Beginfinancial

26/11/2023

🌍💼 "Six Steps for Non-resident Indians to Determine and Review Their Term Insurance Needs" 💼🌍

✅ Are you an NRI seeking to protect the financial future of your loved ones? Determining and reviewing your term insurance needs is crucial! Follow these six steps to make informed decisions and ensure peace of mind. 💪

1️⃣ Evaluate your Financial Responsibilities: Assess your current financial obligations, including loans, mortgages, and dependents. A term insurance coverage should be sufficient to fulfil these needs if the unexpected happens. 💰

2️⃣ Set a Clear Budget: Determine your affordable premium amount so that your term insurance doesn't strain your finances. Balancing your budget ensures you don't compromise on other financial goals. 💵

3️⃣ Research and Compare Policies: Explore different insurers in your country of residence and in India, to find suitable term policies.. Compare features, benefits, eligibility, claim settlement process, tax impact in your current country of residence (if any) and premium rates.

4️⃣ Assess Policy Duration: Evaluate the coverage term based on your responsibilities and future plans. Typically, coverage until retirement or until loans are repaid is advisable. Choose a policy duration that aligns with your specific needs. ⏳

5️⃣ Consider Coverage Amount: Determine how much coverage you need by factoring in your financial liabilities, future goals, and inflation. Use the tools on the SEBI investor education website to calculate your term insurance needs.💸

6️⃣ Regularly Review and Update: Life is ever-changing, and so are your insurance needs. Don't forget to review your policy periodically (every 4-5 years) to ensure it still meets your requirements. Changes in income, family, or liabilities may necessitate adjustments. 🔄

✅💼 Taking these steps will empower you to navigate the complexities of term insurance as an NRI. Remember, your loved ones depend on you, regardless of your geographical location. Stay protected and leave no stone unturned! 💙

🤝 Let's secure a brighter future! 🌟

25/03/2023

🎢 Is your mutual fund portfolio ready for the Finance Bill 2023 rollercoaster? Don't miss these critical tax changes! 🚀

From April 1st, 2023, the taxation for "specified mutual funds, by whatever name called, of whose proceeds (𝘰𝘳 𝘢𝘴𝘴𝘦𝘵𝘴 𝘶𝘯𝘥𝘦𝘳 𝘮𝘢𝘯𝘢𝘨𝘦𝘮𝘦𝘯𝘵) 35% or less are invested in the equity shares of domestic companies" will undergo a big change. 😱

These funds include:
1️⃣ Debt Funds
2️⃣ International Fund of Funds
3️⃣ Gold ETFs

📜 Previously, if you held these funds for at least 36 months, you were taxed at a long-term capital gain (LTCG) rate of 20% with indexation benefits. 💰

🚨 But, hold on! This is no longer the case! 🚨

Starting April 1st, 2023, capital gains on these funds will be taxed at your marginal or slab rate, regardless of the holding period.

🤔 In simpler terms, if your income is taxed at the 30% tax slab, your gains will also be taxed at 30%. Effectively, the LTCG tax treatment of these funds has been replaced with the short-term capital gain (STCG) version.

🔍 Here's an example: The taxation of debt funds will now be similar to the current taxation on a fixed deposit. 💼

🧐 So, what can you do in light of these changes?

💡 Remember that debt funds still provide safety (depending on the 𝗿𝗮𝘁𝗶𝗻𝗴 of the underlying instruments in the fund), liquidity, and are an important part of your asset allocation. This hasn't changed! ✅

🔐 Keep aside an emergency fund of 6-12 months' expenses for short-term liquidity. This will ensure you're always prepared for unforeseen circumstances. 🌧️

🎯 Maximize your EPF/VPF/PPF contributions for long-term goals. These investment options still offer attractive returns and tax benefits. 🏆

⏳Lastly, wait for Asset Management Companies (AMCs) to come out with hybrid products investing more than 35% of their AUM in domestic equity. Though not ideal, this may help you navigate the new tax landscape more efficiently. 🧭

👉 Don't forget to share this post with friends and family who might be affected by these changes! Knowledge is power, and sharing is caring! 📚💞

25/01/2023

Buy it, hold it, SIP it.

Before you do that, you need to choose the active equity fund/d to invest in.

This post makes it easier to choose that fund. or does it?

24/01/2023

Mistakes in investing are common. All of us have committed one or more.

