Money and life are never good friends Opinion It is fast becoming a very materialistic world. With soaring costs of standard of living, strict budget control is not anymore just for the miserly. High income earners, too, find themselves counting the pennies. A relative confessed that he was finding it hard to relax without thinking about education fees, clothing and other demands required for his children. He has a calculator under his sofa in the living room and another under the pillow of his bed. “I just whip it out and calculate whenever I feel the urge,” he told me,” I wouldn’t sleep until I have assured myself that I can afford to pay the bills that month.” Some people would accuse him of being obsessed with making ends meet. It is also true that he is not doing his health a favour either. However, he is not alone. There are many millions around the world who are battling with mortgages, car repayments and credit card bills. One banker said that most of the credit taken by customers cannot be justified. “ People who are taking loans to expand their houses, buy better cars or put their children in expensive schools know that they cannot really afford the expenses. If they think carefully they would realise that such costs are not necessary,” the banker said. Of course, banks do not run advisory service to try to discourage clients from taking avoidable loans. They survive on giving out as much credit as possible and it is up to you to sort out your problems. Banks now have a scheme that will put you and your children on a long-term loan commitment. They pay higher education fees for your children that can be repaid when the youngsters start working. They offer you a 40-year mortgage that your children can continue paying after your death. Part of the problem is that banks make it so easy for us to get ensnared in long-term financial commitments. Banks also team up with insurance companies to get you pay more. They convince you that you cannot afford not to have a cover. There is a life insurance and covers such as critical illness, medical and loss of job. All these extras accumulate to a formidable sum that you don’t really afford. Here in the Gulf, nationals do not have the habit of having two children. We usually breed prolifically to keep up with tradition. The local belief says that every child is born with a special blessing. This means, you don’t have to worry about feeding or educating them even if you have ten children. Provided, I might add, you carefully stick to the budget. However, we go wrong when we cannot resist temptations. It then becomes easy to blame the fast pace of life. However, it seems that people who live quietly in obscured environments are relatively at peace with themselves.
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Three of every four Americans got a refund check last year according to IRS statistics. With a little planning, you can maximize the benefit of your refund. Here are some ideas: Pay off debt. If you have debt, a great spending priority can be to reduce or eliminate it. This is especially true if you have any credit card debt. With rate increases, credit card interest can cripple you financially. Start by paying down debts with the highest interest rates and work your way down the list until you bring your debt burden down to a manageable level. Save for retirement. Saving for retirement works like debt, but in reverse. The longer you set aside money for retirement, the more time you give the power of compound earnings to work for you. This money can even continue working for you long after you retire. Consider depositing some or all of your refund check into a Traditional or Roth IRA. You can contribute a total of $7,000 to an IRA in 2024, or $8,000 if you're 50 years old or older. Save for a home. Home ownership is a source of wealth and stability for many Americans. If you don't own a home yet, consider building up a down payment fund using some of your refund. If you already own a home, consider using your refund to start paying your mortgage off early. This is especially important if you have a recent mortgage with higher interest rates. Invest in yourself. Sometimes the best investment isn't financial, but personal. If there's a course of study or conference that would improve your skills or knowledge, that could be a wise use of your money in the long run. Give some of it away. Helping people, and being able to deduct gifts and charity from your next tax return, isn't the only benefit of giving to a good cause.
