Grab Your World of Financial Thoughts

You now know how to use “Mental Index Card” to present all your important financial thoughts to yourself. Also you know how to be in “Alpha Mind” so that you can get more from the power of your subconscious mind. That’s good, but how will you remember all your important financial thoughts which comes throughout the day?


Information is a source of learning. But unless it is organized, processed, and available to the right people in a format for decision making, it is a burden, not a benefit. – William Pollard

You need right tools to grab your world of financial thoughts. As and when there is an important financial thought pops up, you should be in a position to record the same.

Below are few excellent tools which can be very handy:

Evernote: This is one of the most popular note-taking applications available. With Evernote you will be able to fulfill all your note taking requirements. In addition to the text notes you can upload images, upload PDF, maintain links and even take audio notes. Evernote stores all your contents in Cloud, so you do not have to maintain your local copy. Evernote is not only available in mobile platforms like Android, iOS or windows phone, it also available for your PC and for your browsers. This means it has multi platform support and hence you can access your Evernote account from any device and from anywhere.

Google “Keep”: It helps to take notes, make lists, capture audio notes and store images. It has mobile application, also has web version. With your google account you can access your “Keep” from any device.

Microsoft OneNote: This is available for Windows computers, Windows Phones, iPhones, iPads, Androids; you can also use the free Office Web App in most web browsers. You can share your notes with other person via a shared link, this is helpful when you work as a team.

With any application mentioned above, you can start taking notes on your important financial thoughts. This will also will help you in the later time when you will access your notes to understand how your mind works with respect to personal finance.

Alpha Mind State for your important Financial Thoughts

Alpha Mind State is a state where our mind is relaxed and aware. While in this state we are able to use power of our subconscious mind. And hence we are more aware of everything, we are more creative and we are able to take better decisions. Meditation is a way through which we can reach Alpha Mind State. With the help of a trained instructor we can learn how to reach Alpha Mind State.

Interesting thing is unknowingly sometimes we go into Alpha Mind State even though we are fully awake. It happens when we are doing some tasks which does not demand much of our concentration/complete mind awareness.

For instance one of our friend loves to clean the dishes, according to him it helps him in two ways; one is his wife is happy that he is helping her and the other one is, since cleaning dishes does not require much of his brain hence while doing this he is able to solve many complex problems. Doing it he says, he is able to concentrate more; this is because not many thoughts go around due to his body and brain involvement in the cleaning task.

One more example is another friend of mine does ironing by himself. He feels, while doing ironing he comes up with many great ideas which he is able to apply in his life and gets really great results.

All the above are examples of Alpha State of Mind. Which means while doing some of our day to day work also we can go to this Alpha State of Mind and use the power of our subconscious mind.

Now some of you might be thinking that I also do similar kind of works but I never used my subconscious mind; why? The answer is, when you go to Alpha Mind State you should be very clear with your problems/goals of life. That means you should have thoughts coming to your mind during that Alpha Mind State which are really meaningful for you. As we discussed in our earlier article, if you have your Mental Index Card ready, you can have all your meaningful thoughts. We suggest you to go through our previous article to get more benefit of Alpha Mind State.

So what all activities you can do to go to Alpha Mind Set:

  • Meditation
  • Gardening
  • Listening to songs (recommend only musical instrumental such as “Bach Music Therapy”)
  • Any activity where you do not have to use your complete brain and you feel relax

For more on Alpha Mind you can visit

Ultimate method to present your financial thoughts to yourself

“The ancestor to every action is a thought” – Ralph Waldo Eme

Our thoughts give results to action and action determines our success. As per the experts our mind gets 60,000 to 80,000 thoughts per day. Which means around 4,500 thoughts per hour. In our daily life we might not give proper attention to these thoughts, as this is an automatic process. If we start giving attention, we will observe that most of these are useless and unimportant, which are going through our mind very fast. Sometimes due to these endless unimportant thoughts we feel tired and exhausted. Think if you could have less number of these useless thoughts, you could focus better and you could use your energy in meaningful tasks.

