Wealth Creation
- Thread starter amitrandive
- Start date
Filing Returns
https://in.finance.yahoo.com/news/due-dates-filing-income-tax-090303916.html
https://in.finance.yahoo.com/news/bank-account-disclosures-income-tax-052318411.html
Here’s a quick snapshot of what you must know about tax filing for assessment year 2015-16 for income earned in the financial year 2014-15
The Income Tax Department has added a new disclosure for Bank Accounts held, in the income tax return forms for AY 2015-16. As of now ITR-1, ITR-2, ITR-2A and ITR-4S have been notified by the income tax department for e-filing.
Here is the information which has been asked for bank account details –
https://in.finance.yahoo.com/news/due-dates-filing-income-tax-090303916.html
https://in.finance.yahoo.com/news/bank-account-disclosures-income-tax-052318411.html
Here’s a quick snapshot of what you must know about tax filing for assessment year 2015-16 for income earned in the financial year 2014-15
- The due date for filing your income tax return for income earned in the financial year 2014-15 (assessment year 2015-16) is August 31, 2015. So if you haven’t filed your return yet, do so soon but certainly before 31st August.Filing your return by the due date has many advantages – if you have any losses those are allowed to be carried forward when return is filed by the due date. Only the returns filed by the due date can be revised. Also, filing your returns timely helps process your refund faster.
- E-filing your return is mandatory if you are seeking a refund. However, those who are more than 80 years old and are filing ITR-1 or ITR-2, can still file a paper return. E-filing is far easier than a paper return and the advantages are many. With e-filers like ClearTax you don’t need to worry about choosing the right form, several deductions and calculations are built into the flow and you don’t miss out on the ones which are applicable to you.
- If you successfully e-verify your tax return, you don’t have to send the physical ITR-V. You can e-verify via net banking, through the government’s e-filing website or via aadhaar OTP. If somehow you don’t succeed with any of these ways of e-verifying you must send your ITR-V within 120 days of e-filing.
- Your name on your income tax return must be the same as on the PAN, or your return will not be accepted. Do make sure you use the exact name down to the last alphabet.
- Mention details of all savings and current bank accounts held by you in your tax return. You have to mention name of the bank account, IFS Code, and account number and you must select the account where you want to receive refund, whether or not you have any refund.
The Income Tax Department has added a new disclosure for Bank Accounts held, in the income tax return forms for AY 2015-16. As of now ITR-1, ITR-2, ITR-2A and ITR-4S have been notified by the income tax department for e-filing.
Here is the information which has been asked for bank account details –
- Total number of bank accountsboth savings account and current account held by you at any time during 1st April 2014 to 31st March 2015.
- It is not compulsory to provide details of accounts which are dormant. You can omit details of accounts which have been in-operational for the past 3 years, since those are considered dormant.
- Mention IFSC Code of the bank. You should be able to find it in the cheque book of the bank where you have an account or you can also view it online with the bank. If you file your income tax return with ClearTax our software lets you put an IFSC code through automatic search.
- Provide name of the bank. ClearTax automatically populates the name of the bank when you enter its IFSC code.
- Your bank account number has to be provided. This must be a 9 or more digits number.
- Mention whether the account is a savings account or a current account
- Select the account where you want to receive refund of tax. You have to select the account where you would like refund to be credited irrespective of whether you have a refund due or not in your income tax return.
- You must provide details of joint bank accounts where you may be first or second holder. This is because information is being sought for all accounts held.
- NRE and NRO accounts must also be disclosed since these are a type of savings and/or current accounts.
- Since PPF accounts are not bank accounts, these are not required to be disclosed.
- If you have already submitted your return and did not mention all your bank accounts, you can revise your return to include all bank accounts.
A self-made millionaire who studied 1,200 wealthy people found they all have one — free — pastime in common
https://in.finance.yahoo.com/news/self-made-millionaire-studied-1-160000477.html
When Steve Siebold was a broke college student, his quest to become rich began with one interview — with a millionaire, he told US News & World Report.
Since then, he's interviewed more than 1,200 of the world's wealthiest people over the past three decades and become a self-made millionaire himself.
In his research, he noticed a pastime the rich have in common: They self-educate by reading.
