Discover and read the best of Twitter Threads about #personalfinance

Most recents (24)

Confused about tax filing in India?

Don't worry, you're not alone!

Here are some essential Do's and Don'ts to help you file your taxes with ease!

A thread! (1/n)

#taxfiliing #tax #deductions #personalfinance #thread
#1 Be On Time

Remember to file your tax returns on time. This can help you avoid penalties and legal issues with the Income Tax Department.

The deadline for filing taxes in India is usually July 31st. (2/n)

#taxreturns #taxes #incometax #directtax
#2 Disclose Necessary Infomation

Remember to disclose all your sources of income, including salary, rental income, interest, and capital gains while filing your tax returns to avoid penalties. (3/n)

#tax #salary #rentalincome #interest #capitalgains
Read 11 tweets
Here is this Week’s Market Wrap

'Prepare With Patience' written by @shyamsek

A thread! (1/n)

#globalmarkets #investors #marketwrap
The last week has caused a significant reset in our investing. We are once again worried about how global factors will come to hurt. Banking, which is the bed rock of every economy looks like the most rattled space in the west. (2/n)

#banking #economy #investments
When smaller banks look weak, they create a systematic scare which needs to be urgently addressed. What we are seeing in the US is a rush to douse the fire that can damage far more than we can imagine. (3/n)

#bankingsector #globaleconomy
Read 11 tweets
I've come to the realization that many of us Kenyans didn't have the advantageous of growing up with financially savvy parents who passed on some wisdom. So here is my #personalfinance thread.

1. The best time to start was 20 years ago. The second best time is now... 1/n
2. If you can, save at least 25% of your income per month. You get about 40 years to work. And if you make it to your 90s have about 30 years of living post retirement. Your 40 years of work need to support your 30 years of retirement. So if you can save more than 25%, do it.
3. Save first. Spend what is left after. Have a very strict saving amount every month. Make your spending fit into the rest.
4. You can save more by doing one of two things: earning more or cutting your expenses.
5. Scrutinize your expenses a lot. Use apps like Monefy... 2/n
Read 42 tweets
Are you a Senior Citizen looking to secure your Retirement and generate regular income?

Let's explore the Top investment avenues that offer stability & security! (1/n)

#seniorcitizen #investment #retirement #fixedincome
As we grow older, it's important to plan for retirement and consider investment options that offer stability and security.

Here are a few Investment avenues that offer capital preservation and regular income. (2/n)

#retirementplanning #investment #income
#1 Senior Citizen Savings Scheme (SCSS)

SCSS is a popular investment option for individuals above the age of 60.

It offers an interest rate of 8% p.a., which is higher than most fixed deposits and has a tenure of 5 years. The interest is payable quarterly. (3/n)

#SeniorCitizen
Read 10 tweets
Here are some key takeaways that can help you better understand your relationship with #money from "The Psychology of Money" by Morgan Housel @morganhousel #RichQUACK $QUACK #Psychologyofmoney

THREAD 🧵👇 Image
1. Wealth is what you don’t see: Wealth is the assets you accumulate that nobody else can see. It’s the cars not purchased, the clothes not bought, and the vacations not taken. #ThePsychologyofMoney #Wealth #Savings $QUACK
2. Compounding is the most powerful force in finance: Time and patience are the most important ingredients of compound interest. Understanding the power of compound interest is essential for building long-term wealth. #CompoundInterest #WealthBuilding $QUACK
Read 15 tweets
Here is this Week’s Market Wrap

'Banking on a Collapse' written by @shyamsek

A Thread (1/n)

#Banking #SiliconValleyBank #SVBCollapse #marketwrap
One week is a long time in global banking. Or, so it seems if one goes by the latest inflation and interest rate commentary of the federal reserve Chairman Jerome Powell. (2/n)

#banking #inflation #interestrates
The Silicon Valley bank collapse has almost caused a setting for a rapid reset of the interest rate trajectory in the US. (3/n)

#SiliconValleyBank #SVBCollapse #interestrates
Read 13 tweets
Entrepreneurs, are you tired of paying hefty taxes?

Don't worry! We got you covered!

Check out these top tax-saving tips that can benefit your business and your bottom line. (1/n)

#entrepreneurs #taxes #taxsavings #taxtips
#1 Hire Family Members & Relatives:

You can reduce your tax liability by paying salaries to family members, which are tax-deductible. Their income may also be below the taxable threshold. (2/n)

#tax #taxexemption #taxliability
#2 Deduct Business Expenses for Travel & Accommodation:

Business travel expenses such as tickets and accommodation can be deducted from your taxable income, thus reducing your tax liability.
(3/n)

#taxliability #businessexpenses #deductions
Read 14 tweets
Almost every millennial aspires to retire early. But most of the time, this goal seems almost impossible to achieve.

Well, let us tell you... it's NOT impossible! Welcome to the world of FIRE! (1/n)

#financialplanning #financialgoals #retireearly #thread
So, what is FIRE?

