multiply your money October 2, 2011 - republished herehttp://homefina.wordpress.com/2011/10/02/multiply-your-money/
[Durga Puja Special for distant Bengal Homes – How to multiply your money, whether you live in a village or in a city . My prayer to Devi Durga
Durgati Nashini that each Bengali home gets filled with sounds of laughter and an enduring happiness that connects and transcends from generation to generation. Dear readers, these can be applied across the human society where ever they live ]
Sixteen Rules of Money Making, Bengali Homes may ignore at their own peril.Rule No 1: Keep a tap on addiction. Remove addition of Cigarette, Liquor and other health hazards. It will save your family’s Cash outgo and increase savings.
Rule No 2:Don’t follow the much adored “Neighbour’s Evy, Owners Pride” policy on your capital purchases. Don’t get trapped in that vicious circle. Buy as per your necessity and ability. Have patience to defer big purchase to match your monthly cash flow. Follow your own plan diligently and that would bring peace and comfort and encourage confidence..
Rule No 3: Dont think Time Deposit, i.e., Fixed Deposit in PSU Bank is the only route to generate income from idle money. Even in PSU banks, your money is secured upto a limit by Central Government’s guarantee scheme.
Rule No.4: Don’t think investing in Share Market is equivalent to gambling. Wise long term Investor with a proper choice of scrip can expect to get a return substantially higher than FD. Can follow SIP in Share investment to averaging market volatility.
Rule No.5: Investment in Gold and Silver with a portfolio share of 5% would absorb the inflation factor in your asset value
Rule No 6: Keep 30% of your asset in real estate. 30 % in secured Govt deposits. 5-10% in gold and remaining 30-35% on risk based Share-Mutual Fund- private investment.
Rule No 7: As you age, reduce exposure of this risk based portfolio and convert the same into annuity-based schemes to take care of post retirement necessities.
Rule No. 8: Go for Medical Insurance - dont think of it as a waste of money but payment to protect your asset against emergency payments of sickness.
Rule No.9: Take Life Insurance policy but do not buy policy of insurance with investment as a component. Insurance companies have the worst record of investment returns. Go for pure Term policies that will cover your life at a much lower rate for a much bigger sum insured and it will take care of your housing loan requirement. Dont believe an insurance agent. Search the net and get the facts and match it with what agent say.
Rule No 10: Use Credit Cards for payments but pay the dues promtly within the next due date or else interest will begin to shoot making you a loser. Instead plan your Expense Budget annually and split it into monthly and take your spouse into confidence to benefit from use of Credit cards with rewards points and cash backs which you can encash.
Rule No 11: Never take loan so long you can manage with liquidating existing assets as every loan has a cost that would burden your asset growth.
Rule No 12: Take care of right combination of food, proper physical activity, periodic health check up – always believe Health is Wealth in the long run.
Rule no 13: Take care of hygiene within home and in the neighbourhood to prevent spread of diseases and infections.
Rule No 14: All members of family make sure to sit together once in a day and play an indoor game together that would improve family mental health and help all members with boaster energy to follow their life goals more diligently.
Rule no 15: Never quarrel with your neighbor, rather help them in their bad days. Even if you hate a person, never show disrespect or do any harm to him. Multiply your network of good company. That will lead to more connections to have more avenues to earn money.
Rule no.16: There is no bad job or Good Job. All works are good. Respect the work and the worker. Love Work as a worship of God. God will make you prosper.Money Making is not an one year wonder. It needs the involvement of the whole family to follow the above meticulous rules over a decade to reap huge dividend.I often wonder that Bengal has everything from intellect , to geography to history to endowment of nature but majority of homes lack the proper financial discipline to family prosperity, that make many unfortunate newspaper headline or often social or even family setbacks. Family Fiance is as critical a theme as the careerist goal of earnings through job. Here it is my humble submission as a distinguished Finance Expert to try to reach out through the medium of blog and request bloggers who read this, please make it a campaign to make all families observe the sixteen rules and God willing, ,let millions of home blossom and make each corner re vibrate with peace and tranquility.
Sharadiya Subheja My heartiest greetings on this festive season.
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