Stay aware and multiply savings

Financial Wisdom:

Work and work towards developing more number of streams of passive income. Better put the returns you get from this mode of income be led into use for likes of regular bills, professional memberships, seminars, workshops, digital learnings, and tuition / coaching fee payments. Do some research work, be well aware and make a hybrid investment portfolio.

So you can now use the regular return from your periodic investment plans to pay your transportation costs and food expenses. Select products where the regular investment gets fed into a product that generates income on compounded mode than linear. Try to use minimum possible amount from monthly pay-check on your frequent (if going by the trend) restaurant frills and unwanted shopping bills.

Assigning a good and fixed percentage of your monthly pay-check that directly uploads in to your systematic investment is a healthy and happy idea to go by. Keeping aside some sum in savings for liquid for contingency use in event required.

Debt Whirlpool :

Prior awareness of your monthly fixed expenses and variable component will help well to jumpstart your vision of effective expense control. Take a simple excel sheet and draw two columns. Heading, sub-heading, two columns . Here you may as well make use of comments to highlight unrequired expenses that occurred. Arrive at action related causes or events that led  these pop-ups to appear. Take regular measures so that such events are curtailed in future. Insert these in your to-do list. Track and align with it as the month cruises ahead.

Review and list for advance  readiness on certain unforeseen expenses such as sudden vehicle or device repair charges. A irregular spike may also show up such as a domestic electrical gadget abruptly failing.

For instance an inverter battery failure invites a uncalled for expense of Rs.18,000 to Rs. 20,000, say 275 usd to 300 usd ). Get additional help on this area by a surface peek in my post Lifestyle overload and factors causing it

For it could also be incidental breakdown of your vehicle for preventive maintenance kept in oversight mode with possible intention.

 In this case, a small servicing to vendor not attended in recommended time could morph into a project requiring multiple part changes and a fat sum may have to be done away with .Subsequently, this would considerably offset the income / expense ratio severely for a lower middle class family.  

Payout Button :

Credit card sellers are well trained in tier oratory pitch. To lead you to anyhow purchase their card by offering a verbal endless rhyme of advantages over their breakneck business  competitor. The first call will be closely and timely followed up by a follow-up call with better preparation. Tagged with the free call come abundance of suave mannerisms and a tireless list of cutting edge features. One may get swept by the upfront pitch if not firm with the time to be spared for this call.

On several occasions, the person who sold you the card seldom appears in the chain of communication in event required to redress a fault related issue. You loose time to explaining the whole saga to new person all over. For the history is not there to access for the reliever in service. Time lost is money lost. And add to it the cost of stress.

I normally say, take my email and send me your best operating plan (BOP, don’t mistake for blowout preventer for those who have worked in oilfield drilling rigs) on it.

As soon as it turns official now, the caution factor gains weight and crawls in for both the involved parties. Seller and the prospective client. Don’t say yes promptly. Take your time. Or as well politely but firmly tell them you will call back if this looks interesting. Yes, takes courage if the primary pitch has been well tailored to floor you. Compare with other agencies or banks. Take help of internet of things and study on potential hidden charges you are not being taken to visit at this stage. Arrive at your best option. Confirm on applicability of these charges. Get all in official mode. Tendency to escape checking on the cumulative dues leads to financial distress. Keep a credit card , but in its right place. Meaning thereby, as a last measure in deepest pocket of your wallet .And nearly forgetting where you stashed it away last time.

Only when required. Uninstal the habit if you want to be liquid rich than card limit rich. You can save a good amount by not spending with credit card. The human tendency to get into its unchecked use is major contributor to a large sum of cumulative interest due to the market that keeps capping up with interest by failure to pay on every cut off date.

Delayed Payment Charges:

Apart from merits offered, the DPC or delayed payment charges in some cases may shoot cumulative upto 40 percent if not tracked and captured on time.

Credit Card Storage:

Keep the credit card away in known area. Carry it only when there is no other go. Think it is of not much use and debit card or cash is all that has to be used. Let Credit card be the last possible option. A newly joined banking executive was offering me a new credit card with lounge access and no charges at all. They were selling card for promotion.

