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Think Rich and Get Rich: Books that helped me Manage Money smarter
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Financial Education for Kids:3 Easy Tips for Parents
On our last holiday to Darjeeling one foggy evening, the kids started getting crabby. My husband brought out business and everyone discussed buying, selling, lending, and counting money.
My daughter came up to me and said “Maa guess what? I won. But I almost didn’t. “
I smiled, looking up from my sketch, and asked,” Why the almost?”.
She said her friend had become a young millionaire and was racing to win. But lost all his money and in fact lost the game as a pauper. Me being in instant teach-a-life-lesson-mommy mode asked her,
“Why did he lose all his money?”
“Oh, he took too many loans and then couldn’t pay back. He wasn’t a clever investor and definitely not a smart business player. He won a lot, but then lost even more.”
Me “Hmm, so what did we learn?”
“Save more than you spend. Always.”
This was a game worth playing if such an important life lesson can be learned. So the next day I looked for a few educational games which are not too complicated and can help teach concepts about making earning, investing, and the like. But without overwhelming.
Are you Money Smart?
It’s important to have good money habits as a parent if you want to teach them that. Kids learn more from what we do than from what we say. Their little ears and eyes are always picking up information, which creates long-term mindsets and habits.
Do you Trust Yourself With Money?
My mother used to ask us to count out the different amounts for the monthly bills to be paid. We learned about filing income tax because our mother was learning too back then. It was confusing at first, but things got better .I learned to handle money confidently from a young age and always managed to save from the birthday money gifts from our many aunts and uncles. There was no concept of “pocket money”.
The first money I earned was when I worked at a contact lens shop after my twelfth standard and then I started giving tuition. I never looked back. As far back as I can remember I liked the idea of multiple streams of income. That was also the reason I started my blog. I let my daughter help me plan shopping lists and pay vendors when we go shopping. There’s nothing like practical experience and responsibility to teach lessons well.
Gamifying can help simplify things
We grow some of our own vegetables. We also have fruit trees. All this comes at a cost that is difficult to explain to kids.I picked the Farm stimulation game , Idle Farming Business, where you start by choosing a plot of land, planting seeds, and raising and harvesting crops. Then with the proceeds, you can buy more plots and so on. Get the crops ready for processing, then they are sold and you can buy more seeds for the next cycle. The game gives a prompt for you to cycle and plant different crops for a better harvest. It reminds you about harvesting before the rains come. Harvest potatoes first, followed by other vegetables like carrots(we grow this for real), tomatoes, cucumbers, peppers, turnips, onions, and corn.
You earn by scrolling over the plot, then you reinvest to improve the farm.
Small farmers face difficulty due to fluctuating rain levels. We discussed collecting rainwater safely to avoid issues while farming. We played the game together with a timer on. Simple gamification of topics does help in clearing difficult and dry topics.
I also like the Real estate games and the coffee shop simulation. The coffee shop is a one-month simulation game where you learn to start, run and manage a business profitably. Kids learn about inventory for the coffee shop, buying coffee, milk, and sugar varieties of each, strategy for marketing, pricing demand, supply consumer feedback
The next game we played together was the Wind and solar sustainable energy game. I am all for hybrid and alternative energy sources. The world can’t go forward without energy and for sustainable energy, we need a plan. That awareness must start right at the beginning when the kids are eager to learn. This wind and solar sustainable energy game is easy to play. Move and position the solar panels to catch the sun optimally. Then you pull up or push down the wind turbine to catch the wind to generate power using a windmill. There is an energy meter to see how much energy you generated. Pretty simple.I wish one day we could all capture energy this way.
The games are simple to play and explain the rules as you play along. The only trouble I faced was it took some time to load on my mobile phone. It’s best if you monitor your kid’s online screen exposure. Because games can become engrossing. That’s the reason I played this game first alone to check whether it’s appropriate for my daughter and then played with her. The internet is useful if used for good. My job as a parent is to teach her to choose right when I am not around. Money skills are taught nowhere. If you don’t teach your child who will?
