Learn to overcome the hesitation to claim your money as your own. You work hard to earn it, and you must have a say in how it is going to be used. If the operational arrangement is that one of the family members will manage the process, be involved and informed, and insist on your active consent. Discuss how each will contribute to the common household pool.
If you are planning to start a small business, this new series will help identify the problems you’re likely to face. In the second part, Yasmin Hussain finds out what it entails to start an artificial jewellery business by talking to Just Lil Things’ Co-founders, Deepika Jain & Anup N. Mehta.
Retirement planning is crucial, regardless of your age or income. Many young earners delay saving due to expenses, family support expectations, or prioritizing immediate gratification. However, delaying this can significantly impact your long-term financial security. Experts emphasize the power of compounding and urge prioritizing retirement savings, even with small amounts. Read on to know how you can start saving for your retirement in your 20s, and ways to build a healthy corpus.
There is no audit or accountability when it comes to a household’s financial decisions. No one asks if the portfolio has done better than the market, or kept its costs low, or chosen its products correctly, or cut its losses, or timed its entry and exit well. There is a fiduciary responsibility of the money manager of the household to act in the best interests of the members, but it’s seldom verified.
Feeling unfulfilled in your current role? Thinking of a career change but don't know how to start? Well, start with defining your future goals, leveraging your existing skills and learning some new ones. Start small with freelance work or internships and embrace lifelong learning for a successful career pivot. Learn tips for upskilling, building a network, crafting your career narrative, and revamping your resume. Here is a step-by-step guide to help you
A household’s finances can easily fit in one worksheet of six columns, and it should be updated and maintained once a year, to begin with. The first column should list every single asset that is owned, and every liability (outstanding loans) that is owed, entered as a negative number. The 2nd column, plus numbers against each item of column 1, would be the current market value.
When you decide to move out, consider not just the emotional but also its financial implications. Staying put can help you save faster towards your financial goals. However, the final decision should depend on your family dynamics.
While immediate changes may be challenging during such an emotionally and financially taxing time, having a structured plan in place will help parents work towards a secure future for children. They must write a will to establish a trust, funded by their life insurance proceeds.
