(By Rukmini Iyer, www.rediff.com)
We generally associate language with communication. However, the repercussions of having language skills, or lacking them, go way beyond communication. Our command over the language we communicate in everyday determines how confident we are about presenting ourselves. It even reflects in our body language and self esteem.
Being fluent in English is important, considering it is the universal language of business communication. For those looking to improve their skills, here are a few tips.
Listen
As a baby, you began learning your mother tongue simply by listening and observing. This is the most natural method of learning a language. If you think grammar and rules of syntax bog you down, go back to the primal mode of learning -- listen and observe.
Be alert when you listen to someone speaking English, be it at your workplace, at a party or on television. Watch out for common expressions and usages. If you are able to grasp regularly used ways of greeting and small talk, you will be able to initiate speaking more confidently. Start noting simple things: If you meet someone at a party, do you always end up saying, 'Hi! Nice meeting you...'?
How about introducing variations here? Observe how others talk and try varying your greeting. Why not try saying 'How do you do?' or 'How are you doing?' Greetings and introduction lines may seem trivial, but if you are not fluent in a language, you often tend to avoid even these, thus ending all prospects of communication. If you can break this barrier, you can take your first step into the realm of English speaking.
Read
While listening to English speakers definitely helps, it is important to read if you wish to expedite the process of improving. Most people are put off by this because they associate reading with big, literary books. However, what we are talking about is reading anything and everything written in correct English. Therefore, your range of choices could extend from comic strips to newspaper articles, gadget manuals to movie reviews.
While reading, try and get a feel of the language and usage of words. More importantly, note the use of articles (a, an, the) and prepositions (in, on, at, from, into, over, under, etc) as these are areas where the most common errors are committed.
Improve your vocabulary
We are not asking you to learn the dictionary by rote! Can you commit yourself to learning two new words a day? You could come across these anywhere -- while reading, on a news channel, on a sign at the shopping mall, on a billboard, etc. Make the effort to look up the exact meaning of the word in the dictionary, instead of adopting the easier route of understanding the meaning from the context.
If possible, maintain a book where you can note down the new words everyday, along with the context, so you remember them better. Write down the dictionary meaning and also frame a sentence using the word, so it is now registered in your memory. Go through this book periodically to refresh your memory and use the words in your conversations, emails and letters. A few minutes each way, coupled with an eye for observation and an ear for new words is all it takes to improve your vocabulary.
You could also subscribe to services like dictionary.com that will e-mail a new word every day; this mail will include both the dictionary meanings and usage in sentences.
Prepare for small talk
Speaking English fluently is not just about making corporate presentations and giving long speeches. It is about expressing your views on the most mundane of things. How often do you meet a new person and face an awkward silence after the initial greeting because you don't know what to talk about? Worse, you may wish to initiate a conversation but may not be confident of putting something across correctly.
The ability to make small talk is very important in business and social conversations. Topics for casual conversation could include the weather, sports, current affairs, arts, hobbies, travel, etc. Read up on your area of interest and try framing sentences expressing your opinions. Talk about it with someone close to you so you can check for grammatical accuracy.
Then, gradually build up on your repertoire of conversational topics and start using them whenever you get a chance. Of course, when you talk, do not make it sound like a speech you have learnt by heart. Induce a casual tone and adapt to the occasion.
Make mistakes
Can you learn swimming by standing at the edge of the pool? You have to take the plunge, right? It is the same with language. Unless you use the language, you will never know how good you are at it.
Ask a few people close to you who are good at English to help. Make them interrupt you whenever you make a mistake and ask them to correct you. Be open to feedback. Do not be embarrassed to make mistakes, for that is the only way you will learn. That is how the process of acquiring fluency a language occurs. As a child, you may have made a lot of mistakes before getting a good grasp of your mother tongue. The only difference now is that you are conscious of the mistakes.
Books on grammar are a good supplement to strengthen your command over the language. The good old Wren and Martin for grammar and Word Power by Norman Louis for vocabulary should also help. A lot of web sites including EnglishPage, Grammar Book, Better-English, etc will help you augment your skills.
Finally, all you need is a will to learn and the initiative to begin. That done, it is simply a matter of time and effort!
(Rukmini Iyer is a corporate trainer and instructional designer. She writes regularly on business etiquette, communication, language enhancement and grooming. )
Friday, September 29, 2006
Tuesday, September 26, 2006
The Great Sensex Challenge
Moneycontrol.com presents the Great Sensex Challenge. You can win cash.
** Guess today's exact Sensex closing figure right down to the decimal, and you can win the jackpot amount.
**Guess the last decimal digit of the Sensex closing value and you can win Rs.1000* if the first guess is correct, Rs.400* and Rs.200* for the second and third guesses. *Conditions Apply.
Isn't it great?
