Financial lessons from Bollywood Movies.

Films are often a reflection of our society but they also hold a mirror to us. It is no wonder then that the good ones go on to show the tragedy and triumph of the human life, thereby influencing all of us in some way. Being a movie buff, I end up watching almost every Hindi movie that hits the theatre. Bollywood films always leave a great impact on me. They make me feel happy, sad, emotional and excited all at the same time. No matter in which genre it fits, Hindi films also give valuable lessons. While some offer ideas on fashion and styling, others give proposal ideas to youngsters. But what if I say some Bollywood movies give valuable financial lessons, would you believe me?

Here is a list of films that you may have watched multiple times but missed their valuable financial lessons. Get a class of cook and some popcorn before you start reading!

Chak De India:

Shah Rukh Khan starrer Chak De India is a sports based movie. The movie deals with various management principles such as team building, team work, leadership and goals. However, the most important financial lesson that can be gained from this movie is that one should do proper homework before strategizing. In the movie, the hockey coach does accurate planning and prepares well before every game of his team. Similarly, before you invest in any avenue, you must do thorough research and homework on the investment. If you plan to invest in a mutual fund or a debt product, it is important to understand the features, benefits and risks of the product before investing. Only then is it possible to maximize returns and minimize risks, keeping in mind your individual goals and needs.

Baghban

This film is a perfect example of miscalculated retirement planning. The lead actor Raj Malhotra (Amitabh Bachchan) spent everything, including provident fund and gratuity, on education and other needs of his four sons. But when he retired, he had nothing to back him up, and none of the sons was ready to look after him and his wife. Taking a lesson from the film, we should always do an early retirement planning instead of relying on our children. With longevity increasing in the country and rising medical inflation, the need to do retirement planning has increased. Further, the amount received from the employee’s provident fund may not be sufficient to sustain a longer life.

In the past few decades, there has been a cultural shift in the country with the emergence of nuclear family culture. Many retirees don’t prefer to depend on their children for expenses. Many times, children also refuse to support their retired parents financially. Maintaining an independent and relaxed lifestyle is sustainable only if it is carefully backed with a financial cushion.

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3 idiots

3 Idiots, one of the biggest blockbusters of all times and starring Aamir Khan has one underlying message – keep things in life simple and uncomplicated. This can lead you to achieve great results, if you are hard working and committed. The same applies to our investments and financial life. Nowadays, there are several complicated investment products, details of which the sales person himself does not understand in most times. Raju Rastogi, (Sharman Joshi) came from a low-income family. His father was a postman but in an accident, his limbs got completely paralyzed and as a result, he lost his job. The family was dependent on the meager income of his mother which was not enough to fund household and medical expenses. Raju wanted to take the responsibility of his family and therefore, he was working hard to become an engineer and land a lucrative job. However, his miserable financial state made him emotionally weak and at one point of time, he even attempted to commit suicide.

The destiny of Raju’s family would have been different if his father had bought a term plan, offering complete coverage against disability and critical illness. But due to his poor state, Raju’s father never thought to buy a term insurance.

For example, the Unit Linked Insurance Plan is a combination of insurance and mutual funds, and turns out to be very expensive for the investor. The agent who sells you the ULIP is himself unaware of these details or is so overwhelmed by the complexity of the product that he chooses to keep quiet when he sells it. Keep your investments simple – take a pure term insurance for insurance cover and an equity mutual fund for investment. This is what 3 Idiots teaches us.

Deewar

Vijay and his brother endured a lot after the demise of their father. Even due to the shortage of funds, Vijay had to stop his education in the mid-way and in the process of fighting for the family’s rights, he became a smuggler.

No matters how much you have saved over the years, unforeseen circumstances, such as death, affect the family both financially and emotionally. Vijay’s father was not financially strong, and hence, he did not buy a term plan, however since you are working and drawing a decent salary, you must not repeat the same mistake of ignoring a term policy. A term policy ensures that your family continues to enjoy a life without any financial worries even in your absence. After your death, the insurer will pay death benefits which can be utilized by your family for child’s education and other household expenses.

As a hero protects his loved ones from a villain, we should also buy insurance to safeguard our family from life’s adversaries. Further, like movie tickets, it is possible to buy insurance and investment products with a click of the mouse. " Be the real hero of the family "

You are here because you want to become rich.