"Walk into a wealthy person's home and one of the first things you'll see is an extensive library of books they've used to educate themselves on how to become more successful," Siebold writes. "The middle class reads novels, tabloids, and entertainment magazines."
Rich people would rather be educated than entertained.
Take Warren Buffett, for example, who estimates that 80% of his working day is dedicated to reading.
According to Thomas Corley, author of "Rich Habits: The Daily Success Habits Of Wealthy Individuals," 67% of rich people watch TV for one hour or less per day, while just 23% of poor people keep their TV time under 60 minutes. Corley also found only 6% of the wealthy watch reality shows, while 78% of the poor do.
While the rich don't necessarily put much stock in furthering wealth through formal education — many of the most successful people have little formal education — they appreciate the power of learning long after college is over, Siebold explains.
"Meanwhile, the masses are convinced that master's degrees and doctorates are the way to wealth, mostly because they are trapped in the linear line of thought that holds them back from higher levels of consciousness," he writes. "The wealthy aren't interested in the means, only the end."
https://in.finance.yahoo.com/news/self-made-millionaire-studied-1-160000477.html
When Steve Siebold was a broke college student, his quest to become rich began with one interview — with a millionaire, he told US News & World Report.
Since then, he's interviewed more than 1,200 of the world's wealthiest people over the past three decades and become a self-made millionaire himself.
In his research, he noticed a pastime the rich have in common: They self-educate by reading.
"Walk into a wealthy person's home and one of the first things you'll see is an extensive library of books they've used to educate themselves on how to become more successful," Siebold writes. "The middle class reads novels, tabloids, and entertainment magazines."
Rich people would rather be educated than entertained.
Take Warren Buffett, for example, who estimates that 80% of his working day is dedicated to reading.
According to Thomas Corley, author of "Rich Habits: The Daily Success Habits Of Wealthy Individuals," 67% of rich people watch TV for one hour or less per day, while just 23% of poor people keep their TV time under 60 minutes. Corley also found only 6% of the wealthy watch reality shows, while 78% of the poor do.
While the rich don't necessarily put much stock in furthering wealth through formal education — many of the most successful people have little formal education — they appreciate the power of learning long after college is over, Siebold explains.
"Meanwhile, the masses are convinced that master's degrees and doctorates are the way to wealth, mostly because they are trapped in the linear line of thought that holds them back from higher levels of consciousness," he writes. "The wealthy aren't interested in the means, only the end."
6 Tests to Gauge Your Financial Fitness
https://in.finance.yahoo.com/news/6-tests-gauge-financial-fitness-143012487.html
Fitness is a big topic of concern for everybody and the internet, hence, has quizzes for measuring your mental fitness, the fitness of your relationship, your emotional fitness etc.
But, are you financially fit?
Here are 6 tests to check your financial fitness.
1) What is your income-expense ratio?
The first test to check your financial fitness is to check how much you spend.
It is always advisable to make a budget and stick to it. If you continuously exceed your budget, it is a sign that you should control your spending, as this will eventually reflect in your long term cash flow planning. You must also try to invest atleast 30% of your income before you begin to expend the income. This automatically helps you keep a check on your spending.
2) What is your net worth?
The net worth of a person reflects their financial standing. The net worth statement is a statement of your assets in excess of your liabilities. It is understandable that at the start of the career, it is not easy to have a high net worth.
However, as you progress in your career, your net worth must keep on increasing over time.
If your net worth in your late 40s is not higher than your 30s, then you’re either accumulating debts in your books or you’re not investing sufficiently in assets. This is a very poor sign of financial fitness.
3)What is your debt to income ratio?
The ideal debt to income ratio should be less than 40%.
Banks usually calculate various ratios and lend according to their comfort level. However at a personal level, it becomes important for you to keep a check on how much loan you service on a monthly basis as compared to your monthly income levels.
If you find that this ratio exceeds 40% or a maximum of 50%, then it implies that you have more debts on your books than you should ideally have. It also means that your net worth is low and consequently, your capacity to invest also reduces.
4)How good is your investment plan?
Many people make investments without any specific plan or time frame in mind. Although, making investments is a healthy practice, it is more beneficial if this is done keeping in mind the goals of the individual.
