Insurance
No Claims Rejection after 3 years; IRDAI Confirms Insurers’ Worst Fears
Insurers worried about fraud as they will find it impossible to repudiate claims after three...
Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital+Print Access

Subscribe

Moneylife Magazine Subscriber or MSSN member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
Safe and Smart Financial Advice for Students
Financial literacy seminar at SIES College of Management Studies, Navi Mumbai
 
After several successful events for management students in the past, Moneylife Foundation conducted another special programme for students—“Be Safe and Smart with Your Money”—at SIES College of Management Studies, Navi Mumbai. The programme imparts real-life financial knowledge that their curriculum does not, usually, expose the students to. The first session was conducted by Sucheta Dalal, managing editor of Moneylife and founder-trustee of Moneylife Foundation. She pointed out to the students how one can avoid financial mistakes so that they do not lose money. The second session was addressed by Debashis Basu, editor and founder-trustee of Moneylife Foundation. He articulated the simple steps for investing smartly.
 
It is important for college students, who will soon enter the workforce, to have a good understanding of what it takes to protect their money and invest smartly in a manner that would deliver prosperity in the long term. Unfortunately, college education does not prepare students for the intricacies and the realities of managing money. There are several instances of youngsters being lured by chain-marketing schemes or get-rich-quick schemes which, often, promise quick and easy money. 
 
Ms Dalal started her session with a brief introduction about scams in India. There is no dearth of frauds in India. Freshers are easy targets for scamsters. There are various types of scams out to get us—lottery scam, job scam, conference scam and interest-waiver scam. The number of scams being reported is infinite. Such schemes claim to provide extremely high returns luring unsuspecting savers only to vanish from the scene.
 
In her session, Ms Dalal informed students about currency notes, security features in a note and how to identify a real note from a fake one. Students who were able to provide correct answers to her questions on currency notes received a surprise gift from Ms Dalal. 
 
In the second session titled, “How to invest smartly”, Mr Basu asserted that everybody can make correct financial decisions, if only they stick to some simple principles such as saving early, saving as much as possible and investing in a few financial products that are useful. He explained the principles of compounding under different scenarios. The effect of compounding is slow initially; but, with the passage of time, the power of compounding surges and the wealth created is huge. Where does one invest?
 
Mr Basu advised students to keep it simple: home loans, bank fixed deposits, equity funds and stocks. As college students have time on their side, he advised them to invest in equity mutual funds and stocks, with an investment horizon of 15 years or more.

User

Nationwide Crackdown in the US on Deceptive Debt Collectors
Married couples' phantom debt collection scheme headlines recent sweep
 
Someone calls to settle a debt that they say you owe, threatening garnishment of wages, arrest or other legal action if left unpaid. You pay hundreds or thousands of dollars toward this so-called debt to stop the harassment. But it turns out you didn’t owe any money at all. 
 
That’s how one married couples’ phantom debt collection scheme swindled hundreds of thousands of dollars from consumers, alleged the FTC and Illinois Attorney General Lisa Madigan, whose joint settlement with Aurora, Ill.-based Payday Loan Recovery Group bans the company from the debt collection business and recoups $6.4 million for consumers.
 
“People should not be bullied, intimidated or scared into paying debts that they don’t actually owe, ” Madigan said at a recent press conference where the Payday Loan Recovery Group case headlined 30 new actions against deceptive and/or abusive debt collectors under a nationwide crackdown dubbed Operation Collection Protection.
 
So far this year more than 115 actions have been taken against debt collectors under Operation Collection Protection, according to the FTC (see infographic below). Since 2010, the agency says it’s sued more than 250 debt collectors for breaking the law (which includes harassing or threatening consumers), banned 86 of them, and secured judgments totaling nearly $350 million.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)