WISHING YOU ALL HAPPY DIPAWALI

May

millions of lamps
illuminate ur life with endless joy,
prosperity, health & wealth forever..

Wishing u all get what you need when you need..
Wishing you and your family a very Happy Diwali..

Have You Checked Your KYC Status?

Over the past month, several mutual fund investors would have received a mail from their fund house to update their Know-Your-Customer (KYC) details. In September, the Association of Mutual Funds in India (AMFI) directed AMCs to adhere to the following requirements for individual investors from 1 November 2015:

1. Make it mandatory for all new investors to provide additional KYC details such as income details, occupation, net worth, political association, etc.

2. Not accept purchase and switch transactions for investors whose status is "KYC-On Hold", unless the investor submits the missing information or updates KYC.

3. Ensure that new investors submit Foreign Account Tax Compliance Act (FATCA) or Common Reporting Standard (CRS) declaration while opening an account.

By 31 December 2015, fund houses are advised to make it mandatory for existing investors to provide the missing details above and complete IPV (In-Person Verification). Failing these parameters, all purchase and switch transactions of the investor will be rejected. Will you be affected?

A BEGINNER'S GUIDE TO FINANCIAL INDEPENDENCE :

After a huge success of my series on  FAQs on Indian Banking to understand it better..
I got so many words of appreciation.

On public demand from today, I started a New series on
A BEGINNER'S GUIDE TO FINANCIAL INDEPENDENCE

In this new series I want to draw your kind attention towards the
FINANCIAL INDEPENDENCE in some small step by step rules,
following one can get benefited in his life.

RULE NO 1 : SAVE SAVE SAVE

Whenever I met people during my Financial Planning Classes, They always say being a middle class family expanses are so high that they have no money to save. Do you ever think why this happens? Because we all follow a simple rules of savings since our forefathers.

Income – Expanses = SAVINGS

means we used to expanse first and then want to save the rest which is always ZERO.

We have to just reorganize this simple formula  to 

Income – SAVINGS = Expanses 
and the see the magic.

You have to save at least 30% of your net income and then expanse the rest.

The best way to achieve this target is to Save at least 10% of your net take home pay during the first year of your career, 15% in the second year, and so on to increase it to 30% in five years. Saving more is always good, but 30% is a number you must certainly target.