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8 timeless money lessons reiterated during the pandemic

Girish Ganaraj Financial Freedom, Financial Planning, Moneycontrol.com, Personal Finance August 14, 2020August 14, 2020financial freedom, financial planning, personal finance, personal finance rules 0 Comment

For most people, the last few months has been a never-before experience. Whether it is about finding out how secure is your financial position in this crisis, or about understanding what is really important for you versus isn’t, or about looking for new opportunities in an otherwise generally hopeless time, it has been a period of discovery.

For me, this period has reiterated a few money lessons which I have learnt and personally tried to follow over the last few years. If anything, this crisis has confirmed to me that the path towards financial, in fact, overall well-being lies along successfully practicing these lessons.

Read about them in our latest article, published on Moneycontrol.

https://www.moneycontrol.com/news/business/personal-finance/8-timeless-money-lessons-reiterated-during-the-pandemic-5696081.html

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Want to quit your job and do your own thing? 5 factors to ponder before taking the plunge

Prathiba Girish Financial Freedom, Financial Planning, Moneycontrol.com July 30, 2020July 30, 2020financial independence, financial planning 0 Comment

I have interacted with many women who at some point in their career want to stop and take stock of where they are headed. These are not decisions that people take overnight, they are thoughts which stay seeded in your mind and take lot of time to grow enough to make you take action. The reasons for the same may be varied, and so will the journey, but there is always merit in reading how someone else’s journey unfolded. It may make your ride a little smoother and disappointments lesser.

A few years back I went through a similar dilemma. Having done something similar a few years back, I think that if my journey could help some get solace or pave the way for realistic expectations, this is a story which is worth telling. On hindsight, these are my learnings.

Please read our latest article, published on Moneycontrol.

https://www.moneycontrol.com/news/business/personal-finance/want-to-quit-your-job-and-do-your-own-thing-5-factors-to-ponder-before-taking-the-plunge-5602311.html

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Finwise is a personal finance solutions firm that helps both NRI and resident individuals and families plan for their financial goals, follow their passions and achieve financial independence.

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For advice, please reach us at getfinwise@finwise.in or +91 9870702277/9820818007.

Loans for Goals: 5 steps to use leverage for your financial well-being

Girish Ganaraj Financial Freedom, Financial Planning, Moneycontrol.com, Personal Finance July 15, 2020July 15, 2020financial freedom, financial planning, personal finance 0 Comment

A few months back, I met a friend of mine who was down from the US on a holiday. This is someone who had done quite well for himself over the last nearly 20 years in the US, and has built a fairly large investment portfolio. As part of it, he has also successfully built a real estate portfolio over the years in the US. Discussions veered towards that, and he said something that made me sit up.

His words were “I love Leverage”.

The use of the word “Leverage” instead of “Debt” somehow made all the difference for me to look at it in a new light. Yes, loans are bad, and one should be debt-free in one’s pursuit of financial well-being. That said, I have since also realized that Debt is not as one-dimensional as one thinks it is.

Coming back to the original question, let’s look at Debt differently and build some simple rules around it, which can be generally followed, towards one’s financial well-being.

Read our latest article below, published on Moneycontrol.

https://www.moneycontrol.com/news/business/personal-finance/loans-for-goals-5-steps-to-use-leverage-for-your-financial-well-being-5549181.html

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Finwise is a personal finance solutions firm that helps both NRI and resident individuals and families plan for their financial goals, follow their passions and achieve financial independence.

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For advice, please reach us at getfinwise@finwise.in or +91 9870702277/9820818007.

In saving intensely for the future, don’t forget to enjoy the present

Prathiba Girish Financial Freedom, Financial Planning, Moneycontrol.com, Personal Finance July 8, 2020July 8, 2020financial independence, financial planning, personal financial planning 0 Comment

Financial planning has different connotations to different people. To us who have been interacting and partnering with people in their pursuit of financial well-being, it means living a fulfilling now while planning to sustain the same lifestyle throughout your life.

In our numerous interactions with people, we have noticed many kinds. A few are balanced in their need to live a good life today as well as save for the future. Some are very involved in the now, and live an indulgent life-style with no worries of tomorrow. While some are constantly worrying about the future, so much so that they compromise on even little things which bring them great joy. We are going to discuss this last category since we have noticed some common traits which distinguish them and strongly believe a different approach can significantly change their lives.