Interested in trying your luck? You may make some money. Click here.
** Guess today's exact Sensex closing figure right down to the decimal, and you can win the jackpot amount.
**Guess the last decimal digit of the Sensex closing value and you can win Rs.1000* if the first guess is correct, Rs.400* and Rs.200* for the second and third guesses. *Conditions Apply.
Isn't it great?
Interested in trying your luck? You may make some money. Click here.
Monday, September 25, 2006
Tips & Guide
(3.) Growth/Dividend Option : Tax Saving Mutual Funds (ELSS) have a lock in period of 3 years, i.e., one cannot withdraw before the completion of 3 years. Therefore, choose Dividend Option if u want to receive some money (thru dividend) before 3 years. If u do not need money before 3 years, you can choose Growth Option.
(2.) Tracking NAVs of Mutual Funds : After signing up at http://www.valueresearchonline.com/ , one can create his portfolio entering the details of purchase/sale of Mutual Funds. Once the details have been entered, one can track the NAVs, profit/loss etc. on daily basis. All this is for Free.
---
(2.) Tracking NAVs of Mutual Funds : After signing up at http://www.valueresearchonline.com/ , one can create his portfolio entering the details of purchase/sale of Mutual Funds. Once the details have been entered, one can track the NAVs, profit/loss etc. on daily basis. All this is for Free.
(1.) Investment in Mutual Funds to save tax : Before investing in Mutual Funds, one should understand the risks involved in Mutual Funds. Though there are several websites on mutual funds, I think the following are the best:
(a) www.valueresearchonline.com
(b) www.personalfn.com
By visiting the above websites regularly, one can learn how to invest in mutual funds wisely.
(a) www.valueresearchonline.com
(b) www.personalfn.com
By visiting the above websites regularly, one can learn how to invest in mutual funds wisely.
---
Friday, September 22, 2006
Handling in-laws: The wife's perspective
(By Richa Pant, www.rediff.com)
Dealing with in-laws can prove tricky for both, men and women. However, sharing a good relationship with your in-laws is vital. For one, if you live with them, you will be spending a lot of time with them. Secondly, they will be instrumental in instilling values in your children. Last, but not least, excessively involved or detached in-laws can put pressure on a marriage.
A good rapport with the in-laws, then, is always a boon. "It can be especially tough in the first year of marriage. But, with a mix of tact, straightforwardness and 'healthy selfishness', it is definitely possible to deal with them successfully," says Anjali Singh, a 27-year old manager with a finance company in Delhi, who has been married for three years.
First, let's look at issues that crop up and affect the wife.
The mother-in-law
According to psychologists, tension between a wife and mother-in-law results when both of you start 'competing' (albeit subconsciously) for the affection of the same man. This causes the most problems in marriages. The wife is not seen as the 'first' woman in the man's life. There may sometimes even be a somewhat emotionally claustrophobic relationship between a mother and her son.
"This is not to say that all men are 'mama's boys', but a majority of Indian men do have this type of conditioning," says Anjali. Handling an overbearing, controlling and manipulative mom-in-law can be difficult. So, what do you do if your mom-in-law is possessive or bossy? One way of dealing with this is to let your dear husband know she upsets you and let him deal with it.
Your husband's role
'Why him', you may ask? "My mom-in-law, who lives with us, is a major source of disharmony. It's not just what she does or says but, more importantly, how your husband reacts to it. Does he back you up, put his family first, etc," says Radha Sharma*, 29, assistant manager at an insurance company in Delhi.
A rule of thumb when dealing with in-laws: the husband should deal with his family, the wife with hers. This is so because families can easily forgive their own family members, not an 'outsider' (as you may still be perceived). So, instead of dealing with your spouse's family directly, talk it over with your husband and do your best to win his support and understanding.
If you are strong-willed and fiercely independent
It's possible you may not be your in-laws' 'dream bahu'. They may find you too ambitious and less 'homely' than they hoped. "I am an independent woman who, after marriage, had to keep my mouth shut just to maintain the peace. It wasn't easy being bullied and pushed into a corner," says Radha.
Anjali suggests a solution she utilised. "Try explaining to them how important your career is to you, and that, by pressurising you to only be a homemaker or behave in a certain way, they are hurting you. Share the details of your job with them so they feel involved in your life in every way, which could also help them be more empathetic towards you."
Joint family: How to divide chores
Traditionally, housework isn't considered work -- only something a woman is required to do compulsorily. Thus, few people in the family appreciate what a woman does for the home or understands why she seems tired and irritable. The timetable of a working mom can be choc-a-bloc. "A typical day starts at 5 am and ends late at night. The hard work was intensified by the pressures of demanding in-laws and children, not to mention deadlines that had to be met at work," says Radha.
