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Today’s children have big dreams about their careers. For that matter, even parents wish their children to have highly successful and the best careers. So, as parents, you have to think big to make their children’s big dreams come true. However,these dreams have to face a major roadblock called ‘cost’.
Educational expenses form the major portion of the cost of raising a child and guiding him towards the right career path. Even if both parents are working, their earnings may not be sufficient to meet the cost of education for two reasons. One, the cost of education mounting at the rate of 10% every year. For an MBA course which costs Rs16 lakhs today, the outflow for the same will increase to close to 90 lakhs in the next 18 years! Now, while your earnings and standard of living may go higher in the coming years, but so would the inflation. The rising inflation rate is the second reason why it may become difficult to fund your child’s education.
So, does this mean that your child should let go of his or her aspirations? Or that, you should curtail other expenses and lead a substandard lifestyle? Well not, if you start investing early towards your child’s education milestones. If the timing of your investment is right, it can reap you benefits at the time when you need to meet the education expenses. The earlier you start, the more time your investment has to grow and pool into larger corpus.
“This trip with taxi cab costed me more than I thought!”, exclaimed Seema. “And what is the Surge Pricing? She had taken the taxi cab Uber Go. “I also don’t like the way Ola charges” said Ravi. “Life was so simple when we booked taxi by 4 hours 40 km. The devil is in the details. Lets understand how OLA/Uber charges during the coffee break”, I said. So we sat down and went through the Uber/Ola receipt we had. This article explains how taxi cabs Uber, Ola are charging. What is surge pricing? Also mentions Taxy App to find the private taxi as well as the good old black-and-yellow in your vicinity at the best rate possible.
What are Uber,Ola etc?
Uber, Ola Cabs are on-demand taxi aggregators. Taxi aggregators typically don’t own any cabs or employ drivers; they connect customers with drivers through a technology platform, the front-end for the customer mostly is an app. Advantage of using them is no haggling with drivers especially auto drivers on where you want to go and payments.
Ola started in December 2010. TaxiForSure was founded , in June 2011, it was acquired by Ola in March 2015 for $200 million. Uber entered India in October 2013. Meru, started much before, in 2007, but it mostly had owned cars , it bought cars and employed drivers. It began a shift to the aggregation model in 2011. Ola introduced autos on its platform in October 2014
Bills depends on Cab chosen
The cost of travelling depends on the kind of car one chooses during the trip. In India, Uber offers uberGO (hatchback vehicles or small cars that are the cheapest), uberX (mid-sized sedans that are costlier) and uberBLACK (larger vehicles at premium pricing). While Ola offers Ola Mini, Ola Sedan and Ola Prime. Lets look at these car in detail.
Type of Uber Cab
The one thing you can be certain of is that life is filled with uncertainties. Life has a way of wrecking our carefully crafted plans, which is why you always need contingency measures. Accidents and mishaps can often strike without warning, resulting in disability or the loss of life. Such unfortunate incidents can cause great hardship and distress, not just to the affected individual, but also their family or dependants. As an individual is exposed to various risks such as hospitalisation, accidental disability and critical illness, besides death. It is, therefore, necessary to look beyond pure term cover.
Statistics shows that over 1,200 accidents occur in India each day.One serious road accident in the country occurs every minute and 16 die on Indian roads every hour. Although minor accidents may affect your life temporarily, major accidents can significantly your well-being and that of your family. In such cases certain insurance coverage plans can help you cope with the financial implications of these accidents.
The value of human life cannot be measured, but an accidental health insurance plan can offer some financial relief to the injured or to his or her family. Such policies offer compensation for bodily injuries, partial or complete disability, or death due to any accident. These policies can be divided under two sub-heads:
- Individual accident policy – Offers coverage to individuals covered under the insurance plan.
- Group accident policy – Availed by employers for the benefit of their employees. While helpful, this plan offers basic coverage and may not be as beneficial as an individual policy.
Most of the accidental health policies offer coverage as discussed below:
“Should I got for a prenupitial agreement” asked Shweta. “Don’t you love your husband to be? And why suddenly the question“, asked Ryan. “To be on the safe side, you never know! I read in today’s newspaper about Maneka Gandhi ,Union Cabinet Minister for Women and Child Development, wanting prenuptial agreements , a standard legal document in many Western countries ,to be recognized in India. I have built some wealth during my earning years and have some assets. The move could help both spouses especially women get their right.” The other day I heard of an impending marriage breaking because the husband to be was asking for financial details of his working wife-to-be and in another the wife-to-be was asking about property details.
