You can pay for a major home repair like a new roof or a renovation like a kitchen remodel in a number of ways. Among them, a home equity loan allows you to access your home equity and provides generally lower rates than the rates on other loans. Using your home equity has a number of advantages, but it also has downsides to consider. Mainly, when you use your home as collateral, you risk losing it to foreclosure if you can't repay the loan. Learn more about how to use a home equity loan to pay for major home repairs, as well as more about the pros and cons of this financing strategy. Key Takeaways Home equity loans are installment loans secured by your home. One advantage of using home equity loans to finance a home improvement project is that they generally offer low, fixed interest rates. Alternatives to using a home equity loan include a home equity line of credit (HELOC), a personal loan, or a credit card. What is a Home Equity Loan? A home equity loan … [Read more...] about Is a Home Equity Loan the Best Way to Finance Major Home Repairs?
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Finance Secretary TV Somanathan. There is said to be a perceptible difference regarding the relationship between Prime Minister Narendra Modi and his top bureaucrats now compared to his first term in office. If various reports are to be believed, he has pulled up officials on multiple occasions in the past year. The latest dressing down apparently was regarding the system’s readiness in the face of a crushing ‘second wave’ of COVID-19 cases. Even in this backdrop, new Finance Secretary TV Somanathan remains one of the Prime Minister’s most trusted advisors and implementers when it comes to economic policymaking. Somanathan, the Expenditure Secretary, was designated as the Finance Secretary on April 29. As per the norm , the seniormost of the five Finance Ministry secretaries heading Expenditure, Revenue, Economic Affairs, DIPAM and Financial Services is designated as the Finance Secretary. Somanathan, Economic Affairs Secretary Ajay Seth, DFS Secretary Debashish … [Read more...] about New Finance Secretary TV Somanathan: An articulate economic voice trusted by the top leadership
Representative image Industry bodies have requested the Finance ministry to provide clarity, speed up applications and ultimately provide more handholding on a plethora of tax issues. This includes input Tax Credit, GSTR 2A/2B, classification of Goods and Services under HSN, and the Monthly Payment of Taxes Scheme, among others. "In the light of recent economic developments and uncertainty, all major industry bodies have requested the government to ease tax issues and provide more handholding. They have also requested that the deadline for filing taxes under the Income Tax Act, Companies Act and GST Act be extended," an official in the know said. These issues have also been brought up during recent meetings held by Finance Minister Nirmala Sitharaman with industry bodies. "There are unresolved issues with Input Tax Credit, QRMP, GST Returns among others and it is important that the Government facilitate ease of doing business. There is a need to address the issues in the … [Read more...] about Industry requests Finance Ministry for more handholding on filing GST, other taxes
The Indian Army Eternal vigilance is the price of liberty. Our armed forces guard our borders so that the nation can sleep in peace. But in the process they often end up neglecting their finances. Regular transfers and a high-stress job that demands a lot, both mentally and physically, leaves little time for money matters. While their lifelong medical requirements are taken care of, other aspects of their finances get neglected. Many fall prey to mis-selling by unscrupulous agents that saddle them with expensive life insurance policies. Take the case of Gurugram based Colonel Purushottam Kumar (retd.). He retired from the army in 2015 after three decades of service. In 2001, he was mis-sold a Unit Linked Insurance Plan (ULIP) . The premium allocation charge (charges deducted by the insurance company towards the agent’s commission and other charges, the rest being invested in the policy) was 20 percent. Compared to this, mutual funds charge only about two percent. Kumar … [Read more...] about Armed forces personnel must secure their finances for a comfortable retired life
Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Shadow banking major Bajaj Finance on July 27 said its consolidated net profit for the quarter ended June was at Rs 2,596.25 crore, its highest ever, up 158.99 percent from Rs 1,002.44 crore in the same quarter of the previous year. The number was higher than a CNBC- TV18 analysts' poll estimate of Rs 2435.8 crore. The company said its net interest income (NII) for the quarter increased by 48 percent to Rs 6,638 crore from Rs 4.489 crore in the year-ago quarter. New loans booked during the quarter grew by 60 percent to 74.2 lakh as against 46.3 lakh in Q1FY22. Customer franchise stood at 6.03 crore, registering a growth of 20 percent. The company recorded its highest ever quarterly increase in its customer franchise of 27.3 lakh in Q1FY23. The company’s assets under management … [Read more...] about Bajaj Finance Q1 result | Profit zooms 159% YoY, beats estimates
