Personal Accidental Insurance: Critical For All

Talk to any financial planner and you are made to realize that your insurance (including personal accidental insurance) need is much higher than what you are currently covered for and the first question that comes to mind is the exorbitant cost of the high insurance cover you need. On talking in detail you understand that a good part of the insurance need can be fulfilled by personal accidental insurance at a cost which is just 2% to 5% of the premium to be paid for a normal endowment type life insurance policy. To understand it with an illustration.

  Endowment Policy Accident Policy
Coverage 5 lakhs 5 lakhs
Tenor 20 years 20 years
Premium 25000 p.a 560 p.a.
The personal accidental insurance premium is just 2.25% of the endowment policy premium

While both are not fully comparable, accidental insurance always comes handy when the high-risk cover is required and the cost involved under normal life insurance is exorbitant.

Why accidental insurance?

The probability of a young person dying of natural reasons is much lower as compared to the probability of accidental death. So if we have to buy insurance for a 30-year-old person earning 5 Lakh rupees a year, his insurance need would be close to One Crore Rupees which is certainly going to cost a lot of money, say around 4-5 Lakh rupees a year.

A good strategy would be to buy a combination of Term Insurance and personal accidental Insurance and a little bit of Endowment Insurance. Such a combo should cost around Rs. 50,000 which can be further brought down if the endowment is eliminated altogether till the income levels rise further. By removing endowment at this juncture, the cost will come close to Rs. 16-17,000, which is very much an affordable figure for a person who is earning five lakh a year.

Types of personal accidental Insurance:

  Death Permanent Disability Temporary Disability Hospitalisation Max coverage Cost Coverage Cost
Death only cover       10 times annual income Low 10 lacs 500
Death & Permanent Disability     10 times annual income Twice of 1    
Death, Permanent & Temporary disability   2-5 times annual income 1.5 times 2    
Hospitalization       25% of type 3 cover 20%-25% of cost of 3    

How to Buy Personal Accidental Insurance:

  • Available with almost all general insurance companies
  • Available without any medical tests of any kind
  • Amount of insurance is restricted and is linked to the annual income of the person.
  • Salaried people have to provide their salary slip and others are expected to provide their income tax returns by the help of which the insurance company can decide the amount of insurance cover to give.
  • In most of the companies, there is also a provision of a cumulative bonus for every claim-free year.

Personal accidental insurance is the cheapest and smartest way of filling the insurance gap especially for the young who are aware of the importance of insurance and whose salaries are still not very high.

The 5 Most Recommended Solutions for Student Debt

The college has become a heavy burden. Nationwide earnings estimate that university students are graduating with a diploma and $20,000 in student loans. As soon as payments start, college students are in subject with the complex situation that hundreds of dollars a month is a must. Thankfully, there are a variety of solutions to help handle student debt.

Payment Plan

An affordable payment plan ought to be the first choice. Many lenders are prepared to figure out an affordable payment plan choice according to your income. This may consist of stretching the term of the loan. By stretching the term of the loan, you will probably end up having to pay much more interest over time, but a minimum of it will save you from defaulting in your plan. This can be an easy and affordable choice available to most graduates having a substantial amount of student debt.

   Defer the loan payments

One choice for coping with student debt is deferment. By deferring the loan payments, you can delay payments till in the future when you’re in a much better budget to payout your loan. You have to obtain a loan deferment so be ready to clarify your circumstances to your loan provider. Deferments are most frequently used in situations, including joblessness and difficulty. You may also be eligible to have your payments delayed if you are planning back to school.

Other unique conditions might be eligible you for a moratorium, but it’s dependent on the discernment of the loan provider. Should you be interested in going after this method, speak to your loan provider and get to know more about this.

  Tuition Reimbursement

Tuition Reimbursement is really a well-liked solution to fix student debt. Some businesses are prepared to help you to repay your financial obligations to acquire a collection period of time of employment. This option would be generally in the form of an agreement for service. This option would be most typical in federal government jobs and with non-profit businesses. To provide you with a concept of how tuition reimbursement functions, presume you graduate with $20,000 in student debt.