Imagine if we could present our financial thoughts in a meaningful way in our mind then there could be a wonder to our financial life. We would be in a better position to understand what exactly matters and then make a great plan.

In this article we will show you proven method which you can apply and work with your mind as a team to accomplish those financial goals which really matters to you. In the below given method we are going to create few Mental Index Cards. So let’s get started.

Step1: Create your first Mental Index Card which is “Introduction”. In this mental index card you are going to mention:

  • Who you are and what you are going to achieve from this method.
  • What are your most important financial goals (max 3 goals).

Step2: Create your second Mental Index Card which is “Your very first financial goal”. In this you are going to mention:

  • Quantify your goal and the time frame (when you want to achieve)
  • What all steps you have to take to achieve this goal
  • Who are the people involved in respect to this goal

Do this activity (step2) for all your financial goals which are mentioned in “Introduction” index card.

Step3: Create your next Mental Index Card which is “Conclusion”. In this you are going to mention:

  • What is your take away from this activity

Step 4: Create your last but not the least Mental Index Card which is “Review”. In this you are going to mention:

  • How frequently you are going to review all these above mental index cards – half yearly or yearly?
  • What all parameters you are going to check?

Now you have all your mental index cards ready and kept in your mind. Your job is to go through these mental index cards daily twice, when you wake-up and at the time when you go to bed. This will ensure all your points mentioned in your mental index cards are hard coded now in your mind.

With this “Mental Index Card” method the benefits you are going to get:

  • You have given your mind a clear direction on your very important financial goals.
  • Time to time your mind can refer all your mental index cards to be on the track.
  • Your mind will start producing thoughts which are relevant to your financial goals.
  • Your mind will constantly look for all information which is required to achieve your financial goals.
  • As your mind is very aware, it will be able to filter out important financial thoughts which are part of those 60,000 to 80,000 daily thoughts.

Let me elaborate this method with the below example.


  • I am a husband and father of one child.
  • With this method I would like to achieve my very important financial goal which is my child’s higher education fund.

Step2 Goal 1: My child’s higher education fund.

  • Higher education fund is required after 12 years.
  • Total money required at today’s rate is 10,00,000
  • I have to save and invest 10,000 each month
  • I and my wife are involved in this goal
  • Have to research on best colleges, how to get scholarships, how to get education loan(in-case)
  • Have to take insurance to cover the risk

Step3 Conclusion: Take away’s are

  • I have to be disciplined with the saving and investment
  • I have to educate myself more on personal finance


  • Will review these mental index cards every 6 months.

“Agar kisi cheez ko puri shiddat se chaho,,,toh puri kayanaat usse aapse milvane par majboor ho jaati hai” – One of ShahRukh Khan’s most popular dialogue, which is true and can be achieved with this Mental Index Card method.

Change your thoughts and you change your world. –  Norman Vincent Peale

You may like:

How to set smart goals.

New Experience – HDFCLife Virtual Assistant

As mentioned in our earlier article “Due to mobile phone penetration and good network availability, banking sector is now constantly working on innovative products for their customers. “. HDFC Life introduced their Virtual Assistant “Elle”.

What is Virtual Assistant?

As per wikipedia “A virtual assistant is a software agent that can perform tasks or services for an individual. Sometimes the term “chatbot” is used to refer to virtual assistants generally or specifically those accessed by online chat (or in some cases online chat programs that are for entertainment and not useful purposes).”

HDFC Life’s Elle is a Chatbot. Elle can help you to:

  • Check Fund Value
  • Check Units
  • Premium Amount
  • Premium Due Date
  • Premium Frequency
  • Premium Receipt
  • Sum Assured
  • Payment History
  • Annual Premium Statement
  • Annual Unit Statement

As per Wikipedia “A chatbot (also known as a talkbot, chatterbot, Bot, IM bot, interactive agent, or Artificial Conversational Entity) is a computer program or an artificial intelligence which conducts a conversation via auditory or textual methods.[1] Such programs are often designed to convincingly simulate how a human would behave as a conversational partner, thereby passing the Turing test. Chatbots are typically used in dialog systems for various practical purposes including customer service or information acquisition. Some chatterbots use sophisticated natural language processing systems, but many simpler systems scan for keywords within the input, then pull a reply with the most matching keywords, or the most similar wording pattern, from a database.”