You might like this post: How to Teach kids about Money?
Disclosure: This is a collaborative post. Read my full disclosure here
Sharing is good Karma!
Mom and Mutual Funds are More Alike Than you Think!
Mom’s and Mutual Funds are definitely two peas from the same pod. My mom, my aunts, and I all are cut from the same cloth. If you are familiar with my blog you know I am passionate about financial freedom and my blog’s name reflects my passion for both maintaining Health and creating and managing wealth.
Growing up in the red Era of Kolkata where poverty was glorified, didn’t stop my mom from saving and teaching us how to save. Education and Health always got the vote hands down while other “wants” were kept aside for a sunnier day. Sunnier days came but I kept my mother’s wisdom close to my heart when I started investing in mutual funds as soon as I started earning.
Mutual funds make investing in stocks easier, less scary, and less risky while helping you build a portfolio to create wealth. In case you don’t want a managed fund options of direct mutual funds exist too.Whatever your plan, whether long-term for your child’s higher education or short term you can always find a fund or a plan according to your need.
2 Tips to Start Investing
- Never start a mutual fund with your credit card. It’s a bad money habit.
- Save money every time you earn, that way it builds up.
For more details, you can visit the HSBC website. Also, readers are requested to fill in this form to help you understand better and have your queries answered by the experts.
If you wait for all your loans and headache to go away first, then you may never get started.
Financial post Disclosure
I am not an expert on financial asset management. This is an opinion piece. I am not a qualified Financial Advisor and this is not to be taken as professional financial advice. Mutual funds are subject to market risk, read all scheme-related documents carefully. All investments should be done after consultation with a financial suitable expert, according to own financial risk appetite.
Disclosure: This is a sponsored post. Read all about how I work with brands here.
Sharing is good Karma!
Real Estate Investing made Simple
What’s real estate looking like in 2023?
Did COVID-19 spoil the market or make it better? Is real estate an excellent investment this season?I have always been a saver but I love buying when it’s a great value.
I might bore you with this, but read what Charlie Munger says. But more about that later. So how to invest in real estate? Is it even a good idea?
Well, it depends on your portfolio. I am not an investment specialist. I don’t give professional Financial advice on this blog or elsewhere. What I do is share what helps me.Investment is dependent on personal risk appetite and best with professional advice.
If you have planned your monthly savings, well remember diversified, safe but good returns don’t always go together.So choose the type of investment that makes sense for your current financial life and future goals.
I started my Public Provident fund when I entered Medical College. During my PG I invested in a double benefit life insurance. After marriage, we both invested in a good health plan, a life insurance term one and then a mutual fund each.This was the basic starting point before we planned to buy our first house. We even checked out possible monthly EMI before going house searching. That way, we wasted less time.
I also didn’t focus on iffy deals from iffy banks, but pre approved projects under good builders.But that’s a topic for another time
Today I talk about how COVID-19 has affected my decision of buying real estate. Work from home changed what people werre looking for in real estate.My husband abd I being doctors didn’t really have work from home as a decisive point. But all the mask wearing which though protective made us more conscious of the need for open spaces and clean air .
Before COVID 19, hit having a well ventilated, airy home was important for me just like everyone else.I have an extensive balcony garden and indoor plants to keep the room air as fresh as possible. But after COVID-19 I wanted a home with outdoor spaces.Does it make sense?Yes it does and this article in Forbes talks about how the graph for real estate is not as bad as you think.
Being cooped up in a cage is bad for your health.My husband’s family home was in a dilapidated condition.There was a renter who barely looked after it.I wanted a chance to visit it on weekends and holidays so that my daughter could play surrounded by nature didn’t happen for 7 years. Until COVID 19 hit and my hubby cooped up indoors month long. That first month decided to reclaim his heritage.That started him on the way to researching real estate in the small town we live in part time and Kolkata .
