The first session began with Ms Dalal speaking on the mistakes that affect your financial life and how to keep money safe from financial mistakes, Ponzi schemes, email fraud etc. Many have lost huge amounts of money in pyramid, Ponzi, multi-level marketing (MLM), chain marketing and chit funds such as Herbalife, Amway, Saradha, Rose Valley, SpeakAsia, Gold Quest or QNet. Many are oblivious of how costs and compounding interest can impact borrowings or investment. Several people want to have a credit card and do not even read the terms and conditions, especially the interest rates and charges that are usually in the range of 40% to 65%. Looking at the increased use of credit reports, credit history of borrowers and credit scores by lenders, Ms Dalal said one needs to be really careful in financial dealings, especially while availing and repaying any loan or credit card. This is because, not paying EMIs or credit card dues on time and, in full, can make the person a defaulter in the credit bureau records and disallow him any kind of credit for seven long years, she added.
Lured by high returns, many invest in corporate fixed deposits. Similarly, many opt for fixed deposits of co-operative banks, which pay a higher interest as compared to nationalised banks. Unfortunately, unaware of the risk involved, many have ended up losing their money in such fixed deposits. Mr Basu in his session explained that to save and invest smartly, one needs just a few products. Based on one’s financial goals, investment horizon and tax bracket, they should invest in a mix of equity and fixed income products. Not to forget, make the power of compounding work to your benefit. So, be safe as much as possible, as early as possible, in the right products, he said.
According to the COO of CIBIL, 79% of the loans approved are for individuals with a CIBIL TransUnion score that is greater than 750. Anyone can purchase his/her CIBIL TransUnion score either one time (Rs550 per report) or regular subscription. CIBIL offers two subscription, bi-annual, where the individual can obtain two score reports in a year for Rs800 and quarterly subscription that provides four score reports at Rs1,200 during the 12 months period.
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
Fiercely independent and pro-consumer information on personal finance.
1-year online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
30-day online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
Complete access to Moneylife archives since inception ( till the date of your subscription )
