Write Down your Financial Goals and March towards it!!!

Have you ever written your financial goals ?...

Do you agree with me that, always setting a target and marching towards that will lead to success.

if yes, than why don't you follow?.... this is a thing of Common sense.....Very Easy to Understand but Very much Difficult to Apply.... Before few decades, some economist had done a research and found out that people who had set a goal and worked in life is always successful. They also found that 97% of people do not write down their Financial Goals and were Financially struggling in their later part of their life.

So Moral is that, you should write down your various financial goals on a piece of paper....

be very specific with figures and time horizon.

Your Short -Term Goals (less than 5 years ) should be like this,

- Buying a Car around Rs. 15 Lacs within next 3 years...

- Buying a Home worth a Crore after 5 years ....etc..

Your Long-Term Goals should be like this,

- Having a Retirement Fund of Rs. 3 Crore after 25 years

- Child's Education Expense - Rs. 1 Crore.....after 12 years ...etc...

Be very specific.

Count your Future needs by taking in to account of Inflation also. say for example, if today child's higher education expense to go to USA is around Rs. 30 Lacs than after 20 years at the inflation rate of 8% you will need Rs. 1.40 Crore. so count accordingly....

So if you haven't write down your financial goals than right now write it down....!!!!

For further assistance on guidance in achieving your financial goal contact us . . . . . . . .

K. Ramesh Bhat, CPFA., CFP

^CM

CERTIFIED FINANCIAL PLANNER^CM

CEO, M/s. Aniram,
New No.15, Old No.8, Second Trust Link Street,
Mandavelli, Chennai - 600028.
Off: 24951015 / 24938163 / 42108585 / 4210 0121
Fax: 4210 1370 Mobile: 9840858585
email: youraniram@gmail.com
http://www.aniram.in/

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CFP^CM, CERTIFIED FINANCIAL PLANNER^CM and are certification marks owned outside the U.S. by Financial Planning Standards Board Ltd. Financial Planning Standards Board India is the marks licensing authority for the CFP Marks in India, through agreement with FPSB Ltd.

Post Office Monthly Income Scheme (POMIS)

Post Office Monthly Income Scheme (POMIS) FAQs

The Indian Post Office Saving schemes are the most popular schemes in India. There are several post office savings schemes in India out of which the Monthly Income Scheme (MIS) is the most popular scheme.

There are several tax benefits on the post office schemes and the schemes are also available for the senior citizens for special interest rates.

Key Features of POMIS -

It has the lock in period of 6 years. The interest rate of POMIS is 8% Compounded annually and payable monthly. The Maximum amount allowed for the investment in this scheme is Rs.4.50 Lakhs for single account and Rs.9 Lakhs for the joint account And the Minimum amount is Rs.1500 and multiple there of.

The Interest amount can be credited to PO saving bank account upon we giving auto credit letter to PO. Saving Account with cheque book facility you must maintain a minimum balance of 500 /-

The account can be opened in any departmental post office and is transferable from one post office to another. The interest amount is payable monthly. i.e for every 9,00,000 you invest (in joint account) you are eligible for 6,000 a month as interest.

If the account is closed on or before expiry - i.e between one and three years opening of such account, an amount equal to two percent of the deposit amount will be deducted as penalty and balance 98% of your investment will be paid to the depositor. If the said account is foreclosed on or after 3 years then the penalty is only one percent of your investment. No bonus is payable in case of foreclosure of your POMIS Account before its maturity date.

Here comes the best part. The best thing about Post Office Monthly Income Scheme (MIS) is that, if you continue the deposit for full 6 years, you will get 5% Maturity Bonus. Now, this is really amazing.

This is the only post office saving scheme where the monthly interest is payable. NRIs and HUF can not open this account.

The account can be opened by an Individual, 2/3 adults jointly and a minor through a guardian.

I am NRI so I can’t open MIS account.Can I put my name as a joint holder with my wife & then we can invest up to max. her limit of 4.5lakh?

If you are NRI than you can not open single or joint account. Of course, if your wife is living in India than she can anytime open the account. But you can not.

POMIS + Recurring Deposit – Best Combo -

You can Deposit in Monthly Income Scheme and then invest interest in Recurring Deposit to get a very attractive interest of 10.58% without TDS. Still it sounds better than FD return (currently bank is giving 8.5% … plus they deduct TDS in it).