FIRE stands for Financial Independence Retire Early and it's all about achieving financial freedom so that you can retire early and live life on your own terms. (2/n)

#financialindependence #financialfreedom #retirementplanning
Can you achieve FIRE in India?

Yes, you can!

Firstly, you need to focus on your Savings Rate (SR). This means cutting back on unnecessary expenses and living below your means.

A high SR is key to achieving financial independence. (3/n)

#saving #investing #FinancialFreedom
Read 12 tweets
Hey everyone, today I'm excited to write a short review "Joys of Compounding" by Gautam Baid, Fund Manager at Stellar Wealth Partners India Fund. This book is all about the power of compounding and how it can help you achieve your financial goals. review of the joys of compounding by Gautam Baid
The book is divided into 5 sections with various chapters filled with essential life & investing wisdom, quotes from various investors, engineers, entrepreneurs like Warren Buffet, Charlie Munger, Leonardo Da Vinci and Elon Musk.
In the intro, @Gautam__Baid says "The key to successful investing is not predicting the future, but learning from the past and understanding the present."
Read 19 tweets
If you are looking for an efficient investment to save tax in India, this is for YOU!

The BEST way is to invest in ELSS Mutual Funds. You can save up to ₹46,800 in taxes under Section 80C!

Here is how! (1/n)

#ELSS #mutualfunds #taxexemption #thread
Every year in March, as the financial quarter comes to an end, there is a rush to invest in tax-saving funds.

And with the quarter end so near, let's look at why ELSS is so popular as a tax saving scheme. (2/n)

#ELSSfunds #taxsavings #investment
What is ELSS Fund?

ELSS fund, or Equity Linked Savings Scheme fund, is a tax-saving scheme that allows you to save tax while investing for your long-term goals. (3/n)

#savetax #financialgoals #taxsavingschemes
Read 18 tweets
Why are savings rates stuck at 3.5%? Despite being deregulated in Oct 2011, banks have stuck to 3.5-4% over the past decade. Some exceptions existed such as Kotak Mahindra's 811 account which offered 6% in 2017 and 5% from 2018-2020. But these have also disappeared over time.
In today's era of rising rates, this is a free lunch for banks. The lunch was a tiny snack in 2020-21 when rates were cut. Moving money to an FD wasn't that rewarding. You got maybe 1-2% more. Today, that free lunch is a buffet. Savings rates are half of FD rates of even 1 year.
The same gap exists with returns of money market funds. In both cases you give up some liquidity. In case of FDs, a sudden need for money will mean breaking it and losing interest (note sweep-in sweep-out FDs can sort this out).
Read 5 tweets
Is there a SMARTER way to buy Term Insurance?

Can you get back all premiums paid while paying the same premium as a Pure Term cover?

This all sounds too good to be true, doesn't it? Let's dive deeper to find out 👇 (1/n)

#terminsurance #insurebesure #insurancepremium #thread
Zero-Cost Term Insurance plans allow you to 'exit' from the policy, thereby getting all the premiums that you have paid back.

But wait... What's the 'catch’? (2/n)

#insurance #terminsurance #financialfreedom
The CATCH is... You are allowed to exit the policy only within a specified period.

Let's look at an example. (3/n)

#insurancepolicy
Read 13 tweets
Wondering if you should start a SIP?

Here is a thread that can help! (1/n)

#mutualfunds #investing #SIP #thread
The market has been very volatile for the last couple of months.

With 2023 lined up to be another uncertain year, how should investors take advantage of such a year? (2/n)

#investors #volatility #wealthcreation
The answer is simple. Rather than waiting on the sidelines, the best way to participate in the market is via a SIP! (3/n)

#SIP #investingtips #compounding
Read 10 tweets
Here is this Week’s Market Wrap!

Time to Build a Multi-Asset Portfolio

A Thread! (1/n)

#multiasset #portfoliomanagement #marketwrap #thread
Most investors have been favouring equity for the last 2 years. Recency bias nudges investors to think that equity is the only asset class to bet on.

It is this bias that kept investors from buying gold. (2/n)

#investors #equity #stockmarket #gold
Investors thought that gold wouldn’t do well. The post-COVID rally in #cryptos spooked the prospects of gold & added to that conviction. But that conviction has proved to be short-lived, and gold did exceptionally well in 2022. (3/n)

#gold #investments #personalfinance
Read 9 tweets
Just a month into the new year and we already see some new myths floating around Financial Planning.

In this thread, we aim to debunk some of these myths & take a look at how financial planning can help you, the reader! (1/n)

#financialplanning #FinancialFreedom #MythVsFacts
Myth #1 Financial Planning is Only for Rich People

At their core, a good Financial Planner helps YOU achieve YOUR GOALS. Everyone has goals, not just rich people.

