New Year 2024: 4 personal financial advisors advise important money mantras
bank accounts and wallets, making money a commonly chosen topic for New Year resolutions. Many personal financial experts share how planning money mantras and adhering to them can help you develop a better relationship with money. Prioritize cultivating a positive mindset about money before charting out your financial goals and formulating corresponding money mantras.
Insights from discussions with renowned personal financial advisors yielded the following points: Suresh Sadagopan, Founder, Ladder7 Financial Advisories said, “First, do not keep looking at markets. Keep investing as per what you have already decided to invest. There is no substitute for discipline, regularity, and patience while investing.
Do not get swayed by fads and take away money from one place and invest in another place. Stay with your plan and stay as per the strategic asset allocation already decided." Preeti Sharma, Partner, Tax & Regulatory Services, BDO India shared, “The substantial part of your total income is earmarked by the Government towards taxes either collected directly when you earn (income-tax) or indirectly when you spend GST. While defining your financial goals, whether it’s saving for home, retirement, education, foreign holiday, or buying new electronics for your house, educate yourself about tax impact." “The tax collected at source (TCS) may increase the overall cash-out flow for most of your foreign remittances (education, holiday trip, etc.).
Tax deducted at source (TDS) provisions may reduce your income in hand such as salary, professional fee, rental, interest, etc. The engine capacity of the car will immediately have an impact on the applicable GST rate and the overall cost. A well-planned tax strategy will help you to
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