New Experience – Voice Enabled Investing

Due to mobile phone penetration and good network availability, banking sector is now constantly working on innovative products for their customers. In this innovative journey they are working with Voice Assistance applications and coming with very interesting product/service in the banking and investing domain.

At present in the market popular Voice Assistance Applications are:

  • Google Assistance
  • Amazon’s Alexa
  • Apple’s Siri
  • Samsung’s Bixby
  • Microsoft’s Cortana

To give you what is going to be the future with voice assistance applications, let’s check what is vision of Google Assistance with Scott HuffmanVP, Engineering, Google Assistant (Published May 8, 2018) Source :

New voices:

One of the most important parts of the Assistant is its voice—it needs to feel both personal and natural. Starting today, you can choose from six new voices for your Google Assistant. And John Legend will lend his melodic tones to the Assistant later this year—who wouldn’t want him wishing us A Good Night?

Continued Conversation:

Soon you’ll be able to have a natural back-and-forth conversation without repeating “Hey Google” for each follow-up request. The Assistant will be able to understand when you’re talking to it versus someone else, and will respond accordingly.

Multiple Actions:

A key part of having a natural conversation is being able to ask about many things at once. With Multiple Actions, which is already starting to roll out, the Google Assistant will be able to understand more complex queries like “What’s the weather like in New York and in Austin?”

Pretty Please:

Assistant features for families—powered by Family Link—provides free family-friendly games, activities, and stories from content partners like Disney.

To get the benefits of Voice Assistance application, most of the reputed banking and investment companies are making innovative products/services which are compatible with popular Voice Assistance Application. For example, HDFC Securities has recently launched “Voice Enabled Investing”, which is compatible with Google Assistance and Amazon’s Alexa. You can ask your Voice Assistance

  • Ask HDFC Securities for investment options
  • Ask HDFC Securities for tax saving mutual funds
  • Ask HDFC Securities to recommend me some investment
  • Talk to HDFC Securities
  • Talk to HDFC Securities to invest in stocks

It will be interesting to see lot more innovative products/services in this banking and investing sector in the coming days, so stay tuned.

7 Things to consider before taking a Personal Loan

These days it is very common to get a call or an e-mail for pre-approved Personal Loan. The creative nature of presenting such loan by the bankers is such that it appears this personal loan is customized only for you. So it may look handy but make sure you understand why you are availing a personal loan. Below are few things which you need to consider before taking a Personal Loan:

Avoid Personal Loan: Yes, this is the first point you need to consider. Since Personal Loan comes under unsecured loan, the interest rate is very high. Hence first check whether it is really required to take Personal Loan or not. Check other possibilities, such as help from friends, relatives. You should take Personal Loan only in case of emergency and that to Personal Loan should be the last option for you.

Verify All In Cost: Apart from interest rate, there are other charges also you need to verify.

Processing Fee: Banks charges 1-2% of the loan amount as processing fee. Few banks charges flat processing fee. You can bargain with the bank on this fee also to reduce this processing fee.

Prepayment Fee: Due to emergency you take personal loan which can be a short term. In this case you might look for prepayment of your loan once you have good cash flow. With prepayment you could reduce your interest burden. Banks use prepayment fee as a tool, so that you stay in the loan and bear the complete interest. Hence check with the bank, lower or no prepayment fee is better.

Late Payment Fee: In case you are late to pay your EMI, bank will penalize you with late payment fee. Do consider this fee also.

Shop for the better interest rate: As mentioned Personal Loan comes under unsecured loan category, interest rate is high. Spend some time online and compare Personal Loan interest rate provided by different lenders.

Avoid Add-On: Banks might offer you add-on on top of your Personal Load. Add-on like life insurance, accident insurance etc, and the insurance premium will be added into your EMI, hence you say NO.

Do not go overboard: It might be possible that while discussing with the bank person, he/she points out that you are eligible for much higher than you are asking. Since it is very easy these days to get t personal loan, do not go overboard; limit the amount to your actual purpose.

