How To Have A Pocket Friendly Vacation.

The vacation season has started. Kids have their summer breaks. The weather is unbearable and 

you just want to give this heat a miss. A few tips on how to beat the heat but not burn a hole in your pocket.

Plan Ahead: Planning in advance is the key to having a pocket friendly yet magnificent vacation you always wanted. Booking your stay and your travel, if done in advance, will fetch you early bird discounts. Air tickets booked in advance are sometime dirt cheap. Also you can plan your own itinerary as you have time, instead of relying on the age old travel agent's sightseeing packages. Sites like tripadvisor, makemytrip, etc. are very helpful.

Tip: Check the conditions of ticket cancellation before you book it.

Have A Budget: Always have a budget allotted to vacations, so that this expense does not eat up your retirement fund or your regular investment. Budget gives you guide lines for your vacation spending, right from selecting of destination, accommodation and transport to buying souvenirs for your loved ones. Don't go overboard.

Tip: Have a little extra fund just in case of unforeseen expenses like medical requirements, natural calamities, etc.

Start Saving: If you have planned ahead and have a budget allotted, start working towards saving funds for it. It is easier than you think. It might be from the funds your investment adviser has set aside or the yearly bonus you received at year end or your regular saving set aside per month.

Tip: My friend saves 10k per month and his wife saves 7k per month, by year end they accumulate 2.04 lacs + Interest. This is solely used for their vacations. You wont feel the pinch saving monthly.

Indian Destinations: Well take a look at the Indian alternatives to your favorite international destinations. Lambasingi, Andra Pradesh, only place in south India where it snows. Valley of flowers in Uttarakhand can be compared to the Antelope valley in the US. Click here for more options and be enamored by the scenic beauty and wonders closer home

Tip: Visit Mawlynnong Village, Meghalaya.  Did you know it is Asia's Cleanest Village.

International Destinations: For those of you who still wish an international vacation and have budgeted for the same, there are plenty options. However, certain months are peak business season and cost you more. There are various networking sites for international travelers and hitchhikers. You can rent an apartment or just a bed in a hostel (forget the horror movies) which are cheaper than hotels.

Tip: There are international destinations which will cost you less than an iPhone, Click here.

Maintain A Diary: Maintain a diary or a log of not only your journey and experiences but also your expenses. This will help you in asserting how well had you planned and where you need to focus while planning your next vacation. It also helps maintain your budget while on vacation.

Tip: This diary can give lot of insights about the stay, travel and expenses involved when you are planning vacations for your family and friends. 

Why Investing In Mutual Funds Is Beneficial - My Money Manager Recommends

Why Investing In Mutual Funds Is Beneficial - My Money Manager Recommends 

1.    Diversification :

As the wise saying goes ‘do not put all eggs in one basket’, with the assorted range of assets available to allocate under mutual funds, the risks are reduced to a great extent. You can invest across industries and geographies.

2.    Proficient Management:

Experienced and qualified professionals along with equally proficient team manage these funds. The fund managers expertly analyse the market and take decisions aligned with the mutual funds scheme’s objectives.

3.    Economies Of Scale:

Mutual Fund managers usually buy shares of big corporations which require huge volumes and huge capital. The typical investors can avail benefits of the shares of these big corporations through mutual funds, as they can start investing with as little as Rs. 500 in Systematic Investment Plans.

4.    Convenience and Choice:

Right to choose from the diverse range of mutual funds schemes managed by proficient fund managers available at low cost which suits your financial needs and goals is of course a great convenience for today’s generation.

5.    Better Returns:

Based on the historical data, mutual funds have the potential to deliver better returns in medium term or long term investments as compared to the traditional investments in bank deposits.

6.    Liquidity:

In case of open ended mutual fund schemes investors can redeem part of full investments on any business day at the NAV (Net Asset Value). In case it is a closed ended mutual fund schemes, it mentions if it can be traded in stock exchange.

7.    Transparent:

Various publications and rating agencies regularly monitor and review the performance of a mutual fund. Daily NAV, fund manager’s forecasts and strategies, etc, give a clear reflection of the credibility of the mutual fund schemes.

8.    Safe:

All mutual funds are required to follow the strict regulations and guide lines drafted to protect the interests of the investors. All mutual funds are registered with SEBI (Securities Exchange Board of India) and all mutual fund advisors are required to be registered with AMFI (Association of Mutual Funds of India); Objectives of which are investor protection and investor awareness.

Every Investment attracts some risks. Skilled Financial Advisors with tactful selection of investment opportunity and allocation of funds based on the financial goals of the investor can mitigate the risks and at the same time cater to the potential of higher returns.

Contact us to learn more about Mutual funds and Financial Planning at www.mymoneymanager.net

"Mutual Funds are subject to market risk. Please read the offer document carefully before investing"

6 QUESTIONS TO CONSIDER BEFORE YOU QUIT YOUR JOB TO BE AN ENTREPRENEUR.

6 Questions to consider before you quit your job to be an entrepreneur.

It is natural to want to do something new after a while, whether you are an industry veteran or a fresher or just started to have that itch to be an entrepreneur in this vibrant economy. Answer these 6 important questions before you bid farewell to your job. This will help you determine if you are ready to take the leap.

1.   Why do you want to be an entrepreneur? Boss is a jerk, long working hours, lack of recognition, etc. We all have faced it at some point of time in life. One of the solutions is - get a “NEW JOB”. The first and foremost reason to be an entrepreneur is because you can and will do anything to succeed. You like challenges, risks, control, freedom and many more attributes that becomes a part and parcel of entrepreneurship. Contemplate the reason, find the fire within you to rise and emerge as an entrepreneur.

2.       Do you have plan B, C, D, E and 20 remaining alphabets?  Most of us do, but inspecting it as critically as your plan A is more important than you can imagine. It should be in place just in case, to build a bridge between your cash flows and needs. Start-ups need not be hard but it cannot be that easy too.  If everything goes well your plan B could be your next start-up idea.

3.       Does your family support you? Not only will they be your core support but also the ones who’ll be directly affected with this decision. Especially if you are the sole bread winner, they would have to make life style changes for the period your business is still taking off. If you’re single don’t blindly bank on your parents; ask them and discuss with them your plans.

4.       Do you have unused employee benefits? Medical check-up, dentist appointment, the employee discounts on retail items, etc. If you still have these – USE IT! Once you have quit, the same things would seem a bit more expensive.  Why give it away when you have toiled in that company for so long?

5.       Do you know your cash burn rate? It is the average rate at which your monthly income got exhausted over the last 6 months. This will help you calculate the funds needed for the next 6 months when you would probably have no or low income. 6 months is when you are single, add 2 months for each dependent (8 months if you are married, 12 months if married with 2 kids).  This acts as a safety net, ease off the pressure from your mind so that you can concentrate on your start up.

6.       Do you have your health and life covered? You are covered by your employer only when you are an employee. With the rising cost of medicals a reliable health insurance is a must; look for the one with cashless facilities with major hospitals. A good term insurance covering your life will give you a sense of financial security. Your family will be provided for in your absence.  Health and life insurance is essential for everyone even if you are not quitting.

Additional Tip:  Some of you must have planned your dream exit sequence. A dramatic going out in blaze; if I am going down I’m taking everybody with me - kind of glorious ending. Whatever it is, how much ever you hate your boss or job or colleagues, don’t ever do this.  Keep your poise go out with grace, you never know where these people might cross your paths.  A greater satisfaction comes from showing how better your life is after taking up your new venture.