Following graduation, you’re contacted with a government recruiter. Among your worker advantages are allowances that go in the direction of payment of the student debt after five years with the organization. If you are looking at college tuition reimbursement, consult with a supervisor in the human resource department of the company or possible employer.

  Debt Forgiveness

Debt forgiveness may be the termination of a portion or maybe your whole loan. This method isn’t effortlessly given to graduates. Unique conditions should affect your circumstances that you should be eligible. Among the conditions and terms for financial debt forgiveness is a loan that is government-supported instead of a personal bank loan. Debt forgiveness may also be given as an exchange of public services. This is also true for government jobs with a demand for workers. This may consist of military service, teaching, volunteering, or your federal government position for that state.

Debt Consolidation

Debt consolidation is definitely a choice if you want to cut your monthly payments. It is really a choice for those who have a number of financial loans with various lenders. Debt consolidation is comparable to refinancing all of your loans via one lender. By combining your financial debt via one lender, you simply need to bother about producing one payment per month. For example, presume that you’re producing loan payments to 3 lenders, which indicates that you’ll have to pay 3 interest rates.

By combining your financial loans, you’re basically rolling all your financial debt into one loan and decreasing your interest rate along the way. The advantages for this are you receive a lower interest rate and also the ease of only having to make one payment per month.

Top 5 Crucial Tips for Minimizing Student Loan Debt

Student loan debt is on top of the mind for every student attending a university.  College is usually an expensive endeavor due to the high cost of tuition, books, dorms, food and other extra fees. The issue with the high price is the fact that all students end up getting jumbo student loans to cover all the expenses. After getting away from university, the debt remains, and it is frequently challenging to repay totally. Thankfully, you’ll be able to reduce your school loan debts.

Scholarships and Grants:

Scholarships and grants ought to always be among the first actions to paying for your university expenses. As scholarships and grants are free money you can use for the degree, you won’t ever have to pay it back. Scholarships and grants can be found through the school, from private businesses and private organizations. They’ve unique needs, like a particular area of study or perhaps a specific GPA, but when you obtain the money, it reduces the amount of debt you are taking out.


Open a university savings account early and set apart some money, especially for university. Beginning as soon as possible is perfect. Still, even though you start in high school, you could have sufficient money reserve to cover part of your university expenses without touching debts. A 529 saving account is an ideal chance to tear down your taxes and conserve extra money while investing that money. With the addition of some investing to the savings, you will end up getting more money for university accessible. If you choose to make use of a 529 university savings account, you will have to state it on your FAFSA application.

Work During University:

Working part-time as you go to university will help you handle expenses while you will go to college. While it may not supply sufficient money to cover everything, it can help you pay for some of the expenses like books and a part of tuition.

Limit Student Loan Debt:

Take out only the amount you require after exhausting all other sources of money to cover the school. This can reduce the amount of money you are taking out in loans by stopping you against taking out extra money. Maintain the number of student loans you are taking out to the lowest possible amount as opposed to the highest.

Consolidate Student Loan Debts – Top 5 Things That will Help

  • Most people that enrol in higher education turn out to obtain college loans. Probably it’s time to consolidate school loans? A consolidation loan can help decrease your interest rate and incorporate your payments into only one or two payments.
  • Why should you consolidate school loans? Lower interest rate. Your monthly payments will likely be under what you at the moment are. This you will save a lot of cash eventually.
  • Federal School Loans must be combined on their own from private loans. You may be receiving a dramatically lower interest rate. Monthly payments could be diminished by around 53%. Finances will likely be made easier with only one particular federal payment each month. Payment will likely be distributed over a more extended period and monthly payments will probably be lower.
  • Who’s Qualified to apply for a Federal Combination School Loan? In case you have more than $20,000 in federal loans, are certainly not in default, you’ll probably meet the requirements. Better still, you won’t need to get employed to consolidate; it is not necessary to have a co-signer and his like.
  • If you’re going to consolidate school loans ( both federal and private ), contemplate consolidating your federal loans first. Obtaining significantly less wide-open lines of credit will improve your credit score and assist you in getting a better rate on private loans.