Update: -

The effective yield would jump to 8.9% (from the previous 8.3%) due to the maturity bonus of 5%.

It should be noted that there was a bonus of 10% on Post Office Monthly Income Scheme (PO MIS) / Post Office Monthly Income Account (PO MIA) earlier, but it was withdrawn by the government some time back. (Before 2007).

In case of any doubt on the above please feel free to call me on 9840858585

Ramesh Bhat, CPFA., CFP

Certified Financial Planner

CEO., M/s. Aniram

WHERE NIFTY AND BN TRADING NOW....HAVE A LOOK...

Highlights of RBI’s monetary policy

The RBI raised its key interest rates by higher-than-expected 50 bps in a bid to control inflation

The following are the highlights of the Reserve Bank of India's (RBI) Monetary Policy statement for 2011-12:

* Short term lending rate (repo) hiked by 50 basis points (bps) to 7.25%

* Repo rate to be only effective policy rate to better signal monetary policy stance from now on

* Reverse repo to be fixed 100 bps lower than the repo rate

* Short-term borrowing rate (reverse repo) up by 50 bps to 6.25%

* Cash reserve ratio (CRR) and bank rate left unchanged at 6% each

* Interest rates on savings bank deposits hiked to 4% from 3.5%

* Economic growth projected lower at 8% for FY11-12

* WPI inflation projection lowered to 6%

* Objective is to contain inflation by curbing demand-side pressures

* Favours aligning of fuel prices with international crude prices to avert widening of fiscal deficit

* Banks to get a new overnight borrowing window under Marginal Standing Facility at 8.25%

* Likelihood of oil prices moderating significantly is low

* Malegam Committee recommendations on MFI sector broadly accepted

* Bank loan to MFIs on or after 1 April 2011, will be treated as priority sector loans

Akshaya Tritiya

Akshaya Tritiya, also known as Akha Teej is a Hindu and Jain holy day, that falls on the third Tithi (Lunar day) of Bright Half (Shukla Paksha) of Hindi month of Vaishakha.

Jainism is one of the oldest known religion of world. Rishabhadeva alias Adinath is the first Tirthankara of the Jain. The Day of Akshay Tratiya is worshipped and said auspicious in Jainism because -

Tirthankara Rshabhdeva was king of Ayodhya. He being enlightened gave up all earthly pleasures and chose to lead the life of an ascetic and become a Jain monk. Jain monks do not possess anything,not even food. They do not even cook food for themselves. While hungry or thirsty, they go to people and ask for food or drinking water. Tirthankara Rshabhdeva also went to people and asked food. However, the people of that time did not know anything about the acts of monks, as he was the first monk in this era. People of Ayodhya offered gold, jewellery, gemstones, elephants, horses, expensive garments and even their daughters to honour their beloved king. Rshabhdeva was not in quest of all these. He wanted only 36 morsel of food,and that no body offered him. No body at that time could guess that their king was asking for food. As there was no choice, he had to fast for long time until his grand son Shreyansha kumara understood his need. Shreyansha kumara, finally, offered him sugar cane juice and Rshabhdeva broke his fast with that juice after 1 year. The incident happened on the day of Akshaya Tritiya. This is considered by the Jains as one of the best offerings. It is believed that bestowing upon religious gifts on Akshaya Tritiya becomes inexhaustible. Jains, even today, observe longterm fast to commemorate their first Tirthankara Rshabhadeva and broke their fast on Akshaya Tritiya with sugar cane juice.

As per Hindus, This day is ruled by god Vishnu, the preserver-god in the Hindu Trinity. It is also traditionally celebrated as the birth day of the Hindu sage Parashurama, the sixth Avatar (incarnation) of the god Vishnu. According to Hindu Mythology, on this day the Treta Yuga began and the river Ganges, the most holy and sacred river of India, descended to the earth from the heaven.

The word "Akshaya" means the never diminishing in Sanskrit and the day is believed to bring good luck and success. It is believed that if you do a charity on this day you will be blessed and will receive blessings many fold. Nowadays jewellers have turned the purity into a marketing gimmick. The day is particularly considered auspicious for starting new ventures. The legend states that any venture initiated on the auspicious day of Akshaya Tritiya shall continue to grow and bring prosperity. Hence, it is normal to see many of the new ventures, like starting a business, ground breaking for construction on the Akshaya Tritiya.

Source: http://en.wikipedia.org/wiki/Akshaya_Tritiya