A good financial plan will help map your goals & help make your 'plan' a reality. (2/n)

#financialgoals
Myth #2 I am too old/ too young for a Financial Plan

Age is no bar. You are never too young or too old to have a proper financial plan in place. Planning can help people build wealth over a period. (3/n)

#FinancialFreedom #financialplanner #retirementplanning
Read 8 tweets
Yesterday Sebi released several discussion papers to tame the last wild west frontier in wealth management - Alternative Investment Funds (#AIFs). Why? What has Sebi proposed?
The lack of regulation was pushing the industry to sell AIFs and collect high commissions rather than highly regulated mutual funds. 4-5% upfront commissions in some cases
What has Sebi proposed? 3 things: 1) Make it compulsory for AIFs to have a commission-free direct option. Post this, it will be easier for direct investors to buy and Registered Investment Advisors (RIAs) to offer them to their clients. RIAs are not allowed to collect commissions
Read 5 tweets
A confluence of unprecedented events in 2022 weakened asset prices across all markets. (1/n)

#assetallocation #investing #personalfinance #throwback #thread
The Fed’s pivot to a less aggressive monetary policy is likely to set the tone for the markets in 2023. (2/n)

#FED #FederalReserve #monetarypolicy
It is expected that global inflation will continue to be higher in this decade, in combination with a significant slowdown of the U.S. economy. (3/n)

#inflation #interestrates #globalmarket
Read 13 tweets
Take the time to educate yourself and develop strong financial habits – it will pay off in the long run.

Great personal finance habits are crucial for anyone looking to take control of their money and build wealth.
From creating a budget, paying off debt, or saving and investing for the future, good personal finance habits will set you up for financial success.

Building wealth isn't just about saving and budgeting – it's also about investing.
By putting your money to work through sound investing, you can watch your money grow and multiply over time.

And thanks to the power of compound interest, the earlier you start investing, the more wealth you can build for yourself.
Read 5 tweets
#RichDadPoorDad is a classic personal finance book that teaches valuable lessons about money and wealth. Here are ten key takeaways from the book:

The importance of financial #education - Understanding how money works is crucial for building wealth.
The power of owning #assets - It's not about how much you earn, it's about how much you own.
The dangers of #debt - Debt can be a powerful tool, but it can also be a trap if not managed properly.
Read 10 tweets
It's possible to become #financiallysuccessful even if you start with no money. It may not be easy, but with the right mindset and plan, you can increase your chances of success. #personalfinance #moneymanagement
First, set #financialgoals and create a plan to achieve them. This will give you a roadmap to follow and help you stay focused on your path to financial success. #planning #success
Educate yourself on personal finance, investing, and money management. The more you know, the better equipped you will be to make informed financial decisions. #education #investing
Read 8 tweets
To all of you who are new to the workforce… Congratulations!!! You have secured your first job.

But are you confused about how to best use your current salary? (1/n)

#salary #cashflow #payday #money
Most people complicate things. It is only natural when there are so many investment products to choose from. That need not be the case.

Here are some simple tips for someone just starting! (2/n)

#equity #fixedincome #gold #realestate
#1 Start Building an Emergency Fund

This should be your first priority. In case of emergencies, you shouldn't be left empty-handed.

Having 3-6 months of expenses set aside will be optimal. (3/n)

#emergencyfund #savings
Read 16 tweets
Have you ever wondered how much you need to save for your retirement? Ever wonder if you will make it or fall short?

Over 600+ clients have benefited from our Financial Planning engagement!

Here are FIVE ways financial planning can help you! (1/13)

#financialindependence
Before we begin, financial planning is a very personalised process. Every person's need is different. That is why we aim to craft tailor-made financial plans to meet each individual's needs. (2/13)

#financialplanning #personalfinance #savingstips
#1 Achieving Your Goals

Managing your finances in a way through which we can help you meet your goals is the crux of the planning process.

Proper planning can help you accomplish goals that you thought were far out of reach! (3/13)

#financialplanning #financialgoals
Read 13 tweets
Have you bought a car on the occasion of Diwali?🧨 While purchasing a car is an enjoyable process, choosing the correct insurance often becomes confusing.

Here is a short #thread on 7 things you should consider before buying #CarInsurance. (1/n)
#1 Should you take insurance from the tie-up dealer or with an outside agent?

Insurance from the dealership is often more expensive than when individually purchased. The reason is the dealer passes on the commission received on selling #insurance to the customer. (2/n)
✅What You Can Do: A prudent thing to do would be to check outside before going ahead with your dealer. This can also help you to negotiate better prices with your dealership. Policy bazaar is a great place to compare quotes from different insurance providers. (3/n)

#insurance
Read 14 tweets
Financial management for millenials.

1. Have intensions: Understand your financial profile and then arrange it to be more focused towards achieving your goals by prioritising them as per needs and time.

#investing #personalfinance
2. Track your income and Expenses: Us phone application or notebook to track your monthly income and expenses, so that you can plan your savings and investment accordingly.

3. Finance and Management Book Evaluation: Re-observe the plan and realise the use of available funds
4. Find another income Sources: You can look for a side job or part time work. Else you can try learning some additional skills like Digital marketing, SEO, work on available Social Media platform.
Try working as an affiliate with various available platforms like Flipkart, Amazon
Read 6 tweets

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