Make Loan Payments:

While you go to university, you are eligible to create loan payments on whatever student loans you have taken out. By paying as much as possible before getting away from university, when your degree is complete, you’ll have repaid an adequate amount of the loans to possess a smaller debt.


Limiting your student loan debt is manageable. You need to steer clear of getting more than you will have to pay for university and employ other available options simultaneously.

Is NPS a good tax saving investment?

If you are thinking of investing in NPS as a tax saving investment, you must reconsider it. As NPS mainly aims to provide retirement benefit, it might not act solely as a tax saving investment. There are some regulations for getting optimum tax-saving benefits from the NPS account. Being low to moderate risk invest option, NPS allows you to invest without any worries. Here is a discussion on tax-saving with an NPS account.

Who should opt for opening an NPS account?

  • NPS aims for retirement income. And it has such a financial construction that it ensures a considerable income after sixty years of age.
  • You can start with NPS savings at the age of eighteen. And you will have to continue your savings till the age of sixty years. You can extend it up to the age of seventy years too.
  • Keep it in mind that this is a very long procedure of investment. Suppose you will start to invest from the age of twenty-five. You will continue till sixty years that means thirty-five years for completion of the investment. So, make sure that you can continue and wait for such a long term plan.

Tax benefits expected from NPS

  • The tax saving you get with an NPS account is mainly Income Tax benefits. Here is an outline of the same.
  • You can get a considerable Income Tax deduction with NPS as the Tax saving comes under the section of 80CCD (1B). Investment of Rs. 50,000 in Tier I NPS account per financial year will allow you to get a tax deduction.
  • There is an additional Rs.50, 000 tax deduction excluding Rs. 1.5 lakh tax benefit. Tax saving comes under section 80 CCD (1) of the Income Tax Act.
  • Keep it noted that the total amount of tax deduction is under sections 80C, 80CC, and 80 CCD (1) cannot be more than Rs. 1.5lakh.
  • The deduction of tax under section 80 CCD (1) is for both salaried and non-salaried people.
  • Non-salaried individuals get 20% of the gross income of a financial year for tax deduction under section 80 CCD (1).
  • For salaried individuals, the tax deduction is 10% of the salary of a year with an NPS account.
  • The total amount of tax deduction is maximum Rs. 2 lakh for an individual. The tax deduction is Rs. 1.5 lakh under section 80 CCD (1). And Rs. 50,000 under section 80 CCD (1B).
  • NPS corporate model allows the employee to deposit an amount directly. It is also possible via the employer.
  • Under section 80 CCD (2) employee gets an additional tax saving. The maximum deduction of tax benefit under section 80 CCD (2) is not more than 10% of the employee’s salary of a year. The contribution to an NPS account from a salary is considered excluding the allowances.

The downside of choosing NPS as a tax saving investment option


Being a retirement aimed investment scheme, NPS focuses on a long term period. The withdrawal of money during the investment period is quite inflexible. The liquidity of money is almost unavailable. You can get withdrawals after certain years of investment only for a child’s education, marriage, or education-related purposes.

Taxable annuity

The annuity you will get after completion of the investment is taxable. It means a retiree’s income will include this pension from NPS. And it is a liability for the person to pay the tax for the same.

Taxable principal

A certain portion of the principal is also taxable with NPS savings. The annuity is counted under the individual’s capital or principal.

Corpus is not tax-free

When you withdraw sixty percent of the corpus, forty percent will be there in NPS as a balance for giving annuity. The mature corpus is not entirely tax-free. Forty percent of the total corpus can get tax exemption. The remaining twenty percent is taxable value.

