No one told you growing up included figuring out the best tax saving plan, right?
Well, it turns out that neither did Einstein seem to have figured it out.
“The hardest thing in the world to understand is Income Tax” — Albert Einstein
Now that we have established you aren’t alone, let’s get into the nitty-gritty of it. Choosing the best tax saving plan is not just about reducing tax liability but so much more.
Tax planning for individuals includes smart planning of tax obligations and investments in a way that’s customized to suit one’s unique financial goals, risk profile…
Several surveys and research studies conclude that young adults are better with their money when compared to Boomers and GenX.
But, are they after all?
Ironically, it is the Millennial and GenZ population that keep hitting the snooze button on financial goal planning like no others.
When we have a whole life ahead of us, it sure is a far shot. Why hurry or worry about the future, right?
Wrong!
When it comes to making way for healthy financial habits, the sooner you start, the better it is!
Well, well! That’s pretty old school, cliché advice. …
Filing your Income Tax Returns (ITR) and figuring out how to maximize savings on tax could be extremely tricky and complex, especially with the added option of the New tax regime in Budget 2020.
It is no news that tax can burn a hole in your income if the payable tax is not minimized or the ITR is filed incorrectly.
This step-by-step guide along with a comprehensive Tax Wizard by MoneyPlanned will help you file your taxes with ease and maximize your tax savings.
Let’s begin without any further ado.
Step 1: Calculate Your Tax Payable
First things first.
Calculate your total tax payable and the…
Nothing in our lives is untouched by money. You love it or you hate it, you cannot deny that you need it.
Every aspect of our lives is linked to money, some way or the other. Do we give the attention it deserves?
Let’s face it. The only difference between financial success and financial failure is the way money is managed. Period!
Hence, it almost behooves us to be cognizant of the best practices to plan and manage our finances smartly.
Let’s go step-by-step and explore money management from its very basics.
Financial Planning
Most think financial planning is synonymous with transacting…
T. Harv Eker’s principles on money and spirituality have been a huge influence in my life.
Inspired by his 6 Jars Money Management System, I’ve come up with a 7 Bucket Money Management system that is more in-line with and relevant to Indian Millenials.
Usually, our financial choices tend to be in extreme phases. We might often find ourselves either on a spending spree or on a saving spree or an investing spree.
However, the 7 Bucket System approach towards managing your money will help establish a balance between your savings, investments, and lifestyle aspirations.
The 7 Buckets of Money…
Nikhila P
Co-Founder of MoneyPlanned, Fintech Entrepreneur.
