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6 things that financial advisory services won't tell you! by financial advisor
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6 things that financial advisory services won't tell you! |
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Finance & Investment
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Financial advisory services offer a great way to increase your net financial worth. They offer some amazing schemes that can keep your money secure, and offer you more return on investment than keeping your money in a savings account. They even offer personal financial advisors who can offer a host of services ranging from suggesting personalized investment schemes to managing your portfolio. However, you shouldn’t rely completely on advisors. It is advisable to do your own homework so that you are in a much better position to control your finances. Let’s see 6 things pertaining to personal finance that can have a dominating effect on your monetary condition – • Find out your bank’s average balance and maintain the same – Every bank has some preset rules wherein they lay down the concept of ‘minimum average balance’. Your bank balance should be above that figure; else you are liable to pay a hefty penalty. The penalty is so high at times that it can nullify the interest your bank pays you. • Free Credit Card is not actually Free: You might be getting loads of telephone calls promising you free credit card. Don’t fall prey to such tele-callers, for they are using cunning marketing techniques to lure you. Credit Cards are usually free only for a fixed time period. After the period lapses, you are liable to pay a monthly or annual charge for holding the card. Debit card is a much better option. • Opt for a direct mutual fund: If your financial advisor asks you for commission on the mutual fund, don’t give in to his request. Starting from January 2013, all mutual fund companies have eliminated the concept of middle men. Middle men, i.e. commission agents, would charge a good amount of money as commission thereby lowering the overall profits enjoyed by the mutual fund investor. • Always keep yourself covered for accidents: While we might shun such thoughts, it is a harsh truth that youngsters these days are likely to die of accidental causes more than anything else. It takes barely Rs. 400 – 500 to get a year’s accident insurance that provides coverage of Rs. 5 lakh! Since the premium is hardly anything, most advisors will not recommend this form of insurance as it doesn’t earn them much commission. • Invest in bullion: Small time investors usually try to gamble in the share market by doing intra-day trading. One cannot build a good fortune by doing intra-day. The key to successful investments is to invest your money for a long period of time. Bullion investment, therefore, is one of the best forms of investment. One should buy gold, silver, and other precious metals. Their value appreciates massively over time. • Buy life insurance only if you’ve dependants: Life insurance is a means to provide your dependants with a source of income after you’ve passed away. However, if you don’t have dependants, it makes little sense to purchase life insurance policies. You should rather opt for other retirement policies and save money in your account.
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