Concluding remarks

Before opening an NPS account, always judge the pros and cons. It is a long-term investment plan. So, you must understand the implications of the investment scheme. If you decide to open an NPS account only for availing tax benefits, it cannot be suggested. There are many investment schemes like PPF, VPF, and ELSS, and so on for getting tax deduction benefits. NPS aims to fulfill retirement income. If you need a retirement investment strategy along with a tax deduction benefit, you can open an NPS account.

NPS Vs Mutual Funds After You’ve Exhausted 80C

Which is more beneficial, investing in NPS and get 50k deduction or investing in the mutual fund even if exhausted 80C in India?

Investment in India is sometimes confusing if you depend only on tax deduction benefits. NPS (National Pension Scheme) has a long term investment structure. This financial scheme has an aim to fulfill the retirement income of a salaried or non-salaried individual. Mutual funds allow saving less and earning more in India.

Most of the mutual funds offer a higher interest rate in comparison to NPS. Now, the question is investing in NPS and get 50k additional tax deduction is beneficial or not. Here you will get guidance to choose the best for you between NPS and mutual fund even if exhausted 80C in India.

NPS or mutual fund even if exhausted 80C


An individual will get an Income Tax deduction with NPS as the Tax benefit comes under the section of 80CCD (1B).  Investment of Rs. Fifty thousand in Tier I of an NPS account per financial year will give a significant tax deduction. NPS offers an additional Rs.50, 000 tax deduction excluding Rs. 1.5 lakh tax benefit. It is under the section 80 CCD (1) of the Income Tax Act.

If your savings already have exhausted 80C of Income Tax Act, it means you already availed Rs.1.5 lakh of tax benefits per annum. So, if you would like to find out a good option after this tax saving, NPS is a preferable choice. It will allow getting an extra tax benefit of Rs.50,000 per financial year.

Remarks on NPS investment

NPS is a retirement-oriented savings scheme. It aims to provide annuity after the age of 60. But, always keep it mind that you will have to save for an extensive period to avail of annuities. And till the day you provide investment in the NPS account, you will get a tax deduction for Rs.1.5 lakh and an additional deduction of Rs.50,000.  So, it means if your 80C of the Income Tax Act is exhausted, you are still getting an additional deduction of Rs.50,000. But NPS has some liquidity issues if you try to withdraw your savings. You can only withdraw for certain issues like a child’s education, house building, and marriage, etc.

Mutual Funds

Not all mutual funds will offer tax savings benefits. If you need to invest in mutual funds only for tax deductions, you can choose the Equity Linked Savings Scheme (ELSS). It will help you to claim up to Rs.1.5 lakh of tax deduction, which comes under Section 80C of Income Tax Act. But if your claim of 80C is already exhausted, ELSS cannot help you to get more. So, it is remarkable for mutual funds that these cannot function better than NPS for a tax deduction.

Remarks on mutual funds

The returns of mutual fund equities are always higher than NPS. So, if you prefer the return amount as a profit of the investment, mutual funds are the best option. If your savings do not need the aid of 80C anymore for tax benefits, mutual funds are the top choices for grabbing profits.

Which one is for you?

If you are no longer interested in the benefits of 80C, invest in mutual funds.  The equities in mutual funds are the next generation of the Indian economy.  The market-linked units provide maximum benefits in case of returns. And if you are worried about the extra tax deduction of 50K, you can open an NPS. But in the long run, NPS will not provide you liquidity benefits. Even after the age of 60 years, you will have to leave 40% of the corpus for getting annuity or pension income. And this income comes under taxation.

It is better not to think about only 80C and tax deduction while choosing a savings scheme. And mutual funds are a gateway for instant benefit without the hazard of the longer lock-in period.

7 Best Tax Saving Investment Plans in India

Which are the best tax saving investment plans for the long and short term in India?