During discussion, he told me many young people have salary of 1X and take credit of 5X.Coming back to my story is now that the executive did not turn up at all when I was ready with all documents but he did not turn up to process the credit card. It was me following up with him for processing instead of him. There was no call from him to update or a single courtesy revert. Wow, it was great. Branding comparison as no-no can help even sources of stress to a large extent. Get your hands on access to my e-book LIVE-Your-LIFE-Comparison-Maximize-ebook for some life changing insights from real-world experiences at cost of a snack.

Micros and Macros:

Get your micros and macros straight and clear .Know your purpose .Shortlist micros and macros. Substitute macros and micros with those at immediate next lower or two levels down the demand funnel . Sort them out . Let lean times weaken. Let unrealistic tractions slightly shrink .Now strengthen your base on clarity. You can always interchange the micros to macros and vice versa when good capital compounding has been done. Examples of macros are say high segment car, branded apparels, luxury homestays and so forth. Micros examples are budget approach on all the items discussed here above. Do your arithmetic.

Just calculate how much you make here I saving by not doing a job or investing your valuable time. This done once in a month is 12 times a year. The lumps sum nobody will seldom give as return gift for kindness exhibited. Only you come few steps down on the feel of validation. Validation stays few hours, money saved will save and pivot you in bracket of the middle class or higher middle class.Ready and resilient for pandemic situations that hopefully don’t arise.

Modulate risk level:

Do some mixed risk level investments in mutual funds by help of a know and experienced advisor. Put your return expectation at post hibernation at good level of say 7 to 8 percent per annum at the minimum after a period of say 6 to 7 years.

Explore amongst number of banks where you can get maximum returns on guaranteed basis. With documentation that takes responsibility and carried the ratings as per relevant federal authorities. Here we are referring to the rate of interest on your fixed deposit instruments.

 Other instruments such as mutual funds are better handled by competent financial advisors or persons who are trained and managing on own since quite a long period of time. Mutual funds of small cap can give upto 40 percent returns but with notable risk and expert handling skills requirement .In safe hands if assured. When to enter and when to withdraw or shuffle to another company. Close watch and control required.

Mid cap funds are safe to cruise through few years and give fixed but low returns of 7 to 8 percent range .Opt for a rich and balanced mix of shares, secured bonds,

Nationalised low interest  but sure return type schemes, exchange traded funds, buying gold, real estate investments in developing areas.

Real estate bought and rented out can yield good 4 to 5 percent or more in plush localities. If your community agrees, a spare house can be given out on rent by tie with a nice business hub such as Airbnb. But with lot of quality services to be provided such as upto date, cutlery, upholstery, décor, lighting, ventilation ,bare beverage preparation appliances and raw materials for tea and coffee.

Rent than Own:

Renting or mortgaging than owning is the latest operating philosophy in saving your bulk money with yourself . Here you pay by parts. And the total that you pay at the end may multiply exceed. A trend catching quick velocity amongst various age groups and more so in Gen-Z. Some people rent out furniture .The monthly instalment goes quite low, does not hit your pocket immediately and you may rent out many such items that add leverage to your collection of sought after belongings.

Read leading Bollywood veterans and current rave newsmakers say and advising people of all ages to rent than buy costly branded clothes, and cars. Avoid overspending instead of shelling out hugely on explosive shelf costs of garments. Same holds good on mobiles and devices. Better to buy proven seconds and save well than tailgate with the affluent section who have enough to splurge without a second thought.

Local travel costs:

If in outstation country, get to know the local commute links to airport. A taxi will charge you nearly 85 in UAE whereas buying a temporary ticket and card at measly cost will come in 10 to reach airport. Surprised you are right? Depends on your priority and preference at end of the day.

Getting your bread packed from a restaurant and having a beverage at the airport can save you again quite well  if you are a flyer once a month or so. As this becomes two way journey.

Guidance Apps:

Refer apps and select most suitable ones that suit your portfolio. These apps give spread of term deposits from a variety of banks and financial institutions, each trying to outdo one another. With ultimate benefit to the consumer. Being given a huge choice of variables to choose from. Pitfalls also arise were certain apps closeout and some people who have invested through these aps are learn to have lost several thousands in currency. So this is food for thought here.

