Where’s the Money, Honey?

The-Best-Piece-of-Advice-For-Newlyweds-Ever

Tanned faces, glowing skin and anxiousness about your new life together- the wedding bells are done, vows have been taken and you are back from the international trip.  Hello, newlyweds, it’s time to talk business.  The honeymoon period is now officially over.

At the brink of starting your new life with your spouse, we probably will not think too long term. But we all realise, a lifelong commitment is a life filled with sharing, fortunately your bed and unfortunately your money! With the two of you trying to build a life together, financial planning for married couples is of utmost importance. Postponing saving together to the next month is not going to help. Here are some quick tips to help you out in your post marital financial planning:

Get a marriage certificate: Believe you me; it makes things are a lot easier with a piece of paper proving your marital status.

Open a Joint Account: A joint account is the best way to save together. Keep a monthly fixed amount to be deposited in this account by both you.

Take out a Life Insurance Policy: It sounds very uncool, but when you become responsible for someone else’s wellbeing, your life needs to be insured to safeguard theirs. Also, the younger you are, cheaper the policy. So make hay while the sun is still shining.

Medical Claim: Again, an uncool sounding advice, but you’ll thank this article when you don’t have to beg, borrow and steal to pay off each other’s hospital bills.

Invest in Recurring Deposits: Your forced savings that will fetch you a lumpsum in a short time and keep your money liquid.

Transfer some money to a PPF Account: If you don’t have a PPF Account, get one. Both of you. This is the amount that is immune from an Income Tax raid and the interest is tax free. Go. Secure your retirement.

Individual Savings: We all try and save for the raining day. And, let’s accept it, the women do it more than the men. So men, pull up socks and stash those notes in them, while the ladies kill their desire for the latest Gucci bag and save some cash in their old purses, hidden in their closets.

Saving money need not necessarily require being spendthrift. Enjoy your new life with your spouses. Travel, go dancing, eat good food, taste great wine, but my friends, don’t let this question ever linger in your minds, where’s the money, honey?

From One Entrepreneur to Another: Become the Mr/s. Entrepreneur you wished to be…

We have all been thinking about leaving our 9 am to god knows when this torture will end jobs and pursue our dreams. We all have that one idea we want to see culminating into reality. So what does it take to actually go through that ordeal, to take the plunge and quit your high paying but frustrating job and chase your dream that may even end up making you bankrupt yet utterly fulfilled? This coming New Year, we share with you 5 thoughts and doubts that we faced which that will guide/motivate you in your journey to chase your dreams…

  1. Think of the bigger picture:

Put your life in perspective, today. What do you want to be in life? Think about ‘where’ you want to be in the next 10 years and most importantly ‘what’ you want to be doing. The idea might be as nascent as wanting to be your own boss. A concrete dream is not the requirement, a will, a desire to do something bigger and making an impact is the key.

  1. Formulate a clear idea:

So now you’ve got the bigger picture. Ten years hence, you’re either lounging on a beach chair with your Mac, being featured in an Armani suit in the Economic Times or just being home spending time with your kids, because your work is flexible. Think, formulate and execute your idea. Having a clear vision of what you want to do will always go a long way in giving you that slight nudge to take the plunge.

  1. Don’t chase the money:

Yes, money buys you the good things in life. But remember, chasing the money blindly will never get you the moolah. Bear in mind, Mr/s. Future Entrepreneur, if you efficiently do something, the money will flow in automatically. There is a thin line between being profit oriented and money oriented. Tread here carefully. There is a glass of Glenfiddich-18 year old waiting for you at the end of the OldMonk Tunnel.

  1. Hard work and Excellence:

Always, always strive for excellence. And remember, there is no substitute to hard work. If you’re not good at what you’re selling, chances are no one will buy it.

  1. Don’t\Never give up:

No one said your entrepreneurial journey was going to be easy. You will lose money, faith, friends and even family. But if you give up, it will all be for nothing. So don’t. Work hard, persevere and keep faith. The road to success is always a bit knotty.

We’re moving towards a trend of entrepreneurs. But successful ones are rare. So think big, formulate without chasing money, be excellent, never give up and most importantly, BELIEVE IN YOURSELF. Shine on, you crazy diamond…make a wish and see it come true.