Do not repeat these mistakes.

✔ Remember - Your money, your goals, your risk.

Visit us ᴀᴛ https://beginfinancial.com for a look at our financial planning services for salaried professionals.

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10/01/2023

Salaried professionals face various financial risks.

This post discusses 🔟 such financial risks and the
steps you can take to counter and mitigate them.

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09/01/2023

Your Will ensures that your wishes regarding the distribution of your assets are carried out after your death.

This post shows you how to write your will and testament in 8 steps.

✔ Your money, your goals, your risk.

📞For a free 30-minute consultation with a fee-only financial planner contact +918208036016

Visit us ᴀᴛ https://beginfinancial.com for a look at our financial planning services for salaried professionals.

Register at https://beginfinancial.cashcalc.co.uk to get started on your financial planning journey.

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05/01/2023

Finance is personal. ❤️

Personal finance has different aspects requiring your attention.

Pay attention. Don't ignore them.🙈

04/01/2023

👨‍👩‍👧‍👦Not everyone needs term insurance.

Under or over-insurance could mean lower coverage than required or

paying higher premium for a longer period of time than required.

🟢This post helps you decide if you need term insurance. If you do, it enables you to calculate the term insurance cover required to protect your nominee/family.

16/12/2022

Reading a debt fund factsheet is not a fun task. 🔍😭😭

Deciphering the key information from the data crammed into a single page makes searching the web for "best debt funds" a far easier option.

However, that would be a folly since it's your money, your risk and part of your asset allocation.

This post helps you identify the key information to look for in a debt fund factsheet.

Analysing a debt fund factsheet allows you understand the fund's portfolio, the credit rating, the risk undertaken as well as the yield to maturity that can be expected.

17/05/2020

𝗟𝗲𝗮𝗿𝗻 𝘄𝗵𝗮𝘁 𝗮𝗿𝗲 𝘁𝗵𝗲 𝗽𝗲𝗿𝘀𝗼𝗻𝗮𝗹 𝗳𝗶𝗻𝗮𝗻𝗰𝗲 𝗯𝗮𝘀𝗶𝗰𝘀 𝘁𝗵𝗮𝘁 𝘄𝗶𝗹𝗹 𝗵𝗲𝗹𝗽 𝘆𝗼𝘂 𝗼𝘃𝗲𝗿𝗰𝗼𝗺𝗲 𝗮 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗲𝗺𝗲𝗿𝗴𝗲𝗻𝗰𝘆 𝗮𝗻𝗱 𝗽𝗿𝗼𝘁𝗲𝗰𝘁 𝘆𝗼𝘂 𝗮𝗻𝗱 𝘆𝗼𝘂𝗿 𝗳𝗮𝗺𝗶𝗹𝘆'𝘀 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗵𝗲𝗮𝗹𝘁𝗵.

Learn what are the personal finance basics that will help you overcome a financial emergency and protect you and your family's financial health.

18/02/2020

𝐖𝐡𝐚𝐭 𝐚𝐫𝐞 𝐭𝐡𝐞 𝐩𝐫𝐨𝐬 𝐚𝐧𝐝 𝐜𝐨𝐧𝐬 𝐨𝐟 𝐜𝐡𝐨𝐨𝐬𝐢𝐧𝐠 𝐭𝐡𝐞 𝐧𝐞𝐰 𝐢𝐧𝐜𝐨𝐦𝐞 𝐭𝐚𝐱 𝐫𝐞𝐠𝐢𝐦𝐞 𝐨𝐯𝐞𝐫 𝐭𝐡𝐞 𝐜𝐮𝐫𝐫𝐞𝐧𝐭 𝐨𝐧𝐞? 𝐖𝐡𝐚𝐭 𝐞𝐱𝐞𝐦𝐩𝐭𝐢𝐨𝐧𝐬 𝐚𝐧𝐝 𝐝𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧𝐬 𝐰𝐢𝐥𝐥 𝐲𝐨𝐮 𝐛𝐞 𝐟𝐨𝐫𝐜𝐞𝐝 𝐭𝐨 𝐠𝐢𝐯𝐞 𝐮𝐩? 𝐅𝐢𝐧𝐝 𝐨𝐮𝐭.

How do you benefit from the new income tax regime? Check out the factors to consider before opting for the new income tax regime.