Saving of 30 Rs a day Can make you a Crorepati

How to become a Crorepati ?

This is a very simple question with a no specific answer, there is no shortcut of becoming a crorepati . Crorepati’ is a dream that every Indian has. But the critical question is how to do that. 

To be a crorepati, you need time on your side. It is a dream that is quite achievable but requires tons of patience. Time is an important factor when investing your hard earned money into investment vehicles such as mutual funds.

Always remember that one must start saving and investing as early as possible to reap benefits once you take control of your financial destiny. No one said it was easy!

But, it can be achieved.

There is a long but an easy way out to achieve this goal. So Start investing and Start it early. Warren Buffet started investing in stocks at the age of 11 and he became the 2nd most richest person in the world. (How to invest like warren Buffet?)

Want to be crorepati after 40yrs ? We at moneymindz.com will make it easy for you. Just give us a missed call on 022-62116588 or Visit MoneyMindz.com to explore our best Free Advisory Service. We don’t sell of any financial_products. We only provide FREE financial advice so that you are not mis-guided while buying any kind of financial products.

There are 3 factors once should keep in mind to get those seven zeros rocking in your account.

1) Amount invested monthly/yearly 

2) Rate of return

3 Harnessing the power of compounding 

Let us understand it with an example and a set of assumptions. Assumptions are as follows:

• Mr. X is 20 years old

• He accumulated 30 Rs per day monthly for 40 years

• At the end of every month he invest the daily saving( Rs 900 appx. ) in a diversified mutual fund.

• Mutual fund gives a return of 12.5% p.a.,

• If Mr. X continues this process for 40 years, he will become a crorepati if all the assumptions mentioned hold good.

Amount invested monthly/yearly:

As the saying goes, “Save today for a better tomorrow”. It is true that when you save today, the amount rewarded at the end of the road is much bigger. A small saving leads you to a modest fortune.

Mutual funds: Diligence is the mother of success

Diligence is the earnest, conscientious application of our energy to accomplish what we have undertaken.

When we are diligent, we pay careful attention to detail and are dedicated to achieving quality results. Diligence means that we are continually working toward our goals, making use of what resources and opportunities are available. We are vigilant to avoid errors and to stay focused on the task. Our diligence provides a basis for people trusting us with jobs that are tricky or complicated and important to them. Diligence does not rely on talent, but employs commitment, industry, and perseverance to transform vision into reality. Diligence is the key to success as it means that success involves persistence and cannot be achieved overnight. The true meaning of diligence is not to exert ourselves around the clock without rest, but to work persistently and efficiently without wasting time. Some people believe in luck, but that outlook may deliver negative messages.

For example 

If a farmer just ploughs his field for a day and rests for most of the season, he would gain nothing. On the contrary, some people understand the importance of diligence and forming good habits, and I believe they are on the right track. For example, the reason why the Chinese women’s table tennis team does so well is that they all work hard training every day. Diligence is especially true in studying. We all know that once time is wasted, it will never return. As a junior college student who only has a three-year university life, I know we should devote more time and energy to our studies, because diligence will lead us to success. Want to know get success on investment planning? Just leave a missed call on Moneymindz.com @ 022-62116588 or download our app Financial Freedom. Moneymindz offers Free, Unbiased and on-call Free Financial Advisory, Financial Investment Services, #Financial_Planning, Certified Financial Planner Assistance, Retirement Planning Advisory, Free Financial Advisors, Online Personal Finance, On-call Investment Management, Best Financial Planner, CFP India, Personal Financial Planning.

Once upon a time, there was a washer man with three donkeys within whom one among them ate more. The donkey was so lazy that it never engages in any work and fell asleep whenever it wants. The washer man was very angry about it so he decided to sell it. Another washer man was passing by when he saw the notice board written for sale of that donkey. He wanted to test the donkey before finalizing the deal of acquiring it. To his horror, it slept and ate all day without even listening to the master. The washer man returned the donkey to its former master and fled.

Just like the washer man, it is important to conduct due diligence of the investment that we wish to invest in. Always opt for investment scheme like mutual funds, which are transparent, well-regulated and professionally managed.

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Do not step forward without proper advice: A couple’s horrifying tale

Nothing looks sweeter but a couple, who got into each other since college days and ended up getting married. Travelling under the night sky, stars blinking billions of light years away, and head rested on his shoulder, silent look into each other’s eyes with no one to bat eyes on them. Automatically a rendition of soulful piano and violin starts playing inside – a story about two young adults as they grew up together making memories. Ranjan, a banker married Tia, a digital marketing executive and are happy when a blessing news wrapped the couple in felicity. Tia was pregnant and she had plans for their future. Let us get into the accounts of one of her horrifying tales.