Everyone would dream about winning the lottery and getting crazy rich overnight. But dreams are nothing than a puff of thoughts.

Most people would like to get rich and buy a great mansion, drive a nice car and just spend as much money on stuff they love. But how many know what getting rich really means and what it takes? 

Being rich is not just about the dollar amount, it’s a lot more than that.

Being rich is a state of mind. In a sense, you could be rich but still poor, and vice versa.

You can define “rich” in different ways. There are a lot of people who simply consider it as having a lot of money. For them, rich is equivalent to a being a millionaire.

But rich can also be psychological richness. It is an achievement of being able to live without the worry of money. You don’t necessarily need to own a castle to be considered rich. Everyone can be rich as long as we are able to do what we desire freely and to have the fulfilment in life. The key of it is to live with or even less than what you have. To be “normal” even when you are financially capable to do a lot more.

Becoming rich is not a everyone’s cup of tea. 

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Here are some tips of becoming rich.

Adopt the producer mentality.

You must make a major shift from being a consumer to producer. Here are some examples: consumers eat pizza, producers make pizza; consumers watch movies, producers make movies; consumers search for jobs, producers provide jobs. Every millionaire is a producer. Only producers get rich.

The overarching goal of a producer is not to eat, but to feed people. Obviously, producers must consume at some point, but it isn't their primary goal. Instead of seeking their next meal, they're more interested in providing the next meal for someone else, knowing that they will have the chance to eat in the process.

Put money in the stock market.

Invest money in stocks, bonds, or other vehicles of investment that will give you an annual return on investment (ROI) great enough to sustain you in your retirement 

Don't get enticed by day traders who tell you it's easy to make a quick buck. Buying and selling dozens of stocks every day is essentially gambling. If you make some bad trades — which is unbelievably easy to do — you can lose a lot of money. It's not a good way to get rich.

Instead, learn to invest for the long run. Choose good stocks with solid fundamentals and excellent leadership in industries that are primed for future growth. Then let your stock sit. Don't do anything with it. Let it weather the ups and downs. If you invest wisely, you should do very well over time.

Sacrifice for stupid expenses. 

The great majority of people are afraid to make sacrifices because they think they'll lose something. The single mother won't buy a $20 book that will help her earn $20,000 extra dollars. She's the same mother who's afraid of the cost, but still would buy a video game for her son to make him happy.

Before you become rich, you must become poor. Besides lottery winners and heirs who receive hefty inheritances, you must be willing to pay the price and sacrifice everything. You must be able to handle the worst if you want to expect the best. There will be many times where you'll have to delay gratification to focus on a bigger goal, which is always worth it in the end.

Make a budget (and stick to it)

Create a monthly budget that covers all of your basic expenses and leaves a little bit of "fun" money aside. Sticking by your budget and saving at least some money each month is a good way to lay the groundwork for your efforts to get rich

Ideally, set up an automatic withdrawal into another account so that you aren't even tempted to touch it. If you never see it, you won't miss it. Squirreling away savings will help you anticipate emergency scenarios and prepare you for retirement.

How much money should you try to save? It mostly depends on your salary, but a good benchmark is 15% to 20%. If you can only afford to save 10% of your annual income, that's fine, provided that you save some of it.

Money is important but how much do you need!

The importance of money in human life is similar to the importance of food for the body. Just like you can’t live even for a few days without food, you can’t survive for long without money.

You can definitely solve most of your problems of life if you have unlimited supply of money. If you have lots of money:-,

You won’t be facing basic problems of life like food, water, shelter or clothing. 

You can buy all items for your comfort like house, Air-conditioners, TV and other household goods to live comfortably.

You can engage many servants to take care of you and live like a king

The only problem is that money does not come just like that to any person by any amount of wishing, praying or wanting. You have to work hard and compete with fellow human beings to earn money as the supply of money is limited in this world but the demand of money is unlimited.

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Hence, money which is a solution of all problems actually becomes the root of all problems for most people.

Most people fail to strike a balance between earning and enjoying money. They believe that more money means more joy. Hence they workday and night; make all sorts of compromises and suffer all types of pain in order to earn money in the hope that they would use this money to enjoy happiness soon. However, for most people, such time never comes and they die unhappy and dissatisfied. 