It is essential to know the savings scheme that allows tax benefits to investors. A proper investment scheme is a gateway to maximum profits. And if you want to get the most of the tax benefits from a financial investment, you must know the details of long terms and short terms investment plans. Both have some advantages and disadvantages. And these function in different ways in the Indian economy.

Long-term and short-term tax saving investment plans

You cannot deny the benefit of savings in the long term tax saving investment plans. It helps you to generate a habit of regular saving. And you get some tax benefits from some popular long term investment plan in India. Short-term investment plans are easy to deal with. You can avail of liquidity of money after a certain period added with interests and financial benefits. Here are some details of both so that you can decide which one is the best for you.

Public Provident Fund (PPF)

PPF has a lock-in period for its investors. The tenure of the investment is fifteen years. And the investor can tax benefit up to Rs.1.5 lakh per financial year. The benefit runs under the Section 80C of Income Tax Act 1961.

National Pension Scheme (NPS)

NPS is one of the long term tax saving investment plans aiming for retirement income. This pension scheme works under the government’s regulations. Non-salaried individuals get 20% of the gross income of a financial year for tax deduction under section 80 CCD (1). For salaried individuals, the tax deduction is 10% of the salary of a year with an NPS account. An additional tax deduction of rupees fifty thousand under Section 80CCD(1B) is there, excluding the limit of Rs.1.5 lakh.

Equity Mutual Funds and debt mutual funds

Long term Equity Mutual Funds can be eligible for taxation. If the investment gains over one lakh in a year, it can get ten percent of tax. If functions like that, if you sell it after a year of investment.

For debt mutual funds, if you sell it after three years, it is taxable. The rate of tax is twenty percent.

Life insurances

Long term life insurances have some Income Tax benefits.  If the life insurance is eligible under Section 80C of the Income Tax Act, you will get a tax deduction.  This is valid not only with LIC but also with any IRDAI approved insurance under Section 80C.

Equity Linked Savings Scheme (ELSS)

ELSS has a perfect combination of short term tax saving investment plans and tax deduction benefits. It has three years lock-in period.  You can save up to Rs.1.5 lakh with ELSS as it comes under Section 80C.  The gained capital is not taxable.

Health Insurance Plan

There is a tax exemption policy that comes under Section 80D for health insurance investors. It is up to thirty thousand for senior citizens and up to twenty-five thousand for non-senior citizens.

Rajiv Gandhi Equity Savings Scheme (RGESS)

It has a lock-in period of three years. It is one of the perfect short term tax saving investment plans. Fifty percent of the amount invested here can get the tax benefit under Section 80CCG.

Concluding remarks

Some of the long terms tax saving investment plans are eligible for a tax deduction. And most of the investment plans in long term policy comes with a long lock-in period. The short term investment plans that are discussed here are eligible for a tax deduction. But most of the short term plans have market-linked functions.  You will have to decide which one is preferable to save more for reducing the burden of the tax. But if you want to get benefits within a shorter time, go for short term investments. Otherwise, long term investments are preferable to achieve higher profits for an extended period.

Personal Finance Services in India: Are They worth the Fees?

Is it worth paying a fee based on personal finance services in India?

India has been the face of the developing country concerning financial development. And financial services are taking the lead to all sectors of finance. The financial firms are entering the market to expand the facilities of the commercial and personal services in India. Moreover, the banking sectors are growing following the growth of the stock market. The economic scenario will be changing with time in the upcoming days. So, the question arises: is it worth paying a fee based on personal finance services in India?

What are personal finance services?

The financial services in India include banking, wealth management, mutual funds, and insurances, and so on. And these services need to have a certification by the Reserve bank of India (RBI) for a credibility purpose. All one needs to do is selecting the appropriate one for investing money or wealth. So, only after choosing the perfect personal financial services, one can judge if it is worth paying a fee or not.