Prableen Bajpai In the first part , we told you about how financial planning for the armed forces is important. Although the system takes care of them in more ways than one, many armed forces personnel still fall prey to mis-selling because of lack of financial awareness and proper guidance. An officer posted at Abohar, Panjab (we were at the same station a few years back) told me three things that struck me as unique to an armed forces personnel. -A lot of information is available on investment. But we have no idea when to withdraw our funds in case we need them. For instance, is it better to withdraw DSOP or just stop a mutual fund’s systematic investment plan (SIP) when money is needed? -Lack of clarity with respect to investment in house and property. Should a house be bought just to save tax on the house loan? Is it good to have a loan liability? Close -Two major events warrant a change in financial planning for an officer. First is marriage, second is … [Read more...] about 9 personal finance commandments that those in armed forces must follow
Share to Twitter Share to Linkedin Here’s how two major proposals on student loan forgiveness compare. Here’s what you need to know — and what it means for your student loans . Student Loans As President Joe Biden decides whether to enact wide-scale student loan forgiveness for more than 40 million student loan borrowers, two major proposals on student loans could influence Biden: Democrats: U.S. Department of Education proposal on student loan forgiveness ; and Republicans: proposal for student loan relief ; The proposals from the U.S. Department of Education and Republicans in Congress offer competing visions for the future of student loan forgiveness and student loan repayment. While Congress likely won’t pass the Republican plan now, Biden could incorporate elements of the proposed legislation into his plan for student loans . Leaked internal documents from Biden’s Education Department provide a detailed proposal for … [Read more...] about Student Loan Forgiveness: How Major Proposals Compare
Share to Twitter Share to Linkedin The good news: More entrepreneurs are starting ventures in majority black areas, according to a study by the Alliance for Entrepreneurial Equity . The study found a marked surge in entrepreneurial activity in areas with a majority of black residents. New business applications in majority black areas increased by 103% from 2019 to 2021 compared to 54% nationally, and were about 3.5 times higher in 2005. The study gives a number of reasons for this trend, including: · More government financing · Greater necessity, even with pandemic relief · More remote work potential, and · Higher local and regional support Is this good news? Some key questions include: · Are these ventures being started out of need for more income during tough times or are they potential growth ventures? · If they are started out of need and do not lead to growth, will they be abandoned when the entrepreneurs find better options? … [Read more...] about Can ~100% More Ventures In Majority Black Areas Lead To Faster Economic Development?
Share to Twitter Share to Linkedin At about this time last year, the Federal Reserve was calling inflation “transitory”. It’s proven to be anything but. The inflation rate hit 9.1% in June , a level not seen since 1981 at the tail end of the stagflationary 1970s. It’s proven to be so enduring that it’s time to make some tough choices. Below are nine strategies to prepare your financial life for inflation. The more you can implement, the more likely it is you’ll come out on top of this suddenly not-so-temporary economic condition. 1. Increase Your Income One of the unkindest cuts from inflation is the assault on your income. But since this wave of inflation is specifically concentrated in salaries, it may be possible to increase your income. “Ask for a raise, before it’s too late,” recommends Kristin Myers, Editor-in-Chief at The Balance . “One of the best ways to fight inflation is to increase your income, whether that’s through a side hustle … [Read more...] about 9 Money Moves To Prepare For Rising Inflation
Share to Twitter Share to Linkedin Name: David Katz Firm: Merrill Lynch Wealth Management Location: New York, New York AUM: $1.8 billion Forbes Rankings: Best-In-State Wealth Advisors, Top Next-Gen Wealth Advisors, Top Next-Gen Wealth Advisors Best-In-State Background: Katz, 39, has been with Merrill Lynch since he was 19 years old as an intern while still an undergraduate at the Yeshiva University Sy Syms School of Business. He credits his father for his passion for business and finance, describing himself as the son who followed him around. It was during his senior year following that internship that he realized wealth management was the industry in which he wanted to work. Investment Philosophy/Strategy: For Katz, profiling a client by figuring out their risk tolerance and financial goals is the most important element of an investment strategy. In a debate of active versus passive, he sees both as useful for clients in … [Read more...] about Merrill Lynch Advisor Uses Discipline Learned In Religious School To Manage $1.8 Billion For Clients