"How Much Land Does a Man Require?" is a beautiful story by Leo Tolstoy which explains this nature of man.

A peasant named Pahom overhears his wife and sister-in-law argue over the merits of town and peasant farm life. He thinks to himself"if I had plenty of land, I shouldn't fear the Devil himself!" Satan is present sitting behind the stove and listening. Satan abruptly accepts his challenge and also tells that he would give Pahom more land and then snatch everything from him.

A short amount of time later, a landlady in the village decides to sell her estate, and the peasants of the village buy as much of that land as they can. Pahom himself purchases some land, and by working off the extra land is able to repay his debts and live a more comfortable life.

Later, he moves to a larger area of land at another Commune.Here, he can grow even more crops and a mass a small fortune, but he has to grow the crops on rented land, which irritates him. Finally, after buying and selling a lot of fertile and good land, he is introduced to the Bashkirs, and is told that they are simple-minded people who own a huge amount of land.

Pahom goes to them to take as much of their land for as low a price as he can negotiate. Their offer is very unusual: for a sum of one thousand rubles, Pahom can walk around as large an area as he wants, starting at daybreak, marking his route with a spade along the way. If he reaches his starting point by sunset that day, the entire area of land his route encloses will be his, but if he does not reach his starting point he will lose his money and receive no land.

Pahom is delighted as he believes that he can cover a great distance and has chanced upon the bargain of a lifetime. He stays out as late as possible, marking out land until just before the sun sets. Toward the end,he realizes he is far from the starting point and runs back as fast as he can to the waiting Bashkirs. He finally arrives at the starting point just as the sun sets. The Bashkirs cheer his good fortune, but exhausted from the run, Pahom drops dead.

His servant buries him in an ordinary grave only six feet long, thus ironically answering the question posed in the title of the story.

This story provides the greatest wisdom about money.

You must ask this question: “How much money does a man require?”

And then try to find the answer yourself.

The right answer to this question can solve most of the problems of your life and fill it with joy and peace. 

Make Smart Financial Moves For Single parents.

Single parents especially in India have a tough time managing the society, expectations, and finances. They have got the unenviable process of having to double up on all fronts and but lift on with a smile.

Rising children is one of the toughest job in this planet. If not the hardest--and more than 13 million parents do it solo according to a survey.

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Start early

As income is particularly tight for single parents, it's very important to let time go to work for you. Invest early to give you the best return .If a parent chooses to be more conservative, saving the money in things like guaranteed investment certificates (that have a low return at the moment but one that's guaranteed, starting early also gives the interest on the investment more time to compound.

Monitor your current spending. Chances are the bulk of your money is going toward housing, child care, health insurance, food, clothing and gasoline — but how much is going toward each category, and are there ways to simplify and cut back before all the money vanishes each month? To find out, scrutinize your spending over a period of two to three months.

Be up front with your children. Have an honest discussion with them about the family’s financial picture — especially if you’re a suddenly single parent. They have the capacity to understand their changed circumstances and help the whole family curb spending once you arm them with the truth.

Insurance is a must

Although it is important for all mothers and fathers to keep their estate planning in order and to maintain life and disability insurance, this is absolutely crucial when a person is a single-parent, since they are the only provider.

Parents should have a will, a power-of-attorney, and insurance that covers them in the event that they get sick or injured and cannot work.

They should also have life insurance, and a policy that covers their outstanding mortgage balance.

Your retirement

Single parents also need to plan for their own retirement

Some advisers recommend they utilize a tax-free savings account, which does not offer upfront tax benefits allows the savings to be accessed immediately for emergencies. Money can be placed in a number of investment vehicles, including stocks and bonds, and accumulates tax free.

Teach Your Children About Money. 