Credit Score: Banks check your credit score before sanctioning a loan. If you have low credit score then there is a chance of getting your loan application rejected. On the other hand if you have good credit score you might bargain for better interest rate on your Personal Loan.

Read Loan agreement details: You need to read the loan agreement details completely including the fine print to know all the charges, penalties. Do not rely blindly on the bank person with whom you are dealing.

Conclusion: Avoid Personal loan as much as possible. Only in-case of emergency and based on your actual need, consider a Personal Loan. Verify all the related cost and not only the interest rate.

How to generate Aadhaar Virtual ID?

UIDAI (Unique Identification Authority of India) has launched Aadhaar Virtual ID for your existing Aadhaar Number. Which when you generate, this random Aadhaar Virtual ID will be mapped to your existing Aadhaar Number.

Why we need Aadhaar Virtual ID?

– This is one more step by UIDAI to provide one extra security layer of Aadhaar. When you generate this Virtual ID for your existing Aadhaar, UIDAI will create a random 12 digit number for you and this number will be mapped to your Aadhaar Number. Now when you are suppose to give your Aadaar number for any verification to any agency, you can give this Virtual ID (12 digit number), in this way you will not disclose your actual Aadhaar Number.

Is this Aadhaar Virtual ID accepted by all service provider?

– At present no. UIDAI made mandatory for all the agency that undertake the authentication to accept Aadhaar Virtual ID from June 1 2018. At present you can use this Aadhaar Virtual ID for to update address in Aadhaar online.

How to generate Aadhaar Virtual ID?

– Login to UIDAI site by clicking here. Select Virtual ID (VID) generator as below.

Provide your 12 digit Aadhaar Number and the mentioned security code as below. Then select “Send OTP”, once you get the OTP in your registered mobile, enter the same in the “Enter OTP” field and select “Submit”.

Your Aadhaar Virtual ID will be generated and send to your register mobile.


It’s a beautiful life & I am sure you do not want to do these financial blunders!!!

Trust takes a long time to build, but only a moment to get spoiled. Similarly it takes a good amount of time to make one’s wealth but only a small blunder to destroy.

You have taken your time and sound financial decisions which lead to a beautiful life for yourself and your dear ones or you are in a process of creating wealth and having beautiful life. Now do you want to destroy everything? No, right, at least not knowingly. This means unknowingly there is a possibility. Hence if you are aware of those unknowingly things you will retain your financial success. Below are some actions which you may do unknowingly and can lead to financial disaster.

  • Not discussing about financial documents

    • Throughout your life you have accumulated your wealth and to secure your dependencies you have taken a few insurances. This means you have plenty of important documents either in soft copies or in physical copies. If you are the only person who knows about these important documents, then there is a problem. In case of any emergency where you are not in a position to get or handle these documents then it will create an issue for your dependencies and might be including you. Below are few suggestions for our side:
    • Create different physical folders and keep all your financial related documents in safe place. Inform your family member about these folder and the place where you kept those. Below is an example to make different folders:
      1. Insurance (Life, Health, Auto, Home etc), including premium receipts.
      2. Mutual fund, Demat, FD, PPF, PF (UAN Card), etc
      3. Bank A/C related, PAN, AADHAR, PASSPORT etc.
      4. Any business related or job related.
      5. “Important Note” folder. Here you can put some important notes for your dependents. All contact numbers of your financial instruments. Financial strategy with your investment for your dependents.
      6. School, College related documents, etc.
      7. “Ready to use” folder. Here you can keep photo copy of documents which you need for most of the things, such as identity proof, address proof, DOB. Also a pen, few blank paper and passport size photos. This will come as handy when you need those documents.
    • Create an excel file and put all the details which are mentioned in the above. Share this file with your dependent and one outsider. This outsider can be your friend, but remember that the person should be the most trusted person as you are sharing your very crucial personal information. You can take a call what all information you can share to your chosen outsider. This will make sure that at the difficult time, if your dependent can not act on important things, this person will help your dependents. Inform him/her why you are sharing this file and what your expectation is.
    • Create a scan version of all the documents which are mentioned above. Share these with your dependent.