When we planned on buying a home in the outskirts of the town we checked out whether the home loan EMI and the cost of the land for our budget or not.
Whether to buy some land or buy an apartment ?What would be a good idea?What with the economy being what it is right now,what makes more sense?In the part of the world where I live COVID 19 has given a push for reclaiming lost land,homes and gardens.
It’s not just land, it’s a chance to breathe in fresh air because one never knows.While overpriced city properties face few takers ,bigger properties with green spaces look inviting.
If you have the resources ,buying when the market it down gives you more choices.
After much thought, we renovated our ancestral home in the village as the renter was shifting .We also bought a piece of land which we are reforesting partly and using the rest as a vegetable garden. The land we financed through a bank loan and the home renovation took place slowly, with monthly payments to a local contractor. It fit our budget and solved a problem.
We now have a family home and garden to visit every weekend and since the land we bought was around 20 minutes from where we lived in the town centre but in a rural area, the pricing was just right. Diversification of our portfolio was much better with real estate involved.
3 tips for choosing a real estate property
Have a budget .
Know why you are gaining a property.
Never buy overpriced property. Its more difficult to recover the investment .
Buying real estate is a part of a long-term investment plan to prevent capital gains taxation .
If you are buying land for the first time,buy it at a place where you can visit and where you have plans for the long term.
Sharing is good Karma!
Monetizing Creativity
What comes after Health? On my blog it’s wealth and monetizing creativity creatively.
In real life too when you are healthy and life is good you concentrate on growing your bank balance. At least women like me do. That’s what I found out this week, when I got together with 5 beautiful women podcasters for a Voice of Anchor Team challenge. When we started chatting about the different collaborations we could do ,my podcaster friends asked me a slew of questions.
I picked a few to give you a sneak peek at my mindset about creativity, money, and what I know about NFTs for artists in India. What women want is not all that different. The resource section at the end of this blog post will help you with starting your blog or online business and a few methods of marketing and monetizing them too.
So how can you Monetize a website?
Guest post
Sponsored posts.
Paid newsletters
Free newsletters with sponsored contents
Ads
Memberships
Ebooks
Courses
Coaching .
Service
Ads in Podcast or video content
Social Media monetization
Buy me a coffee
Is Money Sweeter Than Honey? This week on Voice of Anchor Challenge we are working as a team Wonder Women, celebrating women’s power and discussing what women want. I will answer questions about:
- Making money with your creativity
- Is Money Sweeter Than Honey? Talking Money with Women: What Men Need To Know About How Women Think|Financial education for women
- Women and Entrepreneurship: In Conversation with Riddhi Deorah about Survival, Saving, and Serving
- Making Learning Fun and NFTs for Artists in India #VoiceofAnchor
Sahithya Jagannathan asks
Sahithya asked: How do you think the way we talk to women about money needs to change? What are 3 things every woman needs to discuss with her partner/fiancé about money/ finances before entering into a relationship/marriage?
Artist Podcast – Awkward Conversations with my Amma!(Society, culture & relationships) – conversational style podcast
Question by Abha Jain and Riddhi Deorah
Abha Jain asked:
How can a multitalented person, who is Jack of all trades but master of none, manage & be consistent in all the hobbies together on social media & monetize them all?
Artist Podcast:Explore Beauty & wellness with Abha !
Riddhi Deorah asked:
What are the different things that mothers can do to monetize their hobbies? Do you think it’s important for mothers to have their own money?
Artist Podcast: Powerful Parent Podcast
Interview with Riddhi Deorah
What challenges do women face as entrepreneurs? How do they solve their problems?
How can women leverage social media to build their own online business? In conversation with Riddhi Deorah who is on a mission a mission to help 100,000 mothers become confident, courageous and creative.