Working women, especially, are in a state of continuous stress, which shows up in symptoms like fatigue, feeling irritable, headaches, body aches and gastro-intestinal problems. Obviously, the correct treatment is to reduce the burden on the working mother. "Here, the family, particularly the spouse, plays the most important role. Helping your working wife out with domestic chores and sharing the burden of parenting can really help," says Rishi Gupta, 29, who has a 5-year old son and shares as many responsibilities with his wife as he can. "Discuss with your own partner the role/responsibilities you would like your in-laws to take too," he adds.
Setting boundaries
Making a list of 'non-negotiables' can help a young couple deal with an extended family. "My husband and I had an inter-caste marriage, which his parents were against. We found that the best way to keep relations positive was to limit the number of visits we have with them and the time spent during those visits. Even though we felt bad about it initially, our relations have improved since then," says Manisha Thakur, 26.
Anjali adds, "Keeping personal topics out of bounds helps improve in-law relations too. My husband and I have a 'no-telling policy' when it comes to personal information that we feel can be used to control our lives. We simply avoid discussing subjects about which they could form a strong opinion."
Your in-laws could be anxious too
Even though a son's marriage is one of the most joyous moments in any parent's life, they also realise there is another person in his life who is going to be the centre of his attention. Sometimes, this can make parents feel vulnerable and be on the defensive, even without provocation. "Maybe this is why some mothers-in-law don't allow their daughters-in-law inside the kitchen for a long time as they are afraid of 'losing control'," feels Anjali. "Trust will take time to develop, but you must try and bridge the distance yourself."
How to build bridges
**Forge a strong bond with your husband. Sincerely focus on your relationship with your spouse and do whatever you can to strengthen your bond with him. Communication is the key. Also, try not to criticise your spouse's relationship with his parents, as it may only lead to bitterness
**Make an effort to know more about your in-laws, their lifestyle, and what they consider to be acceptable behaviour.
**Forge a personal bond with your in-laws. Try a few activities together and you may find that you have more in common with them than you thought.
**Be polite. "This doesn't mean you have to change your personality to please your in-laws, simply respect rules and traditions that are important to the older generation," says Manisha.
**If an in-law doesn't react positively to your well-intended gestures or comments, don't take it personally. "Just let it go when it happens. Then discuss solutions with your partner later," says Anjali.
**Consider alternatives. Try to compromise and be flexible, rather than not budging.
**Don't be swayed by stereotypes. Make an effort to observe and understand your in-laws, then deal with the situation.
**You might feel like an intruder in the house initially, but give it a few months and endear yourself to the family before making decisions or changes in the house. "If you act as if you're the boss right from the first day, your mother-in-law will definitely resent it," says Manisha.
**Take your in-laws out shopping and eat out with them once in a while. Laughter is a great binding agent, so rent DVDs of a few comedies and watch them together. Go over old photo albums together in your spare time.
The bottom line? If you have wonderful in-laws, give them a great big hug. If you don't, remember that you're not alone. Remain positive and try making the best out of your situation.
Husband's Perspective
Let's say you married recently, or plan to tie the knot in the near future.
Either way, welcoming your wife into her new home could prove to be tricky. You need to make her feel comfortable, while making sure you don't neglect your parents. Your new bride may feel intimidated by her in-laws during the transition, and this could lead to conflict. If this sounds worrying, relax. There's a lot you can do to bridge the gap.
First, identify the main problem areas that lead to in-law trouble. One, intrusiveness. "Some parents might meddle unintentionally, making the couple feel smothered or controlled. Even though they think they are demonstrating their love, they are not allowing the couple enough breathing space," says Dr Kanchan Misra, a Lucknow-based psychologist. "Some in-laws have difficulty letting go of their parental roles and offer unwanted advice," she continues. On the other hand, emotional distance could prove to be an issue. "Some parents seem cold, emotionally unavailable, or unfriendly," she adds.
Your role
"Let your parents know that you care, respect and love them. At the same time, be clear that you want to set the rules for your new family as well," says Anjali Singh, a 27-year old who has been married for three years. "When dealing with in-laws, it is preferable that the husband deal with his family, and the wife with hers. This is so because families can easily forgive their own family members," says Dr Misra, reiterating what other experts have often said.
Immediate family comes first
Sometimes, it is hard to achieve both objectives -- if a husband pleases his wife, he annoys his parents. If he tries to please his parents, his wife is displeased. The solution is to try and be objective.
"If your family is causing your spouse difficulty, you should confront family members involved and request them to stop. If they refuse, or aren't able to do so, protect your spouse and family unit by stepping away from those members and limiting your contact with them. Your spouse and immediate family come first. If the friction becomes unmanageable for some reason, it may be easier if the young couple have their own home," feels Dr Misra.