“Conversations about money management are important, but they become that much more so in a single income household,” says Leslie Linfield, executive director and founder of the Institute for Financial Literacy. “Since a child with a single parent will have friends from two income households that can afford more, having open conversations can help ease a child’s negative emotions from not having as much.” Once a child understands a single parent’s financial situation, they generally want to do what they can to contribute towards the family’s financial success,

MAKE YOUR KID A MILLIONAIRE WITH “SYSTEMATIC INVESTMENT PLANNING (SIP)”

Yes, a millionaire! Certainly your kids have the chance to become millionaires as they have huge time advantage, compared to rest of us, when it comes to getting rich. It is an irony of life that you do not have money in hand to invest when you are as young as 20 years. And when you are 45 years old, you have money, but not enough time for your investments to reap benefits.

Time is the key for compounded growth to work magic! Your child exactly has that ‘time’ in hand. And you can invest for your little one to make him a millionaire! SIP is a way to go!

How Does SIP Helps Getting Rich?

SIP is an investment method that helps compounding your wealth. Getting richer is a lot simpler if you have time in hand and you invest regularly. Here is how Systematic Investment Planning helps your child become rich.

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Start With What You Can.

Starting early with what you can is the first step to getting rich. When it comes to investing through SIPs, you do not have to wait to collect a huge amount to invest at once. They are affordable and these little investments help you achieve your long-term costly goals like child education, retirement and child marriage.

The beauty of investments through SIPs is that it has compounding effect on your little investments. As low as INR 5,00 monthly investment, swells up to a huge corpus, in the long run. If the investor starts early, he can start with even lower monthly investments. The investor also has the option to increase the monthly investment amount at any time.

Regular Investments Help.

Investing a fixed amount regularly for a pre-determined time period helps. This is a more successful strategy that helps you beat overcome the market conditions. Even though you tide over the market’s ups and downs, you would not end up with losses. Thus, returns from SIP investments are unaffected with the market’s volatility. Is it not a simple way to getting rich!

Easy to Invest.

Unlike your household bill payments, your SIP amount can be automatically debited from your bank account on the predetermined date. It can be achieved through Electronic Clearing Service (ECS) facility, thereby not disturbing a fixed amount every month.

In conclusion, the best part of SIP investment is that it is designed to beat the lows and highs of the market in long run. Thus, it offers stability to the invested amount.

Use online financial advisory services from Moneymindz to build your personalised plan. Start your Financial Planning now to reap golden benefits for child’s future.

Learn to avoid lifestyle inflation and save money.

Everyone knows saving money is important but still everyone doesn’t save for future. We all worry about the future – all the time. Then, why don’t we save? We seem to have the knowledge and the tools to do so, let alone the good intentions, yet over and again fall short – right into the hands of the lifestyle inflation’ trap.

There is a near universal belief that having more money automatically improves a person’s personal finances. This could be the case if an increase in income or a sudden windfall are handled properly, but it doesn’t always work that way. More often than not, an increase in income is followed by an increase in spending. This is commonly referred to as lifestyle inflation and while an increase in spending is not always a bad thing, there is the potential to take it too far.

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Tips to avoid lifestyle inflation and save money:

Don’t Give into Peer Pressure

The origin of lifestyle inflation comes from wanting to keep up with the Joneses. We don’t feel adequate when we compare ourselves to what others have. But one of the easiest ways to avoid lifestyle inflation is to stop caring about what other people are doing with their money.

If you find yourself getting jealous of what others have, that’s only going to make you feel worse. Letting insecurity takeover is a bad idea. (And many are guilty of going into debt for that very reason.)

Instead, look out for yourself. After all, no one cares about your money as much as you do. Is it really worth the price you’re going to pay to try and impress people?

Make #savings a priority. 

Saving a percentage of your income is the first step toward financial security. When your income increases, your savings should increase as well. This will not only provide adequate backup in the event of a financial emergency but also prevent excess spending.

Plan in advance. 

If you received a raise today, what would you do with the extra money? Would you splurge on a big ticket item? Maybe you would move to a bigger apartment or buy a new car. Would you put your money in savings or invest in your future? While some people may call this daydreaming or fantasizing, it is actually good practice in establishing a plan for increased earnings. When you have a plan, you are more likely to put your money to good use.

Keep a lot of options on the table.

One thing You may have noticed that once you start inflating your lifestyle, you stop really looking at certain options. Usually, free and inexpensive things are immediately off the table because, after all, you’re above that, right?

