Random Ramblings

Originally published on BeingFinWise __ Cashbacks are an amazing way to save money while shopping. More so while you do online shopping. In addition to regular deals and discounts, you can get cashback if you go via affiliates . This way you can get cashback on your online shopping, over and above your regular deals. Some of the popular affiliate networks offering cashback on online shopping in India are Cashkaro ,  Gopaisa , Pennyful etc.

Originally published on BeingFinWise __ Tennis legend Boris Becker is in news - for wrong reasons. He is having auction off his trophies to pay off his debts . Even then, the debt will not be fully repaid. To think of it, he was the youngest Grand Slam champion & considered one of the greats in tennis. He won Wimbledon when he was just 17! At that level, tennis does pay a huge amount of money! So we can safely assume, that he would have had no dearth of money. Boris Becker is not the only celebrity to be rich, yet bankrupt. There are ample examples. For example, Michael Jackson died, he was in huge amount of debt.

Originally published at  BeingfinWise __ If you are 25 year old, there is a good likelihood that you would have started working or are likely to start soon. And hopefully start(ed) managing your own finances. So, what do you do next? The good news is that having a profession can soon lead to cash flows which perhaps wouldn't have seen in your student days. And that can be empowering in many ways. The bad news is that, if you are reckless with spending money, it can soon lead to a downward financial spiral. Managing your finances well can be a good first step towards a healthy financial life. And it starts with small steps.

You can also read this on BeingFinWise __ Credit cards can be an amazing tool to manage your finances, get good deals and some excellent rewards. All you need to do is understand some credit card hacks and be on lookout for deals! However, before starting on how can you make the best use of credit cards, you need to be sure if credit cards really suit you or do you tend to lack financial discipline if you have access to credit cards. If this is the case, it may be wiser to avoid credit cards altogether. (You may also be interested in - You should stop using credit cards now if ... ) Here are 5 ways you can get the best out of credit cards.

Originally published on BeingFinWise __ It is good to have a financial plan. It enables you to have financial resources ready when you may need them. At the same time, it enables you adapt your lifestyle in alignment with the desired goals. But the ride is not always as straightforward as the excel sheets with projected expenses & rate of returns suggest. There can be several factors that can set back your financial planning, even by several years. While one may not have a foolproof mechanism against all eventualities, one can definitely mitigate the impact of several uncertainties by having proper safeguards in place. Here are some factors that can set your financial plan back by several years

You can also read this on BeingFinWise ___ As the new year begins, I wish everyone a very Happy New Year.  I am hoping that this year, I'll make better financial decisions & hopefully people reading this will also do so. One good first step can be to avoid making bad financial decisions and keep improvising.  Here are some financial mistakes one can do well to avoid in 2019 (in no particular order): Spending more than what you earn. ( Rule # 1 of personal finance !) Not investing the saved money, and letting it be idle in savings bank account or worse, as physical cash. Taking debt like personal loans or keeping credit card outstanding - consequently unsustainably living in present with your expected future income. (with an inflated cost, thanks to high interest rate!) Leveraging/ borrowing for speculating (speculations often masquerading as investments, e.g.  speculating in stocks, or worse, derivatives, crypto currencies etc.) Not having a risk management p

You can also read this at BeingFinWise __ When you look around for investments, there is a glut - of investment products, of products packaged as investments and products masquerading as investments. However, when it comes to spending real money you need to have a right mix of investments. There is no one right approach towards investments, and there can be several approaches one can take. However, eventually it boils down to one number - what is the expected return on investment (ROI)?  For some products - like fixed deposits, it is fairly straightforward, and probably a good number to benchmark.  Currently,  Most of the banks offer 7-8% rate of interest for 1-2 year duration fixed deposits (actual returns can be lower depending upon tax you need to pay).  PPF (Public Provident Fund)  is currently offering 8% rate of interest Employee Provident Fund (EPF) offers 8.55% rate of interest. If you are a salaried employee you can also top up your EPF (Employee Providen

Originally published at BeinfFinWise __ Giving loans is a risky business. Business of banks and financial institutions rely on people taking loans and then repaying it, thus giving them profits. Many have built a fortune based upon giving loans. Loans also serve an important function for the economy by being a facilitator to businesses, housing, automobiles and other elements of consumption.  However,  what is good for financial institutions may not necessarily be good for you, especially when it comes to loans. While some loans may be good loans and help you prosper, there are several others which may derail your financial plans, if any! Taking loans can also lead to compounding work against you - a situation which anyone with long term financial goals would like to avoid. (Lot of the below is based upon Indian context. However, variants of this will be applicable to many places across the world) 1. Credit card debt Credit card defaults cos t a lot in terms of i

You can also read this on BeingFinWise __ How you handle your personal finances, can go a long way in determining you overall financial well-being. If you are good at handling it, you can be on path to financial independence even with a decent (not necessarily high) income. Conversely, if you don't handle your personal finances well, you may end up never being financially independence even though you may be making tons of money.  Much has been already written about the basic principles of personal finances that can help you move ahead in direction of your financial goals, and frankly, it is not a rocket science.  Here are my 2 cents on the principles of personal finance which can enable you reach closer to your financial goals. All seemingly obvious, yet often forgotten.  1. Keep expenses less than earning  Pretty obvious. Isn't it? Yet many of us fail to follow it. If your expenses exceed your income, then soon you'll lend up in a debt trap (personal loan, cred

You can also read this on BeingFinWise __ Credit cards are often too attractive to resist. Many of them come loaded with some good welcome gifts, some good offers, a good credit period and the promise of enabling you fulfill your dreams via credit limit. Yet, for many people, especially first timers, this euphoria vanishes before few months. The underlying reason for most of them is - "I don't know how the money vanishes and I land up with so much of credit card bill". In other words, they are unable to control expenses. Credit cards can be very helpful in organizing your expenses, getting rewarded via reward points and earning interest as you defer your payments by around a month on average.  However, use of credit cards, if indiscriminate, can soon backfire. You need to stop using credit cards if - You are an impulse shopper and don't think twice before buying stuff worth thousands - with/ without any clearance sale. When you are unable to pay your car