Artist Podcast: Powerful Parent Podcast
Question by Pallavi and Shraddha
In today’s episode, I share the crucial ingredient which makes educational content fun. Also, a peek into NFT for artists in India
Pallavi’s Question:
Can you share some ideas in making educational, awareness content more engaging?
Artist Pallavi Priya- Podcast name is Ecofriendly Kind World ~ Taking you to the journey of making this world more green & kind. She interviews climate activists from across the world, share some easy ways on adopting a sustainable lifestyle.
Shraddha’s Question:
I’d like to know your views on NFT for artists.
Artist Podcast- To be or not to be.A podcast to explore all the different professional roles – interview style
Subscribe on Substack
What is working with writing, blogging, art, podcasting, and video creator like you and me? Can you make money in India leveraging your creativity and hard work?
Once a month I will be sharing about sites,apps,creator platforms ,earning opportunities and trainings for Creators in India.
It doesn’t matter if you are a newbie or an experienced creator I guarantee it will help you.
You will also have an opportunity to become a beta tester for my new courses, membership offers, and books for the lowest entry point when they are launched.
Subscribe today to get the From Dr.Amrita’s Desk the weekly newsletter where I share it all.
Resources on the Website I mention on the Podcast
Talking Money with My Daughter: Teaching the Value of Money
52 Weeks Saving Money Challenge
Starting a New Business Online
Starting a Successful Blog Free Course Overview(Free PDF)
How to Use Content Planner on CANVA
Affiliate Disclosure: There are affiliate links in some blog posts. This means I will get a small commission if you visit and buy after clicking on a link at no extra cost to you. This also helps to keep the content totally free to use for all. Thank you for your helpI am an affiliate for Canva :Sign up for Canva Pro for free using my link and get 30days of Canva Pro for free.Mentioned:
I mention Wazir X platform
NFT and Indian laws
Sharing is good Karma!
How to ‘top-up’ health cover: Health Insurance Truths
Do you have a health cover?
Drastic changes in lifestyle and high medical costs are making it imperative to ensure the health and financial safety by taking significant precautions. Efforts are being made to make people aware of the benefits of a healthy diet, exercise and maintaining wellbeing through yoga and physiotherapy sessions. But, even when these services are easily accessible at least in urban places, there is no guarantee that health problems will not arise.
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Even youngsters between 25 and 30 years of age group are at risk of developing ailments like heart problems, asthma, diabetes, etc. All such illnesses require proper treatment and regular check-ups. Mostly, people avoid regular check-ups as they consider it as a complete waste of money. However, any delay could prove to be costly in the long run, if God forbid, the medical condition turns into a serious ailment.
So, what is the solution? Insurers suggest availing a regular health insurance policy as per one’s requirements. Suppose a person avails a health plan for Rs 5 lakhs, it might seem on the surface that all the medical costs, including hospitalization, will be covered and there is no need to worry! But is it so, really? In reality, a single hospitalization or multiple hospitalization in a single year might put a strain on one’s pockets as the treatment costs might go beyond the coverage.
So how can one expand the health coverage in such a situation? Getting an increased sum insured or availing another regular policy will raise expenses as the premium amount will rise. If a person needs to increase the health cover at nominal rates, a super top-up health insurance plan is the best way to do so.
What is a super top-up health cover?
A super top-up cover offers health coverage that comes with a threshold or deductible limit. It means the policy will cover expenses only if they cross the threshold limit as mentioned in the policy document. Unlike a top-up plan, a super top-up plan considers the total medical expenses in the policy year and not the single instance of expenses.
Advantages of super top-up policy:
Available at nominal premium rates
A super top-up plan is available at nominal premium rates in comparison to a regular policy. This is because it comes with a threshold limit and is applicable only if the total expenses in a policy year exceed the limit.
Can cover multiple claims:
The policy works on the aggregate claim amount and thus, covers multiple hospitalization cases in a year.
Can be availed as an independent plan:
It is not necessary that one should have a mediclaim policy to buy a super top-up plan as it can be availed as an independent policy to cover expenses beyond a certain limit.