When we’re looking for something to do, we don’t start with movie listings or expensive events. We look at things like our local community calendar or the parks and recreation schedule. We look around our house at the multitude of things to do at home, from board games and art projects to books and home improvement tasks. There are more cheap and free things to do than we ever have time to get done, so why spend a lot of money on expensive things

Are You Ready to Avoid Lifestyle Inflation?

Overall, sticking to your guns will make it easier to avoid lifestyle inflation. We don’t need nearly as much as we’re led to believe.

Always question your purchases. Make decisions for yourself, and don’t let the actions of others influence you. Remain grateful for what you have in life. Avoiding lifestyle inflation will be a cinch.

Are you new to investing?DO you want to know some order in investing?

Learn the bare minimum to understand the different possibilities you have to invest. This means Educating yourself by reading a book or reading various financial blogs.

Secure 6 months first.

The future is always uncertain, but having the next six months taken care of is highly reassuring. Being prepared for any short-term hiccups, in our careers and lives, is pretty important.

Start with the familiar. 

An easy way to get into the stock market is by buying things that you’re familiar with and know. If you drink a beloved green tea latte every day, buy Starbucks shares. “If you want to get your feet wet and try it out, buying Apple shares because you own the iPhone, the iPad, the iThis and iThat is a great strategy,” Mr. Small says. “But you have to separate that from more serious investing. If you are someone who is in their early 30s, you’re looking to perhaps buy a house…You want to invest more for the long-term where you’re investing with a certain goal in mind.”

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Learn Where to Invest Your Money

George Papadopoulos — a certified public accountant, certified financial planner and fee-only wealth manager in Michigan — offered this advice on where beginners should invest:

“For beginner investors who are most likely investing in just one account — usually the 401k plan at work — and not willing to spend time managing and rebalancing, they should just pick a target-date fund and ‘set it and forget it.’ Further, new investors should focus on expanding their marketable skills and aim to contribute more — ideally, to the point to capture the full matching — to their workplace retirement account.”

Diversify. 

Mutual funds and exchange-traded funds tend to be good products for young individuals who don’t have enough assets to create their own diversified portfolio. “The best way to describe mutual funds is it’s a basket of investments. Everybody puts any amount of money they want into this basket.

They try to deviate you elsewhere, bankers want to squeeze fees from you. So, stick to your decision. That means if you want small cap equities, you will invest in small cap equities and nothing else that they recommend (always look for names like shares, vanguard, S&P. This way you avoid branded ETF's or investment funds.

Don’t Use the TV as Your Investment Guide

So many investors believe that in order to prevail, they must monitor all of the financial market news and heed the advice of business television commentators. Seek for proper financial advisory.

The Financial Concept That everyone should have knowledge by 30

Four of the most common words/phrases in #Finance are interlinked. You will find people from all walks of the Financial world - be it traders, brokers, investment analysts, wealth managers, insurance agents - talking about risk, return, risk-return tradefoff, and diversification.

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Basic definitions

Risk: 

Risk is negative. It is the potential loss that can occur when you undertake any initiative. It is the uncertainty in the expected outcome of your initiative. 

Risk is everywhere :

Your risk losing all your savings if the bank goes bankrupt, or if the price of your property suddenly plummets due to a bubble burst, or your startup fails costing you your entire capital and time invested till date.
Usually, instruments backed by governments (bonds, T-bills) or by large corporations (like stocks, savings accounts) are low on risk.
Risk is usually measure using Standard deviation of the portfolio return.

Bull market

A bull market refers to a market that is on the rise, which is a good thing. That means that prices of shares in the market are increasing. Usually a bull market also means the economy is in a good state, and the level of unemployment is low. The US is currently in a bull market .

Bear market

A bear market is the opposite of bull. In other words, the market is declining. Share prices are decreasing, the economy is in a downfall, and unemployment levels are rising.
It sounds like a bad thing (and it certainly isn't good), but Storjohann says the most important thing to keep in mind is that the market is a "rollercoaster," meaning it's bound to go up and down and people shouldn't panic every time the market looks a little ursine. "Millennials have time on their side," she explains, "and over time money has the ability to grow."

Return: 

Return is positive. It is the reward you get for your efforts.
It can be the interest you earn from your deposits in a savings account, the dividend from a stock, the capital gain from selling a property at a price higher than you purchased it for.
Risk-return trade-off: The relationship between risk and return is a fairly simple direct relationship. 

