×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

Are you in control?

Are you in control?
Comment E-mail Print Share
First Published: Sun, Aug 09 2009. 11 31 PM IST

Updated: Sun, Aug 09 2009. 11 31 PM IST
Careers
Do you have a long-term career plan?
{a} Yes {b} No
How many days in a year do you spend cataloguing your learning and achievements?
{a} 9-12 {b} 0-9
How many kinds of information are important for job seekers and career changers?
{a} 5-7 {b} 0-5
Have you taken any steps to build your personal brand—online and offline?
{a} Yes {b} No
Do you have an active non-work life?
{a} Yes {b} No
Do you have a mentor?
{a} Yes {b} No
Banking
Do you know the basic fees and charges applicable to your bank account?
a} Yes {b} No
Do you prefer repaying your loan by cheque rather than by electronic clearing system (ECS)?
{a} Yes {b} No
Do you take loans to pay for non-assets, to finance holidays or make credit card payments?
{a} Yes {b} No
Do you invest borrowed money in the share market?
{a} Yes {b} No
Do you take loans based purely on interest rates?
{a} Yes {b} No
Tax
If you have switched jobs during the year, do you have to file returns based on multiple Form 16s?
{a} Yes {b} No
Do you have the rent receipts if you’re living in a rented house?
{a} Yes {b} No
Do you need any documentary backing for money contributed to charity?
{a} Yes {b} No
Can you claim tax deduction on your health insurance premium?
{a} Yes {b} No
Have you preserved the gift deeds for the gifts you received during the year?
{a} Yes {b} No
Can self-employed professionals claim personal expenses as deductions?
{a} Yes {b} No
Insurance
You have enough assets to see your family through after you die. Do you still need a life insurance policy?
{a} Yes {b} No
You have a PF account. Do you still need a life insurance policy?
{a} Yes {b} No
Do you know the formula to determine how much your term policy should be for?
{a} Yes {b} No
Should you have one life insurance policy or should this be split in two or more?
{a} One {b} Split
Do you have an insurance policy that covers your house against fire and theft?
{a} Yes ¦ {b} No ¦
Does your health policy cover other family members’ illnesses as well?
{a} Yes {b} No
Stocks
Do you keep yourself abreast of macroeconomic developments?
{a} Yes {b} No
Can you diversify systematic risks?
{a} Yes {b} No
Do you buy a stock just because its price is moving up?
{a} Yes {b} No
Do you have a time duration for which you are buying the stock?
{a} Yes {b} No
Do you understand the sector and business of the company whose stock you are buying?
{a} Yes {b} No
Do you buy stocks based on tips from friends and family?
{a} Yes {b} No
Mutual funds
Do you keep track of your portfolio allocation?
{a} Yes {b} No
Do you tend to buy equity MFs because the markets have suddenly picked up?
{a} Yes {b} No
Are new fund offers the best way to invest in MFs?
{a} Yes {b} No
Is your entire MF portfolio accumulated in one or two funds?
{a} Yes {b} No
Are you invested in more than 10 funds?
{a} Yes {b} No
Do you have any systematic investment plans?
{a} Yes {b} No
Real estate
The project in which you have invested is not looking like it will be completed on time. Have you written to the builder seeking a clarification?
{a} Yes {b} No
Have you invested in a low-cost housing project that was recently launched, just because it was cheap?
{a} Yes {b} No
Would you search for property through the home search wing of a housing finance company?
{a} Yes {b} No
Would you prefer a builder who gives you a discount to one who gives you a construction-linked payment option?
{a} Yes {b} No
Have you invested in a property whose delivery is at least two years away?
{a} Yes {b} No
Do you visit the site of your building?
{a} Yes {b} No
Travel
Do you know how your cashback amount is calculated?
{a} Yes {b} No
Is a free ticket entirely free?
{a} Yes {b} No
Do you check the cancellation terms before you book your tickets or your hotel?
{a} Yes {b} No
Do you keep track of your air miles and use these to book tickets?
{a} Yes {b} No
Do you always book your trip several months in advance?
{a} Yes {b} No
Do you check on entry fees and admission charges of the places you would like to visit before you finalize your travel budget?
{a} Yes {b} No
Health
Do you eat breakfast every day?
{a} Yes {b} No
How many minutes of brisk walking do you do in a day?
{a} 30+ {b} Only from the fridge to the sofa
Do you have an ergonomic chair at work?
{a} Yes {b} No
Are you aware of the symptoms of common diseases?
{a} Yes {b} No
How often do you have a medical check-up?
{a} Yearly {b} Only when I change jobs or take an insurance policy
Would you term your outlook towards life as positive?
{a} Yes {b} No
Financial planning
Have you detailed your financial goals?
{a} Yes {b} No
Have you figured out what instruments can help you reach these goals?
{a} Yes {b} No
What percentage of your savings should you invest towards children’s education?
{a} 15-20% {b} <15%
When your children are young, should you have more money allocated to equity products?
{a} Yes {b} No
Have you decided on a retirement age and started putting away money?
{a} Yes {b} No
Have you assigned a nominee for all your financial and other assets?
{a} Yes {b} No
Give yourself the following points: A=10, B=0. If you score 60 in any section, you are a superhero.
If you score 30-50, you are getting there. If you score less than 20, read this issue every morning.
CONNECT
iMOs: for instant money transfer
There are many ways of transferring money to your parents or relatives staying in another city. But remember, convenience comes at a cost. Sending money through a money order and demand draft (DD) are the most common ways of transferring money. If you don’t have time to get a DD made or to deposit money in your parents’ bank account, do an instant money order (iMO). With iMOs, you can transfer funds instantly to around 600 post offices across India. If your parents and you have an account with the same bank, you can deposit the money directly in their account. Or, open a joint account with your parents.
Ulips: returns UN(assured)
Ulips usually do not give assured returns. If the returns are assured, they are always marked “guaranteed” on the illustration table page. If your policy offers variable returns, then the illustration will show two different rates of assumed future investment returns (the minimum and maximum expected return). These rates are assumed keeping in mind the current position of the financial markets. These assumed rates of return are not guaranteed and are also not the upper or lower limits of what you might get back, as the value of your policy depends on a number of factors, including future investment performance.
Click and donate
— Anagh Pal
Show your income and your property’s title, get a construction loan
You can get a construction loan from a bank based on your income and the title of the property. The property owners will have to be co-borrowers of the loan. On the other hand, to avail 100% tax benefit on the loan, you have to be a co-owner of the property as well as a co-borrower of the loan. For instance, if the property belongs to your mother and grandmother and you cannot claim ownership, you will not be able to avail tax benefits. However, if you enter into a share agreement with your mother and grandmother, you can claim 100% tax benefit on the loan.
All content on this page brought to you by Outlook Money
Write to us at outlookmoney@livemint.com
Comment E-mail Print Share
First Published: Sun, Aug 09 2009. 11 31 PM IST