Banking sectors are the most trusted one among all personal finance services. These are growing day by day with the demand of the public. Nowadays, the trend of depending on the interest given by the bank for the invested amount is getting lesser. And, people are turning their back on the banking services for such reasons. But still public and private banks are getting most of the attention for investment. People belonging from all the stages of the economic condition depend on banking sectors for reliability and consistency of monetary benefit.

Mutual Funds

The financial firms that are offering mutual fund services are getting more attention among the young generation recently. The excellent point about the mutual funds there are schemes for any target. You can invest in both short term and long term. And the benefits of mutual funds are endless. It is worth to invest in these for making money in a short period also.


In India, insurances are extending the periphery with time. The common people seek a secured investment plan for protecting their materialistic stuff. Insurances are also mandatory for the protection of health and obtaining benefits for near ones. So, naturally, the importance of insurance is increasing. There are mainly two types of insurance plans:

Life insurance

Life insurances are of many kinds. These can be pension plans, term life plans, and also money-back plans. The person is supposed to get a lump sum amount after completion of the tenure. And these are beneficial for a person for securing monetary benefits. The premiums are worth paying. Because the return you get is more than the expectations. So, it is still a valid idea to invest in a life insurance plan to invest.

General insurance

The general insurances are of various types. Some of these are:

These insurances are worthy enough to invest in. Enlist these for securing materialistic things and even health!

Advantages of personal finance services

  • Monetary profits are the parameter to measure benefits. Personal financial services organizations in India have a sound market in the economy.
  • You can go risk-free with banking investments. The FDs (fixed deposits) and Recurring Deposits are old fashioned ways to get recurring benefits even during a slow economy.
  • The mutual funds are more convenient for allocating investment in the short term, midterm, and long term benefits.
  • Insurances are the most preferred option for people of any age to secure life and things. So, the investment will never go in vain.
  • It is still worth paying a fee based on the personal finance services in India after judging such issues.

Bottom line

It means a lot of benefits if one invests in personal finance services in India in the right way. And personal finance services are taking the country’s economy on the higher side. But the investment must be in authentic organizations or sectors. Always go through the market risks and guidelines of RBI for validating credibility.

12 Major Personal Finance Mistakes in India

What are the major personal finance mistakes that people do with their Personal finance management in India?

Personal finance management has always been tricky since the very beginning of the modern economy. And in India, people tend to get derailed while choosing the right tricks for managing the same. Moreover, they are not even aware of making the wrong selections for improving personal finance management. One will not make these same mistakes after going through this discussion.

Why is it not enough to invest in personal finance services?

Personal finance services like Fixed Deposits (FDs), Mutual funds, and Insurances will ensure monetary return and benefit. But you will still end up moneyless at the end of a financial year if you do not maintain your finance. So, here comes the personal finance management. A properly managed finance will ensure the optimum security of your finances.

The major mistakes to avoid

Imbalance in target and capability

Fixing a target of investment without realizing the capability is a major mistake. This way, personal finances get weaken. And the investor’s investment runs empty after some time. Always balance your target and capability for avoiding disruption in personal finance.

Fixing long term financial goal in the early days

Some people tend to fix long-term financial goals in their early career days. And after that, they realize how unworthy these are sometimes. You should start with long term insurances, mutual fund investments after stabilizing career.

Insurances are not a source of liquid money

Some investors cannot understand the real meaning of insurance. You cannot earn recurring money from insurances. These are for the redemption of monetary benefits after certain losses in life. So, you cannot expect liquid money from insurances.

Investing without a consistency

Investments need a certain level of consistency in life. You cannot expect a lot of returns without planned financial management. So, if you invest a lot for some years and stop doing the same for a few years, there will be the least benefit.

Ignoring retirement plans

Start with an authentic pension or retirement plan when you are young. Then you can invest a lot of money in premiums for bigger returns during old age.

Undisciplined expenditure

No one can save your finances if you do not know how to rule it. Undisciplined expenditure is one of the biggest reasons behind unsuccessful personal finance management. Regulate your needs as per your capability. And never go overboard with impulsive expenses.