  • Overspending

    • You went for your grocery shopping in a super market and you started putting the stuffs you want into the shopping basket. While shopping you noticed new flavors of sauces, you saw a new ready to eat item and then you picked these items thinking that you will use these when you will try a new recipe. Then you picked few items which you forgot whether these are in stock or not and finally you are done your grocery shopping.            There is a chance that the new sauce which you bought will be used only once and soon their expiry date will be over. Also you bought items which you already have those at home. All these are over spending and all are due to absence of grocery shopping list.
      • You went to buy a car and your budget is let’s say at max 5 Lac, but the way sales person showed you that if you just spend 1 Lac more you will be getting a very good deal and you bought a 6 Lac car. This is over spending.
      • When you shop from Amazon, you can see if the total cart value is less than 499 there is a delivery charge & it shows if you can shop for X amount to make the cart value equal to or greater than 499, the delivery will be FREE. There is a chance that you will end up buying things which are not planned to get that FREE delivery. This is overspending.
      • In Big Bazaar you see offers such as if you shop for 2000 rupees you will get 1 KG of sugar FREE. You can see that to get 1 KG FREE sugar most of the people make their bill above 2000. This is overspending.
      • We shop more when we see BUY one get one FREE, BUY three get four FREE. Interesting advertise: Book your flat and get a car FREE. Buy a car and get a gold coin FREE. Book now 3 days & 2 nights Singapore holiday to get 1 extra day FREE.

      When you overspend then it is certain that you have to compromise on your future important things. So think about this.


  • Taking too much Debt

    • To fulfil our dream or in case of emergency there is a chance that in our life we have taken few loans. Things are fine if the loan repayment amount is within our limit. If for any purchase you always think about a loan (credit card, personal), then you should understand that you might be taking too much debt and this can lead to debt trap. Make sure that you take a loan if and only if there is no other way and the thing for which you are going to take a loan is really a necessary.

      CIBIL (Credit Information Bureau (India) Limited) collects and maintain monthly reports (Credit Information Report – CIR) from banks and financial institutions, detailing individual’s loan and credit card payment history. A Credit Score is a three digit numeric summary of your credit history.  The value ranges between 300-900. It is  derived  by  using  details  found  in  the  Accounts  and  Enquiries  section  in  your   Credit   Information   Report   (CIR).   It   indicates   the   ‘probability  of  default’  of  a  borrower  based  on  their  credit  history. The CIBIL Score plays a critical role in the loan application process. After an applicant fills out the application form and hands it over to the lender, the lender first checks the credit score and credit report of the applicant. If the credit score is low, the lender may not even consider the application further and reject it at that point. If the credit score is high, the lender will look into the application and consider other details to determine if the applicant is credit-worthy.

      Hence if you take too much of debt and you miss any of the payment to the lender then it will directly affect your Credit Score.


  • Guarantor / Co-payment / Co-Sign / Assurity

    • It can happen that to help someone you may sign guarantor/co-payment/co-sign/give an assurity. Now if in case that person misses any payment or completely defaults then you will be in trouble. This will directly affect your credit score and also it can hamper the personal relation. Hence try not to do so or if there is no other way to help that person, time to time verify that payments are not missed by your joint holders or the guaranteed individuals.


  • Miss important bills

    • There are few important bills such as all kind of insurance bill, electricity bill, and mobile bill, if you miss then it can create a big issue for you and your dependency. Hence don’t forget and if possible make it auto payment mode.


  • Seeking to get rich quick

    • Investing should be more like watching paint getting dry or watching grass grow. If you want excitement take $800 and go to Las Vegas. – Paul Samuelson

      We heard many a times that Mr. X put money in stock market and within no time, his money got tripled. Or Mr. X put money in chit-fund and within 1 year his money got doubled. Or Mr. X invested in real estate and his investment got doubled within no time. In 24×7 business news channels, on the financial sites or even the financial mobile applications; we can get hot tips for quick gains. Our friends, relatives, relationship managers of the bank, insurance brokers; everyone seems to know everything and frequently gives us sure shot tips for quick money.