By giving your spouse and your marriage priority, you are choosing the adult role of being a husband over your role as a child in your parent's family. This gives your wife confidence in the marriage and encourages her to maintain good family ties. "I regard it as my duty to act as a buffer between my parents and wife. She shouldn't have to defend our personal decisions to my parents," agrees Girish Thakur, 29, married for the last three years.
Make the ground rules
Discuss ways to guard the privacy of your marriage with your wife, while maintaining close ties with the extended family. The following concerns should be addressed:
*When do you and your wife have exclusive time for each other?
*When do you spend time with your extended family?
*When do you involve your parents/in-laws in decision-making?
*Where should you discuss your marital conflicts: in private or in front of your in-laws?
"Don't allow room for your relatives and friends to interfere between the two of you. Try solving your problems among yourselves as much as possible. Avoid sharing the secrets of your household with friends or close relatives," says Dr Misra.
Bring your wife and parents closer
*Strengthen your role as a spouse. "Intrusiveness and other issues can be furthered by a spouse who is unaware or unwilling to deal with the problems," says Dr Misra. Although both you and your spouse love your parents, you must be more aligned with each other.
*"When arriving at a solution to your problems, be gentle but honest with your parents," says Girish.
*Decide, with your spouse, on the amount of time and money you give to each other's parents, and review your agreement as your parents/in-laws' requirements change.
*"Treat each other's parents as fairly as possible," says Dr Misra.
*Find mutually acceptable methods for each other's parents to get time with your children.
*Avoid making your spouse choose between her family and yourself.
*Assist in household responsibilities. "Discuss with your wife the role/responsibilities you would like yourself and your parents to take too, so she is not overburdened," says Rishi Gupta, 29, who has a 5-year old son and shares as many responsibilities with his wife as he can.
*Establishing boundaries and making a list of 'non-negotiables' can help a young couple deal with extended family.
*Make sure your wife gets to spend quality time with your parents. If you live away from your parents, make an effort to visit and call them often so your wife can get to know them.
*Make it a point to get on with her parents too. "Show respect and warm hospitality to your wife's family and friends," says Girish. Make an effort to get to know more about your in-laws. Visit or call them regularly.
Dealing with in-laws can prove tricky for both, men and women. However, sharing a good relationship with your in-laws is vital. For one, if you live with them, you will be spending a lot of time with them. Secondly, they will be instrumental in instilling values in your children. Last, but not least, excessively involved or detached in-laws can put pressure on a marriage.
A good rapport with the in-laws, then, is always a boon. "It can be especially tough in the first year of marriage. But, with a mix of tact, straightforwardness and 'healthy selfishness', it is definitely possible to deal with them successfully," says Anjali Singh, a 27-year old manager with a finance company in Delhi, who has been married for three years.
First, let's look at issues that crop up and affect the wife.
The mother-in-law
According to psychologists, tension between a wife and mother-in-law results when both of you start 'competing' (albeit subconsciously) for the affection of the same man. This causes the most problems in marriages. The wife is not seen as the 'first' woman in the man's life. There may sometimes even be a somewhat emotionally claustrophobic relationship between a mother and her son.
"This is not to say that all men are 'mama's boys', but a majority of Indian men do have this type of conditioning," says Anjali. Handling an overbearing, controlling and manipulative mom-in-law can be difficult. So, what do you do if your mom-in-law is possessive or bossy? One way of dealing with this is to let your dear husband know she upsets you and let him deal with it.
Your husband's role
'Why him', you may ask? "My mom-in-law, who lives with us, is a major source of disharmony. It's not just what she does or says but, more importantly, how your husband reacts to it. Does he back you up, put his family first, etc," says Radha Sharma*, 29, assistant manager at an insurance company in Delhi.
A rule of thumb when dealing with in-laws: the husband should deal with his family, the wife with hers. This is so because families can easily forgive their own family members, not an 'outsider' (as you may still be perceived). So, instead of dealing with your spouse's family directly, talk it over with your husband and do your best to win his support and understanding.
If you are strong-willed and fiercely independent
It's possible you may not be your in-laws' 'dream bahu'. They may find you too ambitious and less 'homely' than they hoped. "I am an independent woman who, after marriage, had to keep my mouth shut just to maintain the peace. It wasn't easy being bullied and pushed into a corner," says Radha.
Anjali suggests a solution she utilised. "Try explaining to them how important your career is to you, and that, by pressurising you to only be a homemaker or behave in a certain way, they are hurting you. Share the details of your job with them so they feel involved in your life in every way, which could also help them be more empathetic towards you."
Joint family: How to divide chores
Traditionally, housework isn't considered work -- only something a woman is required to do compulsorily. Thus, few people in the family appreciate what a woman does for the home or understands why she seems tired and irritable. The timetable of a working mom can be choc-a-bloc. "A typical