The investment strategy is more important than the investment itself. This is because different goals have different timeframes and corpus requirements. This automatically means that the type of investment is also different.
For example, debt instruments are ideal for short term goals, while equity investments are more suitable for long term goals. A good test to check your financial fitness would, therefore, be to evaluate your investment patterns.
5) How much you have missed?
You can also test your financial fitness by checking how much you have missed.
This could either be missing to make the right investments at the right time. You could have missed out on earning money in some of your investments, for example, in stock markets. You could have missed investment appreciation by investing in a poor asset. For example, by investing in a real estate property which has not appreciated sufficiently.
6)What you are doing to protect your wealth?
It is much more difficult to protect money than it is to earn it. As long as you don’t spend it, it is in your possession and becomes a part of your wealth in different forms. But what are you doing to protect it? Have you made sure you are not spending it unnecessarily? Have you done your estate planning? Do you have a will which determines how your wealth should be distributed?
The answers to these questions determine the level of financial fitness.
https://in.finance.yahoo.com/news/6-tests-gauge-financial-fitness-143012487.html
Fitness is a big topic of concern for everybody and the internet, hence, has quizzes for measuring your mental fitness, the fitness of your relationship, your emotional fitness etc.
But, are you financially fit?
Here are 6 tests to check your financial fitness.
1) What is your income-expense ratio?
The first test to check your financial fitness is to check how much you spend.
- Expenses should always be lower than your income.
- Your expenses on EMIs and loan commitments should ideally be less than 40% of your income.
- Keep an eye on your discretionary expenses compared to your non-discretionary expenses.
It is always advisable to make a budget and stick to it. If you continuously exceed your budget, it is a sign that you should control your spending, as this will eventually reflect in your long term cash flow planning. You must also try to invest atleast 30% of your income before you begin to expend the income. This automatically helps you keep a check on your spending.
2) What is your net worth?
The net worth of a person reflects their financial standing. The net worth statement is a statement of your assets in excess of your liabilities. It is understandable that at the start of the career, it is not easy to have a high net worth.
However, as you progress in your career, your net worth must keep on increasing over time.
If your net worth in your late 40s is not higher than your 30s, then you’re either accumulating debts in your books or you’re not investing sufficiently in assets. This is a very poor sign of financial fitness.
3)What is your debt to income ratio?
The ideal debt to income ratio should be less than 40%.
Banks usually calculate various ratios and lend according to their comfort level. However at a personal level, it becomes important for you to keep a check on how much loan you service on a monthly basis as compared to your monthly income levels.
If you find that this ratio exceeds 40% or a maximum of 50%, then it implies that you have more debts on your books than you should ideally have. It also means that your net worth is low and consequently, your capacity to invest also reduces.
4)How good is your investment plan?
Many people make investments without any specific plan or time frame in mind. Although, making investments is a healthy practice, it is more beneficial if this is done keeping in mind the goals of the individual.
The investment strategy is more important than the investment itself. This is because different goals have different timeframes and corpus requirements. This automatically means that the type of investment is also different.
For example, debt instruments are ideal for short term goals, while equity investments are more suitable for long term goals. A good test to check your financial fitness would, therefore, be to evaluate your investment patterns.
5) How much you have missed?
You can also test your financial fitness by checking how much you have missed.
This could either be missing to make the right investments at the right time. You could have missed out on earning money in some of your investments, for example, in stock markets. You could have missed investment appreciation by investing in a poor asset. For example, by investing in a real estate property which has not appreciated sufficiently.
6)What you are doing to protect your wealth?
It is much more difficult to protect money than it is to earn it. As long as you don’t spend it, it is in your possession and becomes a part of your wealth in different forms. But what are you doing to protect it? Have you made sure you are not spending it unnecessarily? Have you done your estate planning? Do you have a will which determines how your wealth should be distributed?
The answers to these questions determine the level of financial fitness.