“I knew that having our first child meant that getting life insurance should be a top priority for both me and my husband. We researched policies, got a quote for an affordable term life insurance policy and had our medical exams. Imagine my surprise when, a few weeks later, the agent called me back and told me my new adjusted rate.

The cost of my policy had gone from a reasonable monthly fee they had quoted me—to nearly four times that amount. The reason, he said, was that my cholesterol levels were high. I called my doctor in a panic. Cholesterol levels always spike during pregnancy, she reassured me, and they probably will not be back to normal until a few months after you give birth.

After doing some research, I found that it is nearly always better to get a life insurance policy before you get pregnant to avoid potential price hikes brought on by temporary conditions during pregnancy. While some companies account for the fact that I gained weight due to the pregnancy, factors like higher blood pressure or postpartum depression can also affect your ability to get the best rates.

Now my daughter is three months old, and I am still waiting for my numbers to dip before starting again. I really wish I had known to start this process when trying to conceive instead.”

A blunder can harm people so much, maybe a lifetime. Therefore, it is better to take an advice before vouching for personal choices. Contact, Moneymindz, the best free financial advisory services. An advice should pass rather than keeping to oneself.

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Tax scenario after demonetisation...

The Central Board of Direct Taxes has cracked down on 18 lakh people who made suspicious deposits of over Rs 5 lakh during the 50-day demonetisation period, as part of its Operation Clean Money. Here is how taxmen are expected to further investigate these possible cases of black money and tax evasion.

Individuals

1. Individuals are exempt from verification for deposits of up to Rs 2.5 lakh (other than minors). No verification required for deposits of Rs 5 lakh for those over the age of 70 years.

2. In case of cash receipts from exempt income such as agriculture, officials will verify these against earlier returns. They may also seek information on land holdings, etc.

3. I-T may seek bank statements to cross-check individuals' bank withdrawals.

4. Those claiming cash receipts from third party as 'gifts', may be asked to pay tax.

5. No need for additional information for those in business if cash holdings are lower than level at the end of March 2016.

Businesses
1. Assessing officer will verify if cash transactions are in line with normal practice by seeking data on monthly sales, stock register entries, bank statements.

2. Investigators will look at abnormal jump in cash sales during November-December 2016 and tally it with sales history.

3. More than one deposit of scrapped Rs 500 and Rs 1,000 notes closer to Dec 30 deadline may trigger attention

4. Non-availability of stock or attempts to inflate stocks by introducing fictitious purchases will also attract scrutiny.

5. Transfer of cash deposits to another entity or account which is not in line with earlier history may invite queries.

To know more about taxation and how to save income_tax

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How to invest in Mutual Funds

It is never too early or too late to review the basics of investing with mutual funds.

1. How to Start Investing With Mutual Funds

Before a person start investing in a mutual fund, they may want to try beginning with a balanced fund. People will also want to ask questions: How are trying to fulfilling their wish with the savings they have? Do they have specific goals? Are they saving for retirement, or do they have some broadly defined set-up, such as the accumulation of wealth for the general purpose of strengthening their financial security? What is their probable time horizon or speculation? It must be either a year, five years or ten years which we call as short-term, medium-term and long-term.


2. Know Your Risk Tolerance


Before choosing funds, the said person needs to have an uncluttering idea of how much risk they can tolerate. Their risk tolerance is a measure of how much fluctuation i.e. Volatility - Vicissitudes or market risk they are able to handle. For example, if A, an investor gets highly anxious when his Rupees 50,000 account value falls by 15% (to Rupees 42,500) in a span of one-year, their risk tolerance is relatively low or in simpler words, they cannot tolerate high-risk investments.


3. Determine Your Asset Allocation


Once they have built the ability to determine their level of risk tolerance, they can assess their asset allocation, which is the mix of investment assets—stocks, bonds and cash, which comprises their portfolio. The asset allocation when properly executed will reflect their level of risk tolerance, which can be described in three categories as 1) aggressive (people having high tolerance for risk), 2) moderate (having medium risk tolerance) and finally 3) conservative (person with low risk tolerance).


Moneymindz, the best free financial advisory service will guide you through the best possible investment where risk tolerance will be mitigated due to hefty investment options.

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