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Good Morning to my lovely people!!!! Hopefully you enjoyed your weekend. SAVING & INTEREST ❗❗❗ Ọrùn kúkurú la fi ńyá owó, ọrùn gígùn la fi ńsan án. (We dey borrow money with short neck but repay with long one) It is usually quite convenient to borrow, but people become reluctant when it is time for repayment. Make I give Una small tips on survival of today's Economy SAVING & INTEREST ❗❗❗ What is Saving? Saving is the portion of income not spent on current expenditures. In other words nah money wey you dey keep forgetting raining days What is Interest? Interest is money charged by a financial institution for the service and benefit of borrowing money. Interest rates can be seen as 'good' or 'bad' depending on your perspective. For borrowers, lower rates are generally better. They make loans more affordable. For savers and investors, higher rates are usually more desirable. In other words interest nah the small bonuses wey dey always come with savings Savings is important to building wealth and ensuring future financial health, as well as providing a safety net for future emergencies and expenses. Financial independence comes from saving money, giving you the opportunity to live life on your own terms and taking calculated risks. Saving reduces stress and allows you to navigate uncertainty more easily. Compound interest is a huge benefit of systematic savings as it allows your savings to grow over time, beating inflation and increasing wealth. Ultimately, saving money is important for long-term security, financial stability, and achieving the level of independence required for a healthy and prosperous life.. If you're new to saving, or you're struggling to maintain a savings goal, there are some ways to improve your financial habits. Limiting your use of credit can prevent high interest rates from draining your savings. Tracking your expenses will help you identify unnecessary purchases and focus on savings. You can also create a monthly budget to organize your savings and avoid overspending. Investing in a long-term financial instrument, such as an investment plan like Ardilla , will help your savings grow over time and protect your money against inflation. Ardilla offers attractive interest rates and is designed to meet your life insurance needs. If you are interested in learning more about this savings plan, send us a direct message for more information.With benefits like low interest rates and loan offers, Aridila is perfect for people of all ages who want to save for the future..Just know say nah Life nah Jeje no forget say nah kobo kobo dey turn millions #savings #interest #lagos #love #passion #financialfreedom #nigeria #purpose #the #Beadilla #money #Aridilla #assignment #investment #black #transform #estate #music #professionals #financialsecurity #financialgrowth #learngraphicdesign #finance #life #graphicdesigner #design #growth #designschoolinnigeria #Vaultplan
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Young couple on how we will help them navigate their journey... Current Position: 💰 Household income $300K+ 🏚️ Couple of investment properties 😷 Little life insurance cover and one partner had no insurance cover. 🏦 Didn't have proper banking structure in place, so didn't really track where their money was going even though they were diligent with their money. They came to may and had the following goals as they felt they weren't maximising what they were doing. 🥅 They wanted around $120,000 per annum by the time they were in their 60's. 🥅 Protect each other in the event of death or disability. 🥅 Travel each year spending around $15,000. 🥅 Purchase a new investment property together. 🥅 They wanted a better handle on how they spent their money. 🥅 Do renovations on their current property. 🥅 Grow their wealth other than just paying down debt. 🥅 Potentially send their children to private schooling for high school. Still deciding on where they may send them. Here is what we came up with. 🌟 Sell an underperforming investment property, pay out any outstanding debt. 🌟 Make a catch up contribution to super to reduce the small amount of capital gains. 🌟 Provision for renovations from the sale of the investment property and small amount of capital gains tax. 🌟 Offset their main residence debt from sale of IP, and free up cashflow from this as loan repayment would be funded from offset account to do other things with their money. 🌟 Refinance all existing debt. 🌟 Started salary sacrifice contributions to super to up to the contributions cap for both. 🌟 Invested more aggressively in their superannuation accounts. 🌟 Purchase a new investment property, using equity in current property to fund purchase. Most likely up here in Queensland. 🌟 Commence an instalment gearing strategy into a diversified investment portfolio. 🌟 Setup bucket accounts and regular transfers to each of these accounts including provisioning for travel each year of $15,000. We expect that when both kids are in private school, there will be an adjustment to their cashflow, but lifestyle won't change too much. 🌟 Fully comprehensive insurance policy (life, TPD, trauma and income protection). We expect an exclusion for TPD and Income Protection for one partner as part of the pre-assessment. 🌟 Review estate plan as this has not been undertaken before. If you are interested in this or sounds like you, feel free to reach out.
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Tax Tip: Ideas for a Great Refund Three of every four Americans got a refund check last year according to IRS statistics. With a little planning, you can maximize the benefit of your refund. Here are some ideas: Pay off debt. If you have debt, a great spending priority can be to reduce or eliminate it. This is especially true if you have any credit card debt. With rate increases, credit card interest can cripple you financially. Start by paying down debts with the highest interest rates and work your way down the list until you bring your debt burden down to a manageable level. Save for retirement. Saving for retirement works like debt, but in reverse. The longer you set aside money for retirement, the more time you give the power of compound earnings to work for you. This money can even continue working for you long after you retire. Consider depositing some or all of your refund check into a Traditional or Roth IRA. You can contribute a total of $7,000 to an IRA in 2024, or $8,000 if you're 50 years old or older. Save for a home. Home ownership is a source of wealth and stability for many Americans. If you don't own a home yet, consider building up a down payment fund using some of your refund. If you already own a home, consider using your refund to start paying your mortgage off early. This is especially important if you have a recent mortgage with higher interest rates. Invest in yourself. Sometimes the best investment isn't financial, but personal. If there's a course of study or conference that would improve your skills or knowledge, that could be a wise use of your money in the long run. Give some of it away. Helping people, and being able to deduct gifts and charity from your next tax return, isn't the only benefit of giving to a good cause.
