Great Movies About Money You Should See.

Great Movies About Money You Should See. 

1.Boiler Room 




2.Brewsters Millions 



3.Capitalism: A Love Story 

4.Casion 

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5.The Color of Money 


6.Enron:The Smartest Guys In the Room 


7.The Firm 



8.Glengarry Glen Ross 

9.Wall Street,Money Never Sleeps 




10.Wolf of Wall Street.

Basic Rules to Grow Your Wealth

Basic rules to grow your wealth effectively 

1.Think of money as a tool

 2.Accept that it takes time to expand your money 

3.Define wealth 

4.Acknowledge that money is king

 5.Save

 6.Diversify your money

 7.Find yourself a no-fee,cash back credit card

 8.Find a good accountant 

9.Treat money management like a job 

Congrats On The First Job, Now Here's Some Money Tips

CONGRATULATIONS! If you are a young adult in your early 20s, you would have been waiting for this moment for quite some time now. You have just finished college, got a job, and you harbour ambitions of making loads of money all while carving out a wonderful and luxurious life.

But hang on for a moment. This is a crucial moment and important time in your life, and if you don’t manage your finance properly during this crucial period, those lofty dreams of living a comfortable life further in the future will remain just that – a dream.

Financial Traps To Avoid

Khalil however says that besides the higher cost of living faced by young people who are just entering the workforce, other factors that have a bearing on their financial management include social pressure, attitude towards spending, level of financial literacy, and the ability to differentiate between ‘needs’ and ‘wants’.

“These youngsters often are not living within their means. In a race to compete with their peers, they tend to overspend on non-essentials such as the latest gadgets and cars. They also fail to differentiate between ‘needs’ and ‘wants’. A ‘need’ is something you must have and cannot do without such as food, a home, or clothing. On the other hand, a ‘want’ is something you would like to have but is not absolutely necessary such as overseas vacations, luxury cars, and fine dining,” explained Khalil, who is AKPK’s Head of Corporate Communications.

Khalil also points to youthful exuberance as a possible downfall. “There’s a trend among youth of ‘earning to spend’ and ‘spending before earning’. Furthermore, some believe in living the moment and allowing life to take its course. Their worldview is defined by instant gratification and have the viewpoint that retirement is still a long way away and hence, they put off retirement savings. In most cases, the Employee Provident Fund (EPF) contributions alone are insufficient to see us through retirement.”

Other financial mistakes this young group of people tend to make are getting caught in ‘too good to be true’ investments schemes and inadequate knowledge on responsibilities of borrowers and financial products in general.

Financial Rules To Live By

“There is no short cut to financial freedom. It takes a positive attitude, planning, discipline, and patience,” Khalil tells us.

The most obvious financial rule is definitely to save some money. But what actually is the best way to do so?

“One should start saving early to benefit from the effect of compound interests and we should ‘shop’ around for banking institutions which give the highest returns on savings,” Khalil says before adding: “We also recommend saving 10-30% of the monthly salary for emergencies. Ensure that you have emergency funds worth three to six months of your monthly expenditure for life’s uncertainties. For example, if one starts at the age of 22 to begin saving RM1,000 a year at the return rate of 5%, by the time he reaches the age of 37, he will have amassed a savings of RM21,578.56.”

Khalil also advises people to prepare a monthly budget and adhere to it strictly. “This budget will track the inflow and outflow of cash efficiently if it is consistently updated. So naturally it also acts as a reminder not to overspend.”

One of the most interesting pieces of advice we received from him however was this – live like a student for as long as possible. “Students survive on a shoestring budget throughout their entire college and university days,” Khalil pointed out. “If one is able to continue living on a tight budget, you will be able to use the additional money for other expenses.”

Providing for retirement may seem unimportant to youngsters, but it is never too early to start one’s retirement planning. Khalil says that ideally a fund for retirement should be started from the very first salary onwards to complement the EPF savings.

He also advised young people who have just entered the workforce to invest funds prudently in order to increase net worth and build wealth. “But beware of financial scams and get-rich-quick schemes,” Khalil reminds us. “Be alert to the latest happenings in the investment world and acquire as much information as possible before investing. It is important to diversify investments and not place all eggs in one basket.”

