Business Newsletter // October 2016
PAGE 9 OF 12
Business Newsletter // October 2016
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Taxes
This one is critically important. Far too often, a lack of proper tax planning means that a young salary-earner or entrepreneur pays more in taxes than he needs to. Or, even worse, does not pay as much as he needs to, and ends up in trouble with the Tax authorities.
Insurance, both life and non-life
Insurance is a necessity for every youngster in India today, but it is also important not to rush headlong into the first policy someone tries to sell to you. Do you know that the average Indian buys the wrong insurance product? You end up being either under insured or get into wrong longterm financial obligations.
Pros and Cons of availing of loans
One of the most dangerous financial traps that young Indians seem to fall into these days is of expensive debt, typically in the form of credit card expenditure or personal loans. It is essential to be highly selective about the types of loans one takes, and to only take them on if absolutely necessary.
An understanding of these points will lead every youngster to better manage their own money as well as their professional lives. It might seem tedious to be studying and reading about these things, but personally, I always have a feeling that I did not know enough about the importance of these issues when I was younger. After all, the later you learn about money, the lesser you will have to apply those lesson to!
Financial literacy is the major challenge faced by all countries globally.
Financial literacy is the mix of one’s knowledge, skill and attitude towards financial matters. It helps to make informed decisions and wellbeing of an individual. In today’s world which has a market with complicated products, the need for financial literacy becomes inevitable.
Country like India which has high young population, the government is in a position to increase the level of financial literacy. The low financial literacy of the current generation of the young Indians, needs to be addressed through exposure to programs designed to enhance all dimensions of financial literacy, particularly financial knowledge and financial attitude.
Start them young!!!