Read on more in our latest article below, published on Moneycontrol.

https://www.moneycontrol.com/news/business/personal-finance/financial-planning-in-saving-intensely-for-the-future-dont-forget-to-enjoy-the-present-5490201.html

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Finwise is a personal finance solutions firm that helps both NRI and resident individuals and families plan for their financial goals, follow their passions and achieve financial independence.

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For advice, please reach us at getfinwise@finwise.in or +91 9870702277/9820818007.

Loan moratorium: When interest compounding works against you

Girish Ganaraj Financial Planning, Moneycontrol.com, Personal Finance July 2, 2020July 2, 2020compounding in loans, financial planning, loan moratorium 0 Comment

Over the last 3 months, for many, salaries have been truncated, jobs have been lost and the health and lives of near and dear ones have been threatened. And for most, this is a first-time experience.

In support, the salaried middle-income person has also been given some breaks, importantly, an initially three, now extended to six months “moratorium” on their loans through banks/NBFCs. These include all kinds of loans, including credit card debt.

The terms of the moratorium are simple – it only defers your EMI, doesn’t waive it. There is no interest waiver. Non-payment (ie. deferral) does not impact your credit score.

Hence, it is advisable to pay your EMIs, and not take the moratorium, unless there are dire circumstances, because of which you are unable to pay. And if you do, pay back the deferred EMIs as soon as possible, to minimize the long-term impact.

But why so? The reason is simple. Taking a 6-month moratorium on a home loan that has 15 years left adds another 18 EMIs! And this is because of the effect of compounding over long periods of time.

Our latest article, published on Moneycontrol, explains exactly why. Click on the below link to read on.

https://www.moneycontrol.com/news/business/personal-finance/loan-moratorium-when-interest-compounding-works-against-you-5461361.html

Image credit: Moneycontrol

Finwise is a personal finance solutions firm that helps both NRI and resident individuals and families plan for their financial goals, follow their passions and achieve financial independence.

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For advice, please reach us at getfinwise@finwise.in or +91 9870702277/9820818007.

10 money steps to help you stay prepared in case of a job loss

Girish Ganaraj Financial Freedom, Financial Planning, Moneycontrol.com, Personal Finance May 29, 2020May 29, 2020financial planning, financial security, Job Losses 0 Comment

As the impact of the COVID-19 crisis takes a further hold on the economy, its impact is beginning to be felt on its foot soldiers as well. Over the last few weeks, more and more news about planned salary cuts have been percolating, and over the last few days, the dam seems to have broken, with large job cuts also being announced.

This is likely to be wide-spread, and in the last few days, we ourselves have seen cases of 25% salary cuts, work without pay for the next 6 months, and finally, job-losses.

How to handle such a crisis is something someone impacted would be struggling to grapple with. And in case you are not hit by it as yet, count yourself as lucky and prepare for an eventuality like this. The below 10 steps should hopefully help you plan for it and address much of the impact.

Please read our latest article, published on Moneycontrol.

https://www.moneycontrol.com/news/business/personal-finance/10-money-steps-to-help-you-stay-prepared-for-a-job-loss-5325361.html

Image credit: Moneycontrol

Finwise is a personal finance solutions firm that helps both NRI and resident individuals and families plan for their financial goals, follow their passions and achieve financial independence.

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For advice, please reach us at getfinwise@finwise.in or +91 9870702277/9820818007.

Don’t wait for a hard landing to set your money matters in order!

Prathiba Girish Financial Planning, Moneycontrol.com, Personal Finance, Retirement May 6, 2020May 6, 2020Contingency Planning, financial planning, Retirement planning 0 Comment

The last few weeks have been a turbulent roller coaster of a ride, and even the most astute and calm investor would have had stressful moments while their portfolio values gyrated violently.

Given this kind of unseen volatility, it is not uncommon to expect calls from customers during such times, wanting to discuss their portfolios and share their concerns. Even then, there are some calls though which startle me and forces me to take a break.

I do also realize though that in some cases, counselling can only do that much and sometimes, only a hard landing sometimes serves the purpose of making people realize the risks of living without a financial safety net.

