The Art of Money by KG

In India, we get an option to open a joint bank account.  If I am opening a joint account with any of my family member or friend or colleague, I need to : provide a name as primary account holder, He/ She will be responsible for maintaining the account and will be considered the first owner. provide Identity and address proof for the primary owner. Similar , details and documents will be required for secondary owner as well. In case of any interest earned, investment done, capital gains earned or investment done, it will be considered to be earned or invested by Primary owner. However, Primary and secondary owners both can deposit or withdraw money from the account. In some cases, having a joint account is easier option as 2 or 3 people can operate the same account. However, it also increases the risk of fraud or mismanagement of money. So we need to be cautious in weighing pros and cons before opening a joint account.

Hello Friends, Hope you like my previous post about getting insured. If you are following my advice and shaping your financial world as the way suggested, you would have already made a plan to cover up the necessities of financial planning. Now it’s time to move to goal oriented actual investments. We all need some goals in our life. Goals can be of various type like personal, professional, financial,  etc . But today we will discuss only about the Financial goals and how to achieve it.   First, you need to jot down all your major goals, amount required to achieve goal and the time you have to achieve those goals. Once you are done with the important goals, you can segregate them with respect to time frame you have to achieve the goals. The goals are divided into categories like Short Term Goals, Medium term goals and Long term goals.     Some example of goals can be as below     Sr. no.  Goal description Total Amount in Rs. Time to