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Guiding Christians to manage their money with confidence, and grow their mindset and bank account to live generously and stop money stress! 1:1 Financial Coaching, Group Coaching, Speaking Engagements, Workshops
Who doesn't love a good before and after, especially if BEFORE is relatable? Here's the BEFORE: Have you ever gone to the grocery store, only to have a bill pull the next day and bounce your account? That expression of "OH, 💩" mixed with that tight feeling in your chest because there's not much you can do except not spend more until payday. The low bank account gives you constant feeling of stress, anxiety, and guilt because you feel successful in other areas of your life, but this money thing is unpredictable and difficult to manage. I was there, too! I was great at my job, being a military wife and keeping tabs on my husband's needs so he could do his job, and running the household duties. But, money was hard to manage. We didn't know about budgeting or staying out of debt, and my husband and I didn't know how to communicate about it productively. It was a near constant struggle. I would go to the grocery store, only to have a bill bounce the next day because we overspent. When most people get paid, they know what bills are due and how much they are, and the rest is a free-for-all for groceries, gas, and fun money. This is how we used to run our "budget." It didn't work. Later, when we took Financial Peace University, we learned how to make an intentional mission for our money. Every dollar that came into our bank account got an assignment BEFORE it was paid to us. We knew how much would go towards bills, groceries, fun money, and paying off debt and saving. Here's the AFTER of being intentional with money: RELIEF of going to the grocery store and knowing I can pay the electric bill the next day ignited CONFIDENCE! We know if we can swing by McDonald's without wondering where the money will come from. By the grace of God we're debt free except for our mortgage. Money is no longer stressful and anxious, but feels like a safety net for when emergencies happen and a tool to help us be generous. Is money something that is frustrating or causes stress for you? I know you want to feel confident in handling your money and be a good steward of God's resources. If you're ready to be intentional with your finances so that you can stop money stress and grow your bank account, DM me "READY!" We will set up a Money Strategy Session to see if my 6 month Steward and Grow program is a good fit to help you: -Create organized structure in your finances through a budget and money roadmap, so that you KNOW where your money is going instead of wondering where it went. -Ignite a vision of what you want your finances and life to look like, so that we can create bite sized goals to stay motivated to get there. -Transform how you think and feel about money so you can create new mindsets, habits, and behaviors with your finances, so that the work we do together lasts far beyond our time together. You can rewrite your Before and After money story, and go from stressed and anxious to having confidence and clarity with your finances!
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Albert Einstein once said, "The hardest thing in the world to understand is the income tax." And honestly, who could argue with that? Although taxes burn a major hole in our pockets, there's a silver lining in the form of various tax-saving opportunities hidden within the Income Tax Act of 1961. Here is a detailed breakdown of all the sections that can help you save on taxes. 1️⃣ Section 80C: Your Go-To Tax Saver 👉 Deduction Amount: ₹ 1.5 Lakhs, Annually. This section is the holy grail of tax savings with a buffet of options to choose from: 💰 Employee Provident Fund (EPF) 💰 Public Provident Fund (PPF) 💰 National Savings Certificate (NSC) 💰 Equity-Linked Savings Scheme (ELSS) 💰 Life insurance premiums 💰 Principal amount of your Home loan repayment. 2️⃣ Section 80CCD: The NPS Benefit 👉🏻 Deduction Amount: ₹ 50,000 annually This section is a cherry on top, offering an additional deduction over and above the 80C limit. 💰 Investment in: National Pension System (NPS) Scheme. It’s like the government is saying, "Save for your retirement and get a tax break too!" 3️⃣ Section 80D: Health is Wealth, and Tax-Savable! 👉🏻 Deduction Amount Structure: · Up to ₹25,000 for oneself + family ( including spouse and child). · Up to ₹50,000 for oneself and family + parents · Up to ₹75,000 for Oneself and family (below 60 years) + Parents above 60 years of age · Up to ₹1,00,000 for Oneself and family (with members above 60 years) + Senior Citizen Parents 💰 Investment in: Health Insurance Premium Healthy living, healthy savings! 