      Have you ever tried to find out who was that Mr. X? Did you talk to him? Those financial pundits who give hot tips, did you verify whether they put their own money on those tips? Is there any data available for you to verify those hot tips? I think most of the time, these questions did not come to your mind, or you believe these tips work. Even few follow these tips and lose their hard earned money and decide not to invest in anything and finally keep money in FD or RD.

      Achieving rich financial life is possible and it takes time. If you really want to be financially rich then you have to invest in your knowledge and be a disciplined investor.


  • Borrow money to invest

    • When you borrow money to invest? It’s when you think the investment instrument will give you more returns then the borrow money’s interest rate. To do so you might choose the investments which are risky in nature and if you do not understand properly about this risky investment, there is a chance that you will actually lose your money. This can lead to a low credit score or problem in personal relationships

Good News!!! 20 lakh is the new Ceiling On Tax-Free Gratuity

On 22nd March 2018 Parliament passed “The Payment of Gratuity (Amendment) Bill 2017” which was passed by Lok Sabha 15th March 2018.

So what is “The Payment of Gratuity (Amendment) Bill 2017”?

  • As per “The Payment of Gratuity Act, 1972” which was passed in the year 2010, the ceiling of gratuity to employees was Ten Lakhs. With this new bill, the words “Ten Lakh Rupees” is being substitute with the words “such amount as may be notified by the Central Government from time to time”. The explanation given for such change is, considering the inflation and wage increase even in case of employees engaged in private and public sector, the entitlement of gratuity is also required to be revised for employees who are covered under the Act. Hence Central Government can revise the limit time to time keeping in view the increase in wage and inflation and future Pay Commissions.
  • After the implementation of the 7th Pay Commission, the ceiling of gratuity amount for central government employees was doubled to 20 lakh. Hence with the new bill, government will be able to enhance the ceiling of tax free gratuity to Rs. 20 lakh for the employees falling under the Payment of Gratuity Act.
  • The maximum maternity leave under the Maternity Benefit Act, 1961 has been enhanced from Twelve Weeks to Twenty-Six weeks by the Maternity Benefit (Amendment) Act, 2017. Hence the present bill is to remove the reference of 12 weeks and empowers the government to notify the maximum maternity leave.

Who are eligible for Gratuity?

The Payment of Gratuity Act, 1972 (the Act) was enacted to provide for a scheme for the payment of gratuity to employees engaged in factories, mines, oilfields, plantations, ports, railway companies, shops or other establishments who have rendered a minimum five years of continuous service with the establishment employing ten or more persons.

How gratuity is calculated?

The calculation of gratuity amount is based on a formula, which is fifteen days of wages for each year of completed service, subject to a ceiling.

Should you lend money to your Friend and Relatives?

“Helping hands are better than Praying Lips” – Mother Teresa

 Yes we should always help our friend and relatives financially if there is actually a need. It should not be the case that with borrowed money from you, your friend/relative is fulfilling their wants. Consider below points before lending money to your friend and relative:

1. Try to find out why he/she needs the money:

Ask all the related questions and find out the actual reason why he/she needs the money. Validate the reason with someone else and repayment capability. Otherwise the repayment issue might lead to a relationship breakup.

2. Do not hamper your own finance:

While trying to help your friend/relative, you should not compromise on your own goals. You are responsible for your personal finance; hence do not take any risk. In case you are willing to lend, then make sure you have enough cash/investments which will save you if borrower fails to repay.

3. Help them to get loan from financial institutes:

Help him/her to identify the financial institutes from whom he/she can take a loan. He/she can take a personal loan or loan against FD or Gold loan etc.

4. Do not lend if you are not comfortable:

It’s ok; if you are not comfortable of lending then you can convey this message to the borrower, such that he/she should understand.

5. Lastly Follow Up:

If you finally lend money to your friend or relative, then make sure that you follow up for the repayment. Because most of the borrowers do not show any urgency for the repay. Since it is your money, you have to do the follow up.

As this is your money and you know better about your financial goals, take your own call whether to lend money or not. Above points will help you while taking this decision.