Investing in gold

Indians love to grow their finances with gold value. But you must understand that the value of these precious metal changes as per world economy, stock markets, and many things. So, do not invest too much in gold.

Misunderstanding the types of insurances

There are lots of Insurance companies in the Indian market right now. So, the authenticity issue does matter for investing a huge amount in insurance. Always follow the guidelines of RBI to get the utmost help. Understand your need for insurances before investing in it. Keep it in mind that once you invest, you will have to pay premiums and keep repeating the same personal finance mistakes.

Depending too much on bank interests

In the Indian economy, banks are the primary sectors of investment. But now the scenario is changing with the passage of time. And, if you depend too much on the interests of deposited money in the bank, you will be lost. The scale of interests will be decreasing day by day as the modern economy is more dynamic.

Shopping imported products

India is still a developing country. The imported products come in the market with lots of duties. If you love to stock imported products, you will fail to save.

Having excess credit cards

Having too many credit cards can ruin your finance management. Shopping with too many credit cards can be confusing while paying the bills of the same. It might be surprising, but true. There are chances to cross your budget if you have countless credit cards. This is one of the major personal finance mistakes new professionals make.

Investing without asking any financial advisors

The Indian economy is changing day by day. So, it is better to ask a financial advisor for the professional management of personal finances. The information on the economic value is necessary to judge the need for the right amount of investment.


Managing personal finances can be easier with following these simple steps. Avoid the most common yet significant personal finance mistakes that people make while investing money. Likewise, personal finance management will be a lot easier than before in the Indian economy.

5 Excellent Books to learn Personal Finance Specific to India

What are some good books or resources to learn about personal finance specific to India?

Books are always a person’s best friend for self-teaching. Learning about personal finances is not easy for a person without any guidelines. And a good book or meaningful resource can certainly aid in this learning. In India, the economy tends to fluctuate with time. So, you must be capable enough to tackle the personal finance goals with tested guidance. These books and resources discussed here can serve the purpose of the same.

Retire Rich: Invest Rs.40 a Day

Retire Rich: Invest Rs.40 a Day is a phenomenal book by P.V Subramanyam. He tells the reader how to plan early for finance after retirement. His formula to keep aside Rs. 40 a day for the old age is praiseworthy. How simplified modulation of personal finance he has shown to the reader! You will get every finance-related issues you need to know before retiring. The author has also guided about ‘Retirement Goal Setting.’

The possible doubts that come in a reader’s mind about planning sound personal finance are here too. Afterwards, the author has cleared the doubts with the power of his researched financial tricks. After going through this fantastic book, you will learn to spend in a regulated way without harming your daily expenditure.

Rich Dad Poor Dad

The fantastic author Robert T. Kiyosaki has some proven ideas about new ideas on finance. Rich Dad Poor Dad has mainly Kiyosaki’s personal experiences during his days in Hawaii. He has outlined six lessons for the reader. The book claims to be a personal finance book. The theory, established here, is tried and tested by many people across the globe. It is still valid for the people who are struggling to be happy with finance in India.

Once you go through the ideas framed in the book to maintain well-balanced finance, you will learn to be happy with your life. This book is not only on investment but also on managing life along with it. You will learn to venture in entrepreneurship and business. And this book is also well-known for increasing an urge in finance management.

You Can Be Rich Too: With Goal-Based Investing

It is simple to invest the right amount. But it is only easy if you know how to do it. P.V Subramanyam and M. Pattabiraman are the authors of this popular book on personal finance. You will never regret buying; You Can Be Rich Too: With Goal-Based Investing, if you read it correctly to understand the motto of the writers. A clear idea of personal finance management is here in this book. You will get some practical yet applicable ideas to enrich knowledge on personal finance management.

The book has a positive review on creating real ways to wealth. You can start it early so that you can be successful in being rich in the future. This book on personal finance management is worth reading.