Can be purchased from two different insurers:
It is not necessary to buy a super top-up plan from the same insurer from whom you have bought your health insurance policy. It means, you can buy your super top-up plan and health insurance policy from two different insurers.
How a super top-up health insurance works?
Basic Information: Mr. Verma has a regular health insurance policy of Rs 5 lakhs as the sum insured. He avails a super top-up plan of Rs 10 lakhs with Rs 5 lakhs as the threshold or deductible limit.
Super top up Table
Super top up Table
As we can see from the above table, super top-up health insurance policies increase the health coverage and are the best mediclaim insurance policies which can be used during emergencies.
Given the rising hospitalization costs, merely having a basic health insurance policy is not enough. You have to go an extra mile to save yourself and your family from soaring medical costs. It is here a super top-up plan can help you!
Super top–up plans and top-up plans are again much in conversation.The top-up plan covers a single claim above the threshold limit of your primary health insurance. But the super top-up plan covers the total of all hospitalization bills above the threshold limit in a year. For senior citizens will be helpful.
How to store my medical records so that I can access them from anywhere at any time?
Upload and store on Google Drive, Dropbox, One Drive. You can email yourself as pdfs. That way, you can access them from anywhere.
In all cases, create good passwords.
You can also invest in something called WD Home, which is your server.
How do you buy a Health Insurance without the name of an Agent?
It would be best if you went to the office of the concerned insurance company that is otherwise challenging to get it done. Sometimes the option is not shown in the online access to the account.
The words Direct Agent is in place of the name of the Agent. In this case, no one gets a commission.
We opted for this because of a horrible scam we faced from an agent and employees at a local branch. But the helpfulness of the people in the main office helped.
Should you have multiple health insurance? How does two Medical insurance help?
Yes, you can. I am a doctor in a medical college and have full medical insurance provided by my govt. The facility covers my family. It’s cashless and covers everything. But I have still opted for mediclaim from National coverage with individual claims of a certain amount for each of my family income.
The advantage here is depending on who falls ill? What are the expenses? It would help if you ideally used the mediclaim with a lower amount, which covers it. That way, you and your family are still protected when you need it.
For all insurance matters, you must make decisions after reading the fine print.No Agent, including office personnel, should be taken at their words.
Ultimately it’s your health. You can’t run here and there when a situation needing health care arises.
How much health insurance should I have?
How much health insurance will depend on your current age and health issues, if any. Always remember to have your health insurance, even if your employer gives you medical benefits. Health insurance is most often A necessity after 50 years. Make all calculations inflation-adjusted. If you switch jobs, you and your family shouldn’t have to be without proper coverage even in the transition period.
Try to be as healthy as possible. Never ignore niggling problems. Choose your policy with care.
Overall remember health insurance premium has to be paid on time—no safety period. A lapse in payment makes you at risk of no cover as new policies have a waiting period for some conditions.
Stay healthy. Keep cash in the bank and mediclaim card image on your smartphone, backed up on Google drive.
Read about Health insurance for COVID
Money ,Loan ,Insurance starigh talk
Disclaimer:
Healthcare and mediclaim is an individual decision and needs careful discussion and research before taking any decision.The author is sharing her personal experience .This post is meant as educational information and all insurance decision to be taken at own risk after consulting insurance advisor.
I am not an expert on financial asset management. This is an opinion piece. I am not a qualified Financial Advisor and this is not to be taken as professional financial advice. Mutual funds are subject to market risk, read all scheme-related documents carefully. All investments should be done after consultation with a financial suitable expert, according to own financial risk appetite.
The content displayed here has been developed by an independent content provider and has been displayed on an as-is basis. Healthwealthbridge disclaims all liabilities and warranties, whether express or implied, relating to the accuracy, genuineness and appropriateness of such content and shall not be held liable for any reliance placed on such content for any reason whatsoever.
Updated June 2020
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