- Personal Finance
New Money Making Tips - 21 Great Ideas
" If your credit card, that is lost or stolen, gets used fraudulently, refuse to pay up for somebody else and contest such charges.The merchant who sold the goods should have checked the signature as per his agreement with the card issuer."
Improve Your Money Making Talent with these Tips
Here are some tips to manage money which i have gathered thru real life experiences and by reffering some ariticle on financial investments and money making.This will improve your financial management and helps you get more wealthy.
1.Never lose control over your assets as long as you live.Think thrice before you give a power of attorney, or write property away even to your nearest and dearest.Relationships can change over time, so it's wiser to will it instead.
2.Write a will anyway.It's not unlucky.Most people postpone writing one, or never do so.
3.It's mostly the men who handle money matters in Indian homes.Change that.Share all financial information with your spouse and encourage her to take charge.
4.Not all banks are "as safe as a bank".Your money is safest in the public sector banks.Each year you hear of a cooperative bank or two going down.
5.Keep track of your credit card statements and bank accounts.Don't go by bank statements alone:verify each transaction your-self against bills and your own books or computer entries.
6.If you buy gold, ask to be shown the Bureau of Indian Standards (BIS) hallmark.One survey in Mumbai showed that 87% of customers who buy gold that's not hallmarked were short-changed on purity.
7.You no longer have to buy gold to invest in gold.Buy into a gold exchange traded fund(ETF) instead.This way you can't be robbed of the gold, you don't have to worry about storing it, and there's no wealth tax or long-term capital gains tax.
8.Don't fall for very high interest rates when you take a fixed deposit.If somebody offers you incredibily high rates, it's only because others don't trust them enough to lend them money.The higher the interest rate, the greater will be your chance of losing all your money.Post Office term deposits are absolutely safe.
9.You can now save up to 2.5% commission if you bought mutual funds directly from the fund's office instead of buying through an agent ( who often gives no advice).
10.Buying shares online is usually cheaper and faster than buying from a broker.And you get to have more control.
11.Initial public offerings(IPOs) of shares aren't always cheap or good.More than half of all the shares of companies sold in IPO's last year sold well below their offer prices by January 2008.Patience is the key- the stock market may you offer a much lower price.
"You no longer have to buy gold to invest in gold.Buy into a gold exchange traded fund(ETF) instead.This way you can't be robbed of the gold."
12.You may voluntarily contribute any amount from your salary to your company EPF every month.This way you can take away much more tax-free money when you retire.
13.As far as possible, don't withdraw money from your EPF.Keep it as your retirement nest egg.Transfer the balance to your new employer.
14.Read up about tax deductions.Many, like expenses on treatment of disabled parents, special tax concessions for senior citizens, or donations to certain charities, are often overlooked.
15.Debit cards that don't require a PIN for shoppint are not as secure as those that require a PIN.Anybody who finds it may use it at a shop.
16.If your credit card, that is lost or stolen, gets used fraudulently, refuse to pay up for somebody else and contest such charges.The merchant who sold the goods should have checked the signature as per his agreement with the card issuer.In most countries , cards offer "zero liability" in case of fraud, even if you could not report the loss of card.Most card companies are not offering the customers only because you are not questioning such things!
17.Make a not of whether your credit card offers accident and disability insurance.Reports say that there are fewer claims on such insurance, because many cardholders are not aware of it.
18.A zero-interest loan is never what it claims.You get no discounts, you pay things like processing fees, delivery charges and service tax.One consumer study found that you'll in fact pay as much as 22% more as "hidden interest".
19. Shares can be stolen from your demat account.Check your account frequently.You can have it frozen against any debit, if you don't plan to sell soon.
20.If your own shares that pay dividends, a good growth strategy is to reinvest all dividends back into more shares.If it's mutual funds, choose a dividend reinvestment plan.
21.Systematic investment plans in equities work on "rupee cost averaging".But they don't always give you gains as claimed.However, it makes you invest regularly-a good habit.
For Info About Stocks and Buying Online
- Bombay Stock Exchange - BSE site for SENSEX, stock quotes and market trend
Bombay Stock Exchange - BSE website provides information on SENSEX and other indices, stock quotes, Market trend and analysis, Company Information, Products & services of BSE and Investor Guidance.
- National Stock Exchange of India Ltd.
- NYSE, New York Stock Exchange