You Can Be Rich: A Practical Guide to Financial Planning by Times Group

You can get some wealth acquiring ideas form this book called ‘You Can Be Rich: A Practical Guide to Financial Planning.’ This book has a perspective on Indian financial management. There are some well-described savings and earnings theories for understanding money better. Most of the readers have praised the financial-literature proven by the author. A perfect self-educating finance management book is here to grow wiser financially.

Think and Grow Rich

Napoleon Hill’s transformative book ‘Think and Grow Rich‘ has collected applauses worldwide. This book is a doctrine on self-help and self-guidance while venturing in entrepreneurship. Here you will get some worth to follow ideas to step into the process of being a wealthy person. The author’s personal quest on finance and life has helped to craft the concept of the book.

Final note

You can read these books discussed here to learn better finance management. The best way to educate yourself about finance is by reading these resourceful books for authentic guidance. Thus you will learn to manage personal finance without any professional help.

11 Powerful Personal Finance Tips for Working Indian Women

Investment is necessary irrespective of gender. And nowadays, women are becoming more finance conscious than before. Having sound personal finance is the primary concern of working with any working woman. The days had gone when women used to think that the husband’s salary is the sole earning source. Moreover, working women are more systematic to frame personal finance well. So, it is a good time to discuss some useful personal finance advice for working women in India.

Do not skip to invest in insurance

Insurances are one of the most significant milestones for well-constructed personal finance. Some working women might consider it is a negligible factor. But she must understand about the safety of her life. Life insurance is a must-have financial step in any woman’s financial journey. You should also judge other factors like a car, home, or any other stuff for protecting with any general insurance. Never neglect the long term value of authentic insurance.

Stop depending on other’s bank account

Some working women tend to use the husband’s or father’s bank account to deposit money. But you must understand the value of your earning. If you do not segregate your monthly income every month, you will be unable to do it after some years of working.

Self-educate on personal finance

As a young woman, you should start to save early for a better future. If you want to self-educate yourself, choose some best books on personal finance advice. There are many like Rich Dad Poor Dad, Retire Rich: Invest Rs.40 a Day, and so on. These books will make your wiser before starting any financial journey.

Build an emergency fund for you

Being a working woman, you must know that if you stop working, earning will stop too. In the future, you might have to stop working for a few days or months for personal issues. At that time, you will feel a need for money on an emergency basis. Personal finance advisors always suggest an emergency fund where you will invest every month. Then you will not have to depend on others even during bad days of life.

Invest in prospective careers

Self-improvement is the best way to upgrade earning. If you invest your money for a better course that can impart you a better job, do not hesitate to invest. It will revert better opportunities in the future. And your earning will increase too.

Stop investing too much in ‘gold.’

There is a tendency among Indian women to invest in gold. Indian economy considers gold as liquid money. But gold is not the best option to grow your personal finance. The market value keeps changing, and so does the amount of gold. So, do not go overboard while buying gold jewelry.

Take help from financial advisors

If you feel confused about finance, always seek professional advice from personal finance advisors. Their professionalism is the best thing to depend upon when it comes to financing management.

Do not let others operate your finance

Your income is your reward for the hard-working. So, do not allow others to control your hard-earned money. Be your operator of personal finance. Always keep your financial papers in secret places. And do not discuss financial planning with friends or relatives. Their lack of knowledge might misguide you.

Spend a little and save a lot

During your working years, you must learn how to spend a little and save a lot. It will reward you during your retired age.

Retirement plan

Always go for an authentic retirement plan. It will secure your old age. Never depend on others during old age.

Opt for loans if needed

If you need a loan, start it early. Do not wait and waste your time. Opt for house building loans or education loans for anyone in the family at the early period of the job. Otherwise, the burden of interest will increase at the time of retirement.

Final note

Personal finance is an important thing to learn. Every working woman should know the basics of it. Otherwise, the hard-earned money will be messed up.