Read more in our latest article, published on Moneycontrol.

https://www.moneycontrol.com/news/business/personal-finance/dont-wait-for-a-hard-landing-to-set-your-money-matters-in-order-5217561.html

Image credit: Moneycontrol

Finwise is a personal finance solutions firm that helps both NRI and resident individuals and families plan for their financial goals, follow their passions and achieve financial independence.

To receive our articles through email, pl subscribe here.For advice, please reach us at getfinwise@finwise.in or +91 9870702277/9820818007.

The mistakes do-it-yourself Investors make when the going gets tough

Prathiba Girish Equity Investing, Financial Planning, Moneycontrol.com, Personal Finance March 27, 2020March 27, 2020 0 Comment

The last few days have been unprecedented and will be part of stories which we tell our grandchildren. We have been proactively in touch with many of our customers over the last few days, to understand their worries and allay their fears. And we are pleasantly surprised by their typical response to the situation.

On the other hand, we get a lot of calls from DIY customers who want a sounding board during difficult times. They are looking for some advice, they are essentially gauging if they are on the right track. What we notice with a vast majority of them are the following

Read more about this in our latest article, published on Moneycontrol.

https://www.moneycontrol.com/news/business/personal-finance/the-mistakes-do-it-yourself-investors-make-when-the-going-gets-tough-5078681.html

Image credit: Moneycontrol

Finwise is a personal finance solutions firm that helps both NRI and resident individuals and families plan for their financial goals, follow their passions and achieve financial independence.

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For advice, please reach us at getfinwise@finwise.in or +91 9870702277/9820818007.

Dear woman, don’t be risk-averse in choosing your investments

Prathiba Girish Equity Investing, Financial Freedom, Financial Planning, Finwise Woman, Moneycontrol.com, Personal Finance February 27, 2020February 27, 2020Equity investing, financial independence, financial planning, finwise woman, personal finance 0 Comment

Last week, I did a financial well-being session at a well-known corporate, the participants being predominantly women in their 30s. While they were all keen on taking charge of their finances and made for an attentive audience, most of them were extremely risk-averse.

This was startling, since women, usually, are not in a hurry. They are very patient, and once they understand the way a product is built and have realistic expectations of the short-term as well as long-term performance, they wait out the turbulent times patiently and truly stay put for the long term.

Given this fact, it was surprising to see that most of the women mentioned earlier were shying away from equity since they perceived the volatility in the short term as risk. There are several compelling reasons for women to take more interest and understand the best options available to them when it comes to investing. Here are three big ones.

Read our latest article, published on Moneycontrol.

https://www.moneycontrol.com/news/business/personal-finance/dear-woman-dont-be-risk-averse-in-choosing-your-investments-4981251.html

Image credit: Moneycontrol

Finwise is a personal finance solutions firm that helps both NRI and resident individuals and families plan for their financial goals, follow their passions and achieve financial independence.

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For advice, please reach us at getfinwise@finwise.in or +91 9870702277/9820818007.

Why discussing finances is mutually beneficial for spouses

Prathiba Girish Financial Freedom, Financial Planning, Finwise Woman, Moneycontrol.com, Personal Finance January 30, 2020January 30, 2020financial independence, finwise woman, personal financial planning 0 Comment

I always wonder why it is so difficult to talk about money even with your spouse. You are comfortable talking about almost anything under the sun, but talking about money seem petty and crass. To my surprise some women refuse to do it even when they have a gun to their heads.

Why should you wait to be pushed against the wall to have a conversation? Marriages are meant to last a lifetime and it is impossible to traverse this journey without discussing money. At some point of time in a relationship one needs to move from Mine to Ours.

Read our latest article, published on Moneycontrol.com

https://www.moneycontrol.com/news/business/personal-finance/money-matters-why-discussing-finances-is-mutually-beneficial-for-spouses-4877221.html

Image credit: Moneycontrol.com

Finwise is a personal finance solutions firm that helps both NRI and resident individuals and families plan for their financial goals, follow their passions and achieve financial independence.

To receive our articles through email, pl subscribe here.

For advice, please reach us at getfinwise@finwise.in or +91 9870702277/9820818007.