4️⃣ Section 80E: Education Loan Interest 👉🏻 Deduction Amount: No upper limit 💰 Education Loan The interest on education loans for higher studies can be deducted without any upper limit for up to 8 years. The government definitely supports your dreams of higher education. 5️⃣ Section 24: The Home Advantage 👉🏻Deduction Amount: ₹ 2 Lakhs 💰 Home Loan For Home loan borrowers, the interest component of your loan repayment is deductible up to ₹2 lakh under this section. Home sweet (and tax-efficient) home! 6️⃣ Section 80G: The Joy of Giving 👉🏻 Deduction Amount: 50% or 100% of donation amount (based on the charitable institution or cause) 💰 Donations to any charitable trusts or institutions · 80GGA: Donations for Scientific Research and Rural Development · 80GGC: Contributions made to a political party #taxsaving #taxplan #section80C #personalfinance #tax #finance
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💼 Smart Tax-Saving Strategies for 2024 💼 As the year-end approaches, it's the perfect time to plan your taxes effectively. Here are a few proven strategies to help you save on taxes while securing your financial future: 1️⃣ Maximize Section 80C Deductions: Invest up to ₹1.5 lakh in options like PPF, ELSS, NPS, or life insurance premiums to reduce your taxable income. 2️⃣ Utilize Health Insurance Benefits (Section 80D): Avail tax deductions on health insurance premiums. You can claim up to ₹25,000 (₹50,000 for senior citizens) for your family’s policies. 3️⃣ Save for Retirement with NPS: In addition to 80C, you can claim an extra ₹50,000 deduction under 80CCD(1B) by investing in the National Pension System (NPS). 4️⃣ Claim HRA & Rent Deductions: If you live in a rented house, don't forget to claim the House Rent Allowance (HRA) exemption or deductions under Section 80GG if you don't receive HRA. 5️⃣ Leverage Home Loan Interest Deductions: If you have a home loan, you can claim up to ₹2 lakh on interest repayments under Section 24(b). First-time homebuyers can avail an additional ₹50,000 under Section 80EE. 6️⃣ Education Loan Deduction (Section 80E): Interest paid on an education loan for higher studies is deductible for up to 8 years, without any cap. By taking advantage of these strategies, you can reduce your tax liability while securing a brighter financial future! 💡💰 #TaxPlanning #FinancialWellness #TaxSavings #PersonalFinance #IncomeTax #InvestSmart
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Building AI-powered money manager for India • Co-founder, Moneyplanned • Patentee for AI in Fintech • Stanford GSB • Forbes India DGEMS
Albert Einstein once said, "The hardest thing in the world to understand is the income tax." And honestly, who could argue with that? Although taxes burn a major hole in our pockets, there's a silver lining in the form of various tax-saving opportunities hidden within the Income Tax Act of 1961. Here is a detailed breakdown of all the sections that can help you save on taxes. 1️⃣ Section 80C: Your Go-To Tax Saver 👉 Deduction Amount: ₹ 1.5 Lakhs, Annually. This section is the holy grail of tax savings with a buffet of options to choose from: 💰 Employee Provident Fund (EPF) 💰 Public Provident Fund (PPF) 💰 National Savings Certificate (NSC) 💰 Equity-Linked Savings Scheme (ELSS) 💰 Life insurance premiums 💰 Principal amount of your Home loan repayment. 2️⃣ Section 80CCD: The NPS Benefit 👉🏻 Deduction Amount: ₹ 50,000 annually This section is a cherry on top, offering an additional deduction over and above the 80C limit. 💰 Investment in: National Pension System (NPS) Scheme. It’s like the government is saying, "Save for your retirement and get a tax break too!" 3️⃣ Section 80D: Health is Wealth, and Tax-Savable! 👉🏻 Deduction Amount Structure: · Up to ₹25,000 for oneself + family ( including spouse and child). · Up to ₹50,000 for oneself and family + parents · Up to ₹75,000 for Oneself and family (below 60 years) + Parents above 60 years of age · Up to ₹1,00,000 for Oneself and family (with members above 60 years) + Senior Citizen Parents 💰 Investment in: Health Insurance Premium Healthy living, healthy savings! 4️⃣ Section 80E: Education Loan Interest 👉🏻 Deduction Amount: No upper limit 💰 Education Loan The interest on education loans for higher studies can be deducted without any upper limit for up to 8 years. The government definitely supports your dreams of higher education. 5️⃣ Section 24: The Home Advantage 👉🏻Deduction Amount: ₹ 2 Lakhs 💰 Home Loan For Home loan borrowers, the interest component of your loan repayment is deductible up to ₹2 lakh under this section. Home sweet (and tax-efficient) home! 6️⃣ Section 80G: The Joy of Giving 👉🏻 Deduction Amount: 50% or 100% of donation amount (based on the charitable institution or cause) 💰 Donations to any charitable trusts or institutions · 80GGA: Donations for Scientific Research and Rural Development · 80GGC: Contributions made to a political party #taxsaving #taxplan #section80C #personalfinance #tax #finance