This is development of Dubai to be transparent.

Debit Card blues:

Muster courage to see the real scenario. See changing figures live as necessary expenses are made. Use debit card more frequently than credit card. Rather minimize its use. So you instal auto-regulation of your expenses every time your hand sinks in interiors of your wallet

Delay unrequired expenses:

Postpone most add-ons. Treat many last on bucket list as delayed priority actions in waiting list in silent manner.. Filter and more items from necessity to comfort zones. And comfort to luxury zones. Fine tuning to buy every black Friday maybe given out of window for a toss. See if you can sizably reduce frequency of certain unimportant purchases. Investing in a real estate down payment or in mutual funds would be better than adding another car because someone has two.

EMI downsize strategy:

Do your research. Near and zero-off On what which institution offers on most competitive mode. Start your project with the one that offers the most easily affordable EMI (Equated money instalment).Minimum down-payment charges. No real-time hidden charges.Try to pool in as soon as possible within that period of the year when lot of interest will be recovered from you.

Have a one to one with your bank relationship manager and brainstorm the internet. Keep pop-ups on devices and on more locations to remind you pool-in periodically so that the duration of loan/mortgage does not get to actual design as well as the total extra you repay by the end of stipulated loan period.

Saying NO:

For many of us it is STRESS to say NO direct upfront to pitching. Ability to say NO is known to be one of the qualities of Successful people. Some people are too emotional and cannot say NO to what is not convincing. Learn to say NO politely and firmly. Everyone holds choice of hos or her own. How star execs say NO.

Go-for options:       

Select tools such as low interest personal loans from simpler loan providers instead of credit cards. Here be doubly careful of their records, market reputation and establishment status.

Be ready for surprises of last minute and unannounced deductions. Stay watchful of your spending bar raised on the card without your information. Tactically leads you to spend more liberally. Vital to be wary of high returns guaranteed.

These trickle in initially and suddenly stop to appear in your account. All go missing, the advisors and the floaters.

Platinum rat-race:

Coming down a bit from the perch of a rooster class card to a medium or lower level one. You wont loose much. You will get more cautionary feeds by repeated follow-up on promoting outing chills and resource drainout frills.

Timely renew :

Keep track and know that a lot on revalidation and renewal can now be done online. From local commute pass renewal to missing out your date and ending up paying a lot surplus more in penalty fees. The body may send out SMS to you asking to reach the main centre physically, but search and you will find a lot can be now done online.

Recharge a little more in advance so you don’t loose dear sum in surprise penalty.

Learn to Listen:

Keep aside multi-tasking tendencies and listen well when receiving promotional marketing calls. Enlist experience trigger notes. Uncover areas untouched .Look for the unspoken parts. Avoid getting mellowed by accents and slangs. Throw back quick questions during upgrade persuasion calls.

Make lucrative offer in return. If buying a property, sy you can pool in such an amount in total, what is the maximum reduced rate you can offer. Flat, Yes or no. No then bid adieu and move ahead. As customer you have less to loose unless in need by pressure of circumstances.

Online education:

Buy your consumables when out of season. Buy sportswear in rainy season, it should be available intermixed on display at a surprisingly reduce rate most probably.Do have willingness of a bit window shopping. Invest few hours a week or two to get the market behaviour and you should mostly emerge with that winning streak.

Wellness fountain:

Know and take to curate of your wellness drive.By learning or by expert guidance.So get a good wellness model installed.Get into the bluezone ecosystem and ace your health into a enviable mind body temple.Align with the bluezone gentry and get yourself a entry into that class apart longevity window.You save here hugely on medical costs, time and cost in doctor consultation visits, biometric tests and added charges of followup visits such as physiotherapy and post recovery fitness gadget purchase.

Travel Insights:

Get to know when to book your travel.Which day of the week is better for optimum tariff offer.Whether better to book on operator website or a private domain shouting with low ticket fares.Also know about customer service quality do’s and don’t’s in event date change crops up as this is where the quality reflects thanmere some marginal cost savings on general search engines that are run by agents and not by airtaxi management.

Wrap up Notes : Get insights, and provide feedback.

E- mail:touch@surjitletsgrow.com