- Savings Account vs Current Account: Differences and Benefits
What is a Savings Account?
A Savings Account is a type of bank account meant for individuals to save money and earn interest.
- Purpose: Promotes savings for personal use.
- Features:
- Interest rates range from 4% t…
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- The Best Debit Cards in India?
This guide outlines the 22 best debit cards in India for 2023, their features, benefits, and factors to consider when choosing the right one for your needs.
What is a Debit Card?
A debit card allows you to access money…
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- How to Protect Yourself from Insurance Frauds
With the rise in insurance frauds, particularly in motor, health, and personal accident segments, it’s crucial to take precautions. Fraudsters often target unsuspecting customers with fake policies and promises of disco…
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- 21 Must-Know Financial Calculations
1. Compound Interest (CI)
Formula:
A = P * (1 + r/n)^(nt)
- A: Final amount
- P: Principal amount
- r: Annual interest rate
- n: Number of times interest is compounded annually
- t: Time in years
2. Post-Tax Return
F…
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- 6 Financial Formulas to Help You Succeed
1. Calculate Your Cash Flow
Formula:
Income – Expenses = Cash Flow
- Positive cash flow means you’re living within your means and can allocate excess funds to savings or investments.
- Negative cash flow signals overspe…
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- Personal Finance Ratios You Should Know
These financial ratios serve as essential tools to evaluate and improve your financial health. Use them to understand your liquidity, debt management, savings, and investment strategies.
1. Liquidity Ratio
Formula:
Liq…
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- Ideal Duration for Term Insurance: Factors to Consider
The primary purpose of term insurance is to provide financial security to your dependents in case of your untimely demise. The duration should align with the time your dependents would rely on your income. Here’s a brea…
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- Financial Tips and Hacks That Should Be Common Knowledge?
Here’s a collection of valuable financial advice and lesser-known hacks to help you manage and grow your money effectively:
1. Insurance-Related Tips
Convert Group Health Insurance:
When leaving a job, convert y…
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- Financial Tips for the Recent Generation in India?
Managing money early in life can set the foundation for long-term financial stability. Here are some essential tips to guide recent grads and young professionals:
1. Emergency Fund Comes First
Save 3–6 months of l…
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- Personal Finance Checklist/Flowchart for Beginners?
This step-by-step guide provides a beginner-friendly approach to personal finance, helping you establish a solid foundation for managing your money, setting goals, and investing wisely.
1. Budgeting: Build the Basics…
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- Calculating Returns on Investment?
Understanding Return on Investment (ROI):
ROI represents the gain or loss from an investment, usually as a percentage.
Components:
Income: Interest or dividends.
Appreciation/Depreciation: Change in the investment’s …
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- Understanding Compounding and Its Financial Impacts
Definition of Compounding
Compounding grows an asset's value by earning interest on both the initial principal and accumulated interest.
It's a core principle of the time value of money (TMV).
Importance in Invest…
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- How to Become a Crorepati from Your Salary?
You can achieve a crore with disciplined investments and a clear plan focusing on three key aspects: investment amount, rate of return, and time frame. Here's how:
1 Investment Required Per Month
Use this guide to dete…
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- The Power of Compounding and Financial Literacy?
Financial Challenges Americans Face:
40% can't raise $400 for emergencies.
Average couple has only $5,000 saved for retirement.
Only a third use employer-sponsored retirement accounts.
Importance of Financial Litera…
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- How to Save1 Crore with a Monthly Salary of25,000
Systematic Investment Plans (SIPs) with Mutual Funds:
SIPs are ideal for long-term investments with compounding benefits.
Even small contributions can lead to significant wealth over time.
Illustrative SIP Plans:
?…
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- Accumulating1 Crore With A Monthly Salary Of25,000 Is Achievable Through Disciplined Savings And Strategic Investments
Start Early and Invest Consistently: The sooner you begin investing, the more time your money has to grow through the power of compounding. Regular investments, even if modest, can accumulate significantly over time.
…
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- Accumulating1 Crore With A Monthly Salary Of50,000
Accumulating1 crore with a monthly salary of50,000 is achievable through disciplined savings and strategic investments. Here's how you can work towards this financial goal:
Start Early and Invest Consistently: The soo…
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- Achieving A Financial Milestone Like1 Crore
Achieving a financial milestone like1 crore is attainable even with a monthly salary of25,000, primarily through disciplined investments in equity mutual funds via Systematic Investment Plans (SIPs). Here's how you can …
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- How to Become a Crorepati by Investing50 Daily?
The power of compounding, combined with disciplined investment, can help you achieve the dream of becoming a crorepati. Here’s how:
The Plan
Start Early
Example: If you’re 24 years old, invest ?50/day or ?1,500/m…
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- 10 Quick Ways to Double Your Money
Here’s a concise list of risky and safe ways to grow your wealth:
Risky Ways
Stock Market
Returns: 0-100% (potentially higher with smart investments).
Time to Double: Depends on market performance, potentially 1-3…
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