But while the prenuptial agreement or a prenup as it’s commonly known has been quite the buzzword with the Hollywood, does it hold good back here, in India? Should we ignore the prenuptial agreement because it’s a western concept? Is there a need to talk on finances before marriage? What happens to money,assets is there is a divorce? This article discuses it.
What is Prenuptial agreement?
Prenuptial agreement or prenup is a contract between two individuals who are about to get married and commonly includes provisions for division of property, guardianship rights and spousal support in the event of divorce or breakup of marriage. The agreement could also include specific terms for forfeiture of assets as a result of divorce on the grounds of adultery or lay down any conditions between the two adults.
Are Prenuptial agreement legally valid in India?
A marriage is treated as a religious bond between husband and wife and prenuptial agreements don’t find social acceptance. Only a nikah or a marriage under Islam is a contract but that is under the Muslim Personal Law and has its own rules related to mehr and maintenance. Since marriage in India is not seen as a contract there are legal issues in enforcing it upon a married couple. The prenuptial agreement is not legally recognized in India. Most couples, mainly those who are rich and influential, enter in to an agreement under the Indian Contracts Act. The Indian courts take cognisance of a prenuptial agreement if both the parties mutually agree to it and sign it voluntarily, without any undue influence, force or threat. Besides, the agreement should be fair, clearly stating the division of property, personal possessions and financial assets of the parties, and should be certified by a separate lawyer for each.
Why are prenuptial agreement a good idea?
Finances have long been a trouble area in marriage. Our society is in transition, especially in urban areas divorce rates zoom and break-up parties become popular. Divorce has a huge impact on the finances of those involved. Sadly life goes on and Financial matters often get muddled with the emotional aspects of separation. But you need money to live.
Investing in Mutual Fund online has become paperless. Association of Mutual Funds of India (AMFI) has rolled out a facility or rather transaction platform ,MF Utilities (MFU), through which you can invest across multiple fund houses using a common account number, in a paperless way. What is the MF Utility? How does it benefit the Mutual Fund Investor?
What is MF Utility?
MF Utility (MFU) is a shared services initiative by the Association of Mutual Funds in India (Amfi). With MF Utility, you can invest in direct plans of multiple mutual fund schemes across many fund houses using a single transaction. When you register for MF Utility you get a Common Account Number or CAN. The subscription to MF Utility is free. Official website of MFUtility is www.mfuindia.com.
How can one invest in Mutual Funds ?
There are many ways through which one can invest in Mutual Funds. You can invest in any mutual fund scheme either
- Online through online investment facility provided by AMCs or Distributor Platforms such as Fundsindia.com or 1-in-3 accounts websites such as ICICIDirect.com
- Offline through any financial intermediary or directly walking in any branch of the Mutual Fund Company. Financial intermediaries can be a bank, brokerage house or third party distributor or IFAs. IFAs (Individual Financial Advisors) are AMFI certified ARN holders, who can suggest balanced portfolio suitable for risk appetite of every investor.
- With the advanced technology, new platforms like smart phones and tablets are being used to doing online transactions while on the move.
There are few steps to follow while investing in mutual funds. Whether you decide to invest online or offline, you will require the following documents: Photograph, PAN card, Name and Address proof, Bank Account Details and KYC Compliance.
But platforms like FundsIndia, ScripBox and ICICIDirect allows one to buy Mutual Fund units online also and that too paperless?
Platform or sites such as ICICIDirect, FundsIndia, ScripBox allows one to buy Mutual Fund Units online. However, when you invest through these platform, you invest in regular plans of MF schemes. Direct plans have lower expense ratio since no distributor commission is paid and this enhances returns.
How does using MF Utility benefit Investor?
Today when an investor invests in a mutual fund, especially direct schemes, he has to apply separately for investment in each scheme. Suppose an investor wishes to invest Rs 2 lakh. Typically, he will be advised to divide the money among a few funds. Now assume that the investor decides to invest R 2 lakh divided in four funds. At present, he has to fill up four forms and provide cheques in the names of each of these schemes. However, ideally, the investor should not have to fill up four forms and the industry should not have to handle 8 documents, one form and one cheque for each scheme.Separate form and separate cheque have to be written for both the investments and form submitted to correct R&T agent(Karvy,CAMS for example, form of Reliance should be submitted to Karvy and Birla should be submitted to CAMS.) The customer should be able to fill up just one form and one cheque and the industry should have to handle only two documents. MF Utility (MFU) avoids all these hassles.