Rich Dad's Rich Kid Smart Kid: Give Your Child a Financial Head Start
by Robert T. Kiyosaki
http://www.amazon.com/Rich-Dads-Kid-Smart-Financial/dp/1491517883
Rich Kid Smart Kid is written for parents who value education, want to give their child a financial and academic head start in life, and are willing to take an active role to make it happen. In the Information Age, a good education is more important than ever. But the current educational system may not be providing all the information your child needs. This book was designed to fill in the gaps to help you give your child the same inspiring and practical financial knowledge that Robert Kiyosaki’s rich dad gave him.
Rich Kid Smart Kid will show you how to awaken your child’s love of learning using the same methods that Robert’s smart dad used to help Robert stay in school, even though he had bad grades and often wanted to drop out. Rich Kid Smart Kid will open doors that you never knew existed, enabling you to pass down the skills and understanding your child will use for the rest of his or her life. Rich Dad’s Rich Kid Smart Kid will answer... is school preparing your child for the real world?
As a parent, have you ever asked yourself: • Is school teaching my child how to financially survive and thrive in today’s – and tomorrow’s – world? • What can I do if... my child does not like school... brings home bad grades... is labeled learning disabled... wants to drop out of school? • How can I make sure my child gets the real-world guidance he or she needs?
by Robert T. Kiyosaki
http://www.amazon.com/Rich-Dads-Kid-Smart-Financial/dp/1491517883
Rich Kid Smart Kid is written for parents who value education, want to give their child a financial and academic head start in life, and are willing to take an active role to make it happen. In the Information Age, a good education is more important than ever. But the current educational system may not be providing all the information your child needs. This book was designed to fill in the gaps to help you give your child the same inspiring and practical financial knowledge that Robert Kiyosaki’s rich dad gave him.
Rich Kid Smart Kid will show you how to awaken your child’s love of learning using the same methods that Robert’s smart dad used to help Robert stay in school, even though he had bad grades and often wanted to drop out. Rich Kid Smart Kid will open doors that you never knew existed, enabling you to pass down the skills and understanding your child will use for the rest of his or her life. Rich Dad’s Rich Kid Smart Kid will answer... is school preparing your child for the real world?
As a parent, have you ever asked yourself: • Is school teaching my child how to financially survive and thrive in today’s – and tomorrow’s – world? • What can I do if... my child does not like school... brings home bad grades... is labeled learning disabled... wants to drop out of school? • How can I make sure my child gets the real-world guidance he or she needs?
Financial Education for Kids as per age.
http://www.moneyasyougrow.org/
Suggest that you click on each activities to see the activities in each age group.
http://www.moneyasyougrow.org/
Suggest that you click on each activities to see the activities in each age group.
Last edited:
For successful investors, boring is beautiful
http://www.theglobeandmail.com/glob...oredom-can-be-very-lucrative/article20682565/
The investors who produce the flashiest returns usually do so in the unsexiest of ways. They don’t load up on high-risk, exciting tech stocks, or try new, flavour-of-the month strategies. They stick to the basics. Whether they use models or not, they analyze a company’s balance sheet, competitive position, and valuations. And when the numbers tell them to buy, they buy – regardless of what their own fickle emotions might be saying. As hedge fund guru George Soros once said, “If investing is entertaining, if you’re having fun, you’re probably not making any money. Good investing is boring.”
Fundamentals and balance sheets and quantitative models may sound boring. But in the market, it turns it turns out that boring is beautiful.
http://www.theglobeandmail.com/glob...oredom-can-be-very-lucrative/article20682565/
The investors who produce the flashiest returns usually do so in the unsexiest of ways. They don’t load up on high-risk, exciting tech stocks, or try new, flavour-of-the month strategies. They stick to the basics. Whether they use models or not, they analyze a company’s balance sheet, competitive position, and valuations. And when the numbers tell them to buy, they buy – regardless of what their own fickle emotions might be saying. As hedge fund guru George Soros once said, “If investing is entertaining, if you’re having fun, you’re probably not making any money. Good investing is boring.”
Fundamentals and balance sheets and quantitative models may sound boring. But in the market, it turns it turns out that boring is beautiful.
Similar threads
-
Long term wealth creation with minimum intervention- Started by vivektrader
- Replies: 49
-
-
#WCS Theme of the 22nd Wealth Creation Study 2017
- Started by Jogindar singh
- Replies: 0
-
-