He urged us to ask ourselves a few questions before investing. “Ask yourself how much money you need to save and how much do you invest. Then ask where you are going to get the money for your investment and how much risk you are willing to take to achieve your financial goals. Furthermore ask what returns you expect from that investment and what sacrifices you are willing to make to achieve those goals. Finally, ask how much you are willing to lose if the investment fails.”

So young people, it’s time to empower yourselves and take control of your destiny! Plan you finance wisely now!

Be Aware of Mis- selling

In 2010, the Insurance Regulatory and Development Authority (Irda) began introducing several measures to rein in mis-selling. It was hoped that over a period of time the instances of malpractice would fall. However, this hasn't been the case. Recent data, submitted by Irda to the Finance Ministry, reveals that complaints from policyholders, particularly about 'false promises', have increased over the past three years.

The complaints related to 'unfair business practices' have also spiked. As many as 48,721 complaints have been filed under this head between April 1 and July 20. The complaints have jumped from 1.68 lakh in 2012-13 to 2.11 lakh in 2013-14. In 2011, this figure stood at just over a lakh. While the rise can be partly attributed to an increase in awareness among policyholders about their rights, it is a cause for concern.

Understanding a product's working is the perfect antidote to false promises. For instance, always insist on going through policy documents before purchasing a single premium policy instead of taking the agent's word for it. "Selling wrong policies through misrepresentation is one of the major reasons for complaints. This is especially true for pension policies with a 'one-time premium', which often turn out to be policies that actually require an yearly payment of premium," says consumer activist Jehangir Gai. If the premium is not paid annually, the insured loses the initial premium as the policy lapses.

While signing an insurance contract, you must scrutinise its features and ascertain if they match up with the insurer's verbal promises. At least, make sure you read the fine print during the 15-day free-look period. If you are not comfortable with the features, you can return the policy and your premium will be refunded after the deduction of stamp duty and proportionate risk premium for the period.

Know your rights

In case of general insurance, issues around processing of claims cause greater grief than mis-selling. Policyholders often complain that their claims are rejected on flimsy grounds. For instance, in health insurance, pre-existing ailments frequently become the bone of contention between the insurer and the insured. "Pre-existing ailments are typically covered from the fifth year onwards, yet insurance companies avoid settling claims. Hypertension and diabetes are used as excuses to reject claims for heart and kidney problems," says Gai.

To avoid rejection on grounds of non-disclosure of medical condition, ensure that you complete the proposal form yourself. Never leave it to the agent. "Since the agent wants the policy to be issued so he can earn a commission, he often does not disclose correct medical data. When a claim arises, the insurance company repudiates the claim, alleging suppression of facts by the insured," informs Gai.

Delay in claim intimation is another key cause of dispute. "Irda has clearly stated that claims should not be rejected merely due to delayed intimation. Late document submission should not be treated as grounds for rejecting the claim, if it is genuine," says civic activist Gaurang Damani. If your insurer or third-party administrator turns down your claim, ask for the specific medical reason behind the rejection. If claim payment is delayed by more than 30 days, then the insurer is liable to pay interest.

The last resort

Despite taking all the precautions, if you feel you have got a raw deal, you can file a complaint through official channels. The first complaint should always be to your insurer. Do not approach the regulator without attempting to get your grievance redressed by the insurer. You can file your complaint through the insurer's call centres, e-mail or branch office. If your query is not resolved at this level, you can approach the company's grievance redressal officer. If you still remain dissatisfied, lodge a complaint through Irda's dedicated grievance redressal portal (www.igms.irda.gov.in).

Once you register on the site and lodge your complaint, you will be able to track it as well. You also have the option of approaching the insurance ombudsman in your city, which serves as a quasi judicial body. The ombudsman has the powers to pass orders pertaining to cases entailing a value of up to Rs 20 lakh. The decision is binding on the insurance company, but as a policyholder, you are free to move consumer courts if you are not convinced. "Many policyholders, assuming it will be a long-drawn process, avoid going to the ombudsman. However, awards can be granted in as less as 30 days," says Damani.