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💰 Maximize Your Tax Refund: Smart Financial Moves 💡 Boost Your Vehicle Down Payment: Putting more money down means borrowing less, which saves you from paying high interest rates on your car loan. Invest in Education: Adding to an RESP not only grows your child or grandchild's education fund, but also triggers free money from the Canada Education Savings Grant, giving you a guaranteed 20% return. Save for Your First Home: Contributing to a first home savings account not only gets you a tax refund for the next tax year, but also allows your money to grow tax-free until you're ready to buy. Invest in Your Retirement: Putting your refund into an RRSP not only earns you another tax refund for the next year, but also benefits from tax-free growth over time. Secure Returns with a GIC: A one-year GIC with a 5% rate can guarantee a return of $2,218.65 after 12 months. If you use a TFSA, you can keep this interest tax-free. Tackle Debt: Paying off high-interest debts like credit cards or home equity lines of credit now saves you from expensive interest payments later, especially as interest rates are expected to rise. Build an Emergency Fund: Start or add to an emergency fund to protect yourself from unexpected job losses or reduced work hours. It's essential for financial security during uncertain times. 💳📈 #mortgage #mortgagepayments #interestrates #inflation #household #retirementplanning #canadianmortgages #canadianrealestate #canadianeconomy #rentals #rentalproperty #canadianhousingmarket #canadianbusinesses #housingaffordability #housingnews #housingmarketupdates #housingcrisis #bankofcanada #refinancemortgage #refinanceyourhome #refinance #ReverseMortgage #reversemortgage #reversemortgages #reversemortgagehelp #reversemortgagebenefits #reversemortgageinsights "Planning your dream space? We'd like to crunch the numbers for your mortgage with precision. Your future starts here – seize the opportunity!" Misbah Hyder Mortgage Agent Level 2 (M20002316) Rate Shop Mortgage Email: info@4msconsulting.com Cell:1-306-276-3048 https://lnkd.in/gnge7Udn
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They say 'you learn something new every day'. So, I have, and hopefully spreading the message will help you. I had to read this a couple of times because the potential IHT saving is considerable. Firstly, make sure you have appropriate protection by speaking to me and secondly have the correct estate planning from an Estate Planning expert. Thank you John Ireland The Legacy Guide To Protecting Your Assets Are Mortgages a Debt? Pre 17th July 2013 mortgages were considered a debt to the estate of the deceased and therefore decreased the value of the estate for Inheritance Tax calculations. After 17th July 2013, mortgages were no longer considered a debt against the estate if the liability was paid out of the estate and therefore the whole value of the property was included in the estate for Inheritance Tax calculations. Previously, the details of all assets and liabilities were included on the IHT forms and HMRC would allow these liabilities - whether they had been paid or not. Post 17th July 2013, mortgages and other debts of the deceased had to be repaid from the estate but - if paid for directly by a life insurance policy, the mortgage would be deemed as a non allowable deduction from the estate. The way around this is for the Personal Representatives - normally the Executors - to 'borrow' money to repay the mortgage. The 'loan' can be from any source, but typically from a Family Life Assurance Trust. If these funds are then used by the Personal Representatives to repay the mortgage, they can then deduct the mortgage debt from the deceased estate for IHT purposes. As a result the gross estate is reduced for IHT purposes. The Personal Representatives can then 'repay' the loan by transferring a share of the house to the Family Life Assurance Trust Trustees.#inheritanceplanning #trustsandestates #trusts #protection Please feel free to contact John Ireland on 0208 547 2583 or email john@legacy-wills.co.uk for further information