“Deepa’s money tips “: Ask ,Ask and Ask for More !!

 

Hi ,

Firstly ,would like to wish my readers a very Happy and prosperous 2014 .

Many were asking me the reason for an intermittent halt on my writing . To share on a positive note, it’s the zeal of starting the year on an action packed note by many of you which kept me busy . I am happy that many have moved from “the resolutions on paper to resolution in action mode . “

There came  queries from some  of you which needed to be resolved   . I wanted to resolve those queries so I could share them with you all . The information collected by me on couple of topics will shortly follow this article , and I am sure every one of us will benefit with that kind of information.

In sciences ,no amount of theory can give us clear understanding of a topic than a practical. In every article of mine in 2013, I had directly and indirectly requested you all to ask any query related to any financial topic . Today , if I have gained all the respect for my knowledge , its not my achievement , rather your support which has tagged me as a resourceful individual. If there is no give and take of information , imagine how the world would have progressed !!

I am also glad that I see more and more individuals setting aside their inhibitions and coming forward to ask me for  personal, one to one discussions . The feedback I have received from every such individual is that the reason for their comfort are my promises which I keep repeating time to time . Taking this opportunity to repeat them again :

1. I will not ask for any income ,assets and net worth details during the discussion.
2. A discussion will be  treated as exchange of ideas, and therefore comes with no obligation to bind us into a client planner relationship . A yes or no are treated equally as long as we have had a meaningful, constructive discussion.

Mails, blogs, writings are one way communication methodologies . They may give generic awareness on specific topics but does not provide specific solutions to individuals . Every individual has unique needs and requirements which need to be addressed individually and no amount of book reading ,net surfing  can help one arrive at a personalised solution

So thank you for asking and asking for more . Every query received has helped us learn something new. Every discussion I have had last year helped us grow together . You will see more and more coming your way this year from me . Do not hesitate in sharing feedback . I am sure a constructive feedback can do wonders  and I am open to it.

 Thanks again

Best regards

Deepa

deepanittala@gmail.com

 

 

Deepa’s Money Tips : “ A Snapshot of year 2013 and a learning for 2014 “

 

Hi ,

The year 2013 comes to a close ,and we look upon a great beginning of the year 2014 . With the start of every year , every one of us have either a small list or a long list of resolutions . 

I also had some resolutions in 2013.Unlike all the previous years where resolutions were made only to be broken , this year came with a difference and determination. I had resolved that:

 1) I will spread awareness about importance of savings and planning finances across 10,000 people this year.

2) That my work will not impact the time I spend with my family .

3) That I will spare some quality time on my hobbies which make me happy .

And  worked towards keeping these promises which I made to myself .

Today I can proudly look back and pat myself for fulfilling all the above resolutions I had made. So the only change I made was to list down the  action steps which can ensure fulfilment , that’s what is planning all about.

• Put things on paper ,
• understand where we are today ,
• devise strategies  ,
• implement the strategy and periodically monitor it ,
• make changes where necessary to bring the plan back to track.

I knew I cannot talk to 10,000 people and there came an idea about writing ,where I have practically  achieved so many views on my blogs, mails and network . I chose to work on flexible timelines and with an entity which believes in balanced work life .I joined a musical group and consciously dedicated time to my hobby . That was about me .

About 2013,this year brought with it very interesting revelations .I held one to one discussions with individuals on taking their life financial plan forward.

 When I asked them , when can one call himself / herself “Wealthy”.

Is it when we cross a threshold income level , or when we buy a premium property or when we have luxurious possessions , or is it when we can spend lavishly?

Interestingly , I got different responses , and I am sure anybody can relate to these . Some of the responses were :

1. When I am debt free and have no burden of liabilities on me.

2. The day  I have income generating assets and I do not have to depend on a paycheck .

3. The day apart from expenses , I can also save prudently.

 They then disclosed to me that in the process of creating wealth , they tried out various options .After trying out all options , they had come to me to achieve the above …

1. They tried investing in the best products they are aware of , and were able to achieve success in saving to some extent . But are not confident that the direction they have taken is right or wrong .
2. They tried purchasing insurance , but realized that its an expensive method of accumulating  post death benefits but when we are living , we don’t see it fulfilling our needs to a large extent . We are talking about longevity and taking care of responsibilities ,which is not strategized for at all .
3. They tried the financial planning templates available online , but never got a chance to take it to execution as there was no personal guidance .

So what is their takeaway  from the financial planning exercise ,which the above couldn’t provide :

A very familiar response I get from most of my clients:

• The Financial Planning exercise gave them a clarity on action steps to be taken.
• A pure mathematical analysis helped them to verify their situation today , corrections to be done and the steps to be taken in future to achieve what they aspired for .
• Most importantly , here was a situation where they had a planner with them who could assist them in analysing the past and implementation and execution of the plan for the future.
• They now have more clarity in where they are heading .

So here comes a day , when I feel gratified for being the reason for many people’s confidence and at the same time ,lisiting down new benchmarks to achieve, creating new resolutions for 2014 .

Are you?

Here’s wishing the best !

Have a great , thoughtful and full of action year 2014 ahead !!!

Best regards

Deepa

deepanittala@gmail.com

9849620066

 

 

 

 

image source : wallpaperswala.com

“Deepa’s Money tips : The reason Behind “

 

 

Today , I would like to share the secret behind me writing these articles and sharing with all. There was a time when people would misinterpret my role . A few months back when anybody would call me for a discussion  ,  I would ask “ What is top of your mind ,when you called me ?”

people had some specific questions in mind :

“What is the best return you can get me ? “

“ What products do you sell?’

“Ohh ,you don’t sell products , you only advice “?

( even after last 10 years history has evidences how people burnt fingers by investing without  proper advice and by purchasing products without guidance)

It used to take a while to explain and put my point across that personal finance is not all about investments .  Not anybody’s mistake , since the environment itself is like that these days .

I therefore decided to write and  dissipate the knowledge I have as daily experiences . This relentless writing for past few months , brought in new experiences for me . Today I see people giving a serious thought to every decision they take .  Even  when they call me for a discussion , specially in the last 2 months , I see a sea change in the thought process . My question even today is the same :

“ What is top of your mind ,when you called me ?”

But the responses have changed .Would like to share a few .

1.“I am earning , I am spending and I am saving  but I don’t know if the direction I have taken is right. Can you help me analyze it ?”

2. “Is my saving pattern sufficient to fulfill all my requirements and aspirations in future. What additional income should I create to fulfill all of them? “

3.”I have a surplus but I am not sure if I am deploying this in the right proportion across different saving instruments . Can you guide ?”

4. “Are my choices tax effective , what is the tax implication on each ?”

“I have understood Deepa , that these are questions can’t be answered by my insurance or investment advisor . It’s a financial planner who can take a holistic view of my financial life and guide me the way forward .So I have come to you . What is the best advice you can give me ?”

I am glad with this change in perspective that I have seen , and I thank all my readers for taking my messages in the right spirit.I have never written much in my life except essays in school and official correspondence at work, but its all your encouragement and queries ,that showed me the way forward to write more and more .

A big thankyou , and my best wishes for a great financial future . Lets take these right decisions , let’s think before we act , let’s act immediately and lay the foundation , to start with a great year 2014 ahead.

Good luck and have a great day !!

Thanks

Best regards

Deepa Nittala