Is someone using your cheque book?

The text message was like any other from a bank back office. "Your ACXXXXX704753 Debited INR 6,90,123.00 on 07/08/14- DR THRU CHQ. Avl Bal INR ............."

Vasudev Kataria, a businessman and the account holder with a large stateowned bank, knew something was amiss: he had not signed a cheque in the last one week. Did the bank make a mistake? He accessed his Net banking account; money was missing and the cheque number was 977199. He looked around for his cheque book. It was lying in his drawer.

As he flipped through the pages, Kataria spotted the leaf with the number 977199. There was someone, he knew, who had deposited a cheque with the same number to take money out of his account. Is it possible? What was happening? Kataria sensed that he was not a victim of new-age frauds that newspapers have been reporting about: no one had stolen his Net banking password; no hacker had fished out his credit card data.

Instead, someone had simply used a cheque that was a replica of a leaf in his cheque book. Half an hour later, Kataria was told by the bank's Mumbai branch manager that the cheque was debited at the bank's branch in Nipani, a non-descript town in Karnataka and 37 kms from Kolhapur.

While Kataria did not lose any money (as the amount was credited back to his account by the end of the day), he as well as his branch manager are clueless of what happened, how it happened.

- How could someone, whom Kataria had never met, whose identity he was unaware of, get to know the cheque series that Kataria was using?

- Are there fake cheque books floating around? Aren't cheque leaves printed on special paper in some well-guarded security printing press?

- Don't cheques have security features like watermarks similar to currency notes?

- How does a man in Nipani get to know Katariafs signature?

The bank may stay mum and one doesn't know whether the police will ever look into the matter even though Kataria has filed a complaint with the local police station (after the Mumbai Economic Offences Wing told him it does not probe frauds less than Rs 3 crore).

What happened to Kataria could happen to anyone. One can only guess what the fraudster did. He befriended someone at the bank's central hub which issues cheque books; the guy at the hub may have put him in touch with his colleague in Kolhapur or Kanpur or anywhere — as core banking solution gives any employee at a branch access to account details, signature impression and available balance of any customer.

Officials often clear cheques looking at images transmitted to them on their computers and may not have a chance to get a feel of the paper to figure out that a cheque is fake. Kataria's bank has found out the conman, a resident of Belgaum with an account in a large co-operative bank, deposited the cheque with the Nipani branch of the co-op bank.

Fake FD Receipts

At a time when banks are trying to curb phishing, there are oldfashioned conmen who prefer printing fake cheque books and fixed deposit certificates. In the past few months, the Mumbai police has arrested a few after some companies, educational institutions and temple trusts in Maharashtra discovered that someone had raised money through overdrafts against their FDs using fake documents.

It begins with a broker who promises the best rate on FDs, collects documents like balance-sheet and tax returns, and opens an account on behalf of the institution. He also prints fake documents that look identical to originals.

After the money is deposited — either through electronic transfer or account payee cheques — the broker collects the FD receipt but never delivers it to the client.

Instead, an envelope of the bank is used to courier a fake receipt to the deposit holder who suspects nothing. Weeks after the FD account is opened, the broker — once again representing a company — raises an overdraft using fake documents. Old-fashioned crooks can be as smart as new-age con artists

How to Control your Money Through Budget

A budget can help you pay your bills on time, cover unexpected emergencies, and reach your financial goals—now and in the future. Most of the information you need for your budget is already at your fingertips. This guide explains how to create a budget and stick to it.

Debit Card Basics

If credit cards mean “pay later,” debit cards mean “pay now.” These cards are tied to your  bank account and using them is like paying with cash or a check. With debit cards, you  must have money in your account to cover your purchases. These cards look similar to  credit cards so make sure you are using the correct card.

How Change in Address can affect your Money?

                                                       Income tax Department:-

 You may be having pending Income Tax refund from your last income tax returns. Therefore you need to intimate to the  income tax department after you change your address so that the refund does not return undelivered. Income Tax Notices are very important , if you ignore these notices than you may be required to pay heavy fine. Therefore inform income tax department immediately after you change your address.

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