Advisor in delhi ncr

– This article has been contributed by Swapnil Aggarwal, Director, VSRK Wealth Creator

 

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Top 5 Ways to Control Your Expenses and Increase Savings

We all have many needs and desires. Our most of desired wishes are related to doing or purchasing something. To fulfill all desires and basic requirements we all need money. Money doesn’t come easy, so before spending money we all need to think about how to spend it correctly. From purchasing grocery to paying bills somewhere we all encounter some financial issues. Today maintaining Lifestyle is so expensive. We all need to plan our budget and expenses according to our Income. Saving money is Very important.

There are so many methods, Tricks and strategies to save money and to achieve your money goals. Below are five of the simplest but most effective Methods to save money .

Always Trace Expenses

First of all you need to check where most of your money spends. It will give you an idea of your needful expenses and extra spending’s. It can help you to cut down those spending’s which is not that important for you. Before purchasing something you should ask yourself Do I really need this? The amount which I am spending on particular thing is in budget or not. When you will think about spending money, then this will help you to stop purchasing unnecessary things.

Invest your Money

If you have a goal to fulfill all your financial needs then you will have to save money. There are many Certified Financial planners and Financial advisory firms that can help you to plan your finance. These financial advisors will suggest you according to your earnings and financial condition which Investment plan and Insurance will be best for you. If you select Good financial planner then the half work is already done, Because right advisor will give you the right planning and will help you to meet your financial goals.

Make Budget

Well it is most easiest way to plan your money matters. From top priority things to less needy things you can make budget.  List your Liabilities according to balance, then handle them accordingly. It will give you an idea of how much amount you need to plan your monthly financial aims. In that way you can cut down unnecessary expenses, and so on and so on until you finally reach debt freedom. It can also benefit you to save money for things which you want to buy other than your daily requirements. In general, the idea is to make sure your that priorities are taken care of before you spend that money on less important things.

Make future Finance Goals

Always plan your future finance. Talk to your partner, and plan what you expect from yourself after n number of years. Then plan accordingly. If you Picture your future then you will be able to save more money. Set your financial targets. When you set targets for your future you become more responsible in money management. Commit and challenge yourself towards Financial targets.

Keep yourself Motivated and up for Savings

First of all you have to keep yourself Motivated for completing your financial goals. This Attitude of keeping yourself active towards your goal will give you more innovative ideas to save money. It will also give you new ways to earn money.  Try to save money whenever you find a way. If you are you’re not sure how much you should save, Save 10 percent of your income, no matter how much you earn. This can help you to meetup all your financial expectations.

Empower yourself by following these methods. You can Talk to Financial Advisor For more better Investment and saving plans.

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