Dear Guys.. You spend your money wisely Purcahse books Computer and all good things that will improve your financial ststus and quality of life.. Invest in properties and dont smoke or drink However I amyself am a smoker..
Hence dont waste money in excess shopping and dont get into trouble by trying to become a hero by helping people.. You can ..
10-20% food 10% clothing 10% equipmnets 10% communication 10% salary and 50% savings and investment.. Write down details and purcahse cheapest and bets
Hi! I work as a Credit Analyst in Canada and see people who are in debt ALL the time! out of 1000 people i interact with I may find 1 if Im lucky who knows what it means to spend within limits n save. For married people-i find it impossible to understand inability to save! Simple rule, which works, trust me I know from personal experience, if u have 2 incomes in the household, get 1 income directly deposited into a separate joint account so that its only for the purpose of growing your savings. when u dont see the money in your regular spending account, you will not 'know' u have that much extra money to spend and hence will stop spending when your regular spending account is empty or close to nil... go thru all your monthly bills-cable tv, phone, mobile etc... see places you can save by reducing the services-for eg...do u really need a call forwarding on your mobile/landline?do u 'really' have the time to watch all the channels you're paying extra for in a month? do u really need the caller id enuff to have to pay extra $5 or Rs 50 or whatever it maybe for it? trust me every penny/paisa counts when u get into saving mode! and also remember-according to a recent study, which makes a lot of sense, our sense of euphoria or desire to own something we see in a mall/store is immediately nullified/dulled once we 'purchase' it...endorphins in the body r released only when u 'want' something you see and are zeroed out when you get it...so if you're putting it on a revolving(one you dont pay in full each month) credit card/loan you're paying for what u dont have the desire for anymore. so try n make a habit of buying only what u can pay for in cash/even if you put it on a cr crd to earn points, pay it off as soon as u get home thru the money in your bank account!!! Trust me-it works-thats the way we have been able to save and live so well in the 5 years of our marriage! n we even take 2-3 yearly trips abroad-with our own money-not borrowed money-n no we'r an average income earning family of 2, not millionaires-just yet-but we will be if we continue doing what we're doing... so try it!!! Achha hai! ;)
RE:getting richer
by Pradeep Gangadharan on Jan 21, 2007 02:56 PM Permalink
Tks a lot for sharing your experience. Was simple and insightful. Thanks again. Pradeep.
RE:getting richer
by Yunus Baxamusa on Jan 21, 2007 02:33 PM Permalink
How is the lifestyle in Canada, I mean mostly PR's are saying that you can never save anything in Canada, how much is it true and really what does the average Indian PR or Canadian manage to save if Husband and wife both are working?
RE:getting richer
by Vishwamitra Singh on Feb 20, 2007 12:14 AM Permalink
good piece of advice but advice is one thing which intelligent people dont need and bloodyfools will not listen to. thus no point telling people to save, still you have done your duty. let people follow it.
RE:RE:getting richer
by Rasna Arora on Feb 22, 2007 06:47 AM Permalink
I have learnt all this from advise from other intelligent people who were willing to share their secrets of success for saving/money... :) i hope someone can benefit from my knowledge, little as it may be... Best of luck! :)
RE:RE:getting richer
by Rasna Arora on Feb 22, 2007 06:46 AM Permalink
I think we make what we want of our earnings and situations tend to be different. however i have seen here in canada that indians, generally speaking, (not everyone of course), do manage their money much better than any native canadian/american. Goes back to upbringing and what we learn as kids I guess... yes things r expensive here and salaries are not as high as in US but its not hard at all to lead a very good life with well planned budgets, and still save enough to feel secure... I sure am glad my parents, esp my mother taught me the value of money and ways to save it! I hope that was of some help...
I am getting 27000 p.m & having two personal loans GE & Citi emi is afround 2700 each I am paying monthly & there are some more expenses like petrol etc. also & I don't understand how to quit from this loan I mean the one time payment is too heavy for both what I should do I am not able to save at all, can you suggest me some good points for saving.
RE:savings
by vikram shah on Jan 16, 2007 11:49 AM Permalink
take another loan & repay the existing loans.concentrate only one at a time.try to take loan from nationalised as they a bit better than from whom u have mentioned.
RE:savings
by praveen bothra on Jan 16, 2007 11:18 AM Permalink
Start spending only for a purpose. You must know that it the essential expenses which i have to do now otherwise defer it till you repay the full personal loan.
RE:savings
by bhaskar chintal on Jan 17, 2007 09:19 PM Permalink
HI Bhawna as per u r salary stracture your annual income is 3.24lakhs and where as you have up to onelakh tax exemption and anything more then that you have to pay 10% tax but as you taken the personal loan which will help you for tax saving even though if you want to go for savings than its batter to go for manual funds which also gives you tax benefits,where you require to invest a some fixed some of amount and you can get the annual returns and dividents (some times 3time a year based on your MF inveastment) otherwise if you are not a married person than its batter for you to stick to your self that you have to save atleast 5% of your monthly salary irrespective of your exp & loans.
further asst. contact me to my mail id bhaskar_13dec@yahoo.com
Dear Sir, Could you please let me know the procedures and rules to open a small investment firm with online trading in equity stocks and commodities. Also,if I only invest through that company for period more than 1 year, what are the various tax liabities. kindly help me in this matter.
RE:start the small investment firm
by praveen bothra on Jan 16, 2007 11:15 AM Permalink
If you hold the shares for more than a year i.e. for 365 days in the listed stock of BSE 500&NSE than you need not pay any tax on the profit earned as this will be LONG TERM profit from listed stock.