The higher the return desired, the higher should be the risk appetite. If there was an option where the risk was low for a high-return investment opportunity, everyone would flock to it, thus driving up its demand and lowering the return. 

Basically, "no pain, no gain".

Diversification: 

Diversification is the finance way of saying "Do not put all your eggs in the same basket".

If you invest in a single financial instrument (security, stock, bond, derivative), you risk losing all your investment. However, with judicious selection of different investment vehicles and allocating your funds in an optimal manner, you can maximize your returns without increasing your risk or exposure.

Portfolio: 

A portfolio is nothing but a collection of your various investments.

Financial independence is a supreme power: Says Padma Shri winner

A Padma Shri recipient, winner of a People’s Choice award, Miss World 2000,  actress, singer, American TV star… You know who she is. Priyanka Chopra . But do you know what she thinks about money? 

Professionally, it is difficult to sum up Priyanka Chopra in one word—she is a Bollywood superstar, pop singer, TV star of the popular show Quantico, debutant in Hollywood’s upcoming movie Baywatch, former Miss World, and now a regional movie producer. However, when it comes to her own money management, the one word that she uses for herself is “ant”. “When it comes to an everyday situation, I am like an ant. I keep putting money aside because I know that if I want to splurge, there is a big mountain of money that I can use.”

Here are five money lessons that she stands by.

1. Financial independence is a supreme power

The first money lesson that padma shre winner learnt from her mother was the importance of being financially independent. Her mother had played a important role for in her financial independence her Mother always said that when a woman is financially independent, she has the ability to live life on her own terms. According to the her that was the best advice that she ever got. No matter where you go in life, or who you get married to, you have to be financial independent. You don’t know which curve balls life will throw at you. Hence, you need to have the ability to take care of yourself and people whom you love. Earning itself doesn’t make you financially independent. When you know how much money you have, where it is and what it can do, it’s easier to take decisions. (How to invest like warren Buffet?)

2. First save, then spend

“This habit of saving first and then spending was inculcated even before she started earning—when she used to get my pocket money. she used to save her pocket money. She was not a miser. She used to keep putting money aside because she know that if shewant to splurge, there is a big mountain of money that she can use which gets accumulated,” says Chopra.

One must always save a part of what one earns. The target need not be very high target in the beginning. The equation should always be income minus savings is equal to expenses. You can do this by putting your savings on auto-pilot by letting a fixed amount be invested every month.

3. Seek professional advice

Chopra is among the busiest stars in the Indian film industry. Since her work leaves her with little extra time, she depends on a team to manage her finances. “she have a good team who takes care of all of that. she leave it to the people who actually know what they are doing.she have a really amazing team, which includes her business managers over there (in the US) and over here (in India). Her mom heads it. So, she don’t even get into the nitty-gritties,

The money that you earn and save needs to be managed productively. So, if you don’t have time or don’t understand money management, seek professional help. Your financial planner or adviser will not only help you make appropriate investment decisions but also reset the financial discipline that you need to achieve your goals. A dedicated financial adviser whom you trust can bring clarity and stability to your money life.

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4. Be regular

Be it your studies, career, or investment, your efforts need to be consistent to get results. “If you consistently ace every exam or every test you take, you will keep on getting A+. If you study for all small tests, and get an A+ for all, eventually you will come first in class. Anything you do, you can’t lower your standards; eventually you will win. The plan is not the big win; the plan is winning today, right now,” says Chopra. Incremental investments need to be made regularly. To grow wealth, money needs to be added bit by bit. Be disciplined in investing. Besides keeping money aside consistently, take a relook at investments when needed.

5. Keep track of your money

In the initial days of her career, Chopra used to keep track of her money by jotting down details in a diary. “Initially, mom and I used to have a little diary where we would write what is coming in and what is going out just to keep track because there are months where you get a lot of money and then there are months where you get nothing. So you have to be able to make sure that you even-out for the entire year. This was especially so in the beginning for me,” shares Chopra. Whether you have a regular income or not, begin with writing down all expenses. You could use a diary, and Excel sheet or even apps. If you track your cash flow, you will be able to track down unnecessary expenses.

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