'Understand how wedding expenses fit into your overall financial situation.' 'Evaluate how different levels of spending will impact other goals like retirement, travel, or housing.'
Investors with a long-term horizon and high-risk appetite seeking capital appreciation can consider investing in ELSS.
Investors should view the increase in the LTCG tax rate in conjunction with the increase in capital gains exemption from Rs 1 lakh to Rs 1.25 lakh, which will provide some relief.
Maintain a proper record of documents that can act as proof of the cost of acquisition of the property, cost of improvements made to the property, expenses related to transfer of the property (like brokerage and registration charges). These will come in handy in case of a dispute with the taxman.
'The move to remove indexation benefits on LTCGs presently available for property, gold, and other unlisted assets may have a negative impact as it directly impacts real estate investors.'
In the case of double-income couples, not more than 40 per cent of the net income of one partner should be the EMI for the property.
Investors keen on mid and smallcap stocks but wary of volatility should consider multicap equity schemes over standalone midcap or smallcap schemes.
MMFs invest in fixed-income instruments maturing in less than one year, minimising interest-rate risk.
'Lack of self-control over spending leads to a credit card debt trap.' 'People think they have money and spend using a credit card, but when it's time to pay, they realise they don't have the money.'
It is essential to have a comprehensive motor policy, and not just a third-party cover, as the latter does not protect your own vehicle.
If the cashless request is denied, the entire cost may need to be paid for planned treatments.
'An equity-based index fund should be held for more than five years to average out market volatility and achieve financial goals.'
By taking the mutual fund route, investors can take exposure to gilts with small amounts. Over a decade or more, returns from these funds tend to be sound.
'Investors should not go for lump-sum investments in infrastructure funds at this point.' 'The SIP route is the best to avoid any major disappointment.'
'If you are investing in a Ulip for returns, go for a type I Ulip.' 'If you are investing for insurance cover as well, type II is better.'
Purchase health insurance at an early age, before you incur a disease, as this makes access to health insurance difficult and raises the premium significantly.
'Those trying to use these funds for quick gains should avoid them due to risk of being late to the party.'
Long-term investors should never stop their SIPs during market corrections.
Do not get repair work started without informing the insurer as the latter like to carry out end-to-end verification of damages and documents before approving a claim.
'Save the entire chain of e-mail exchanges so that you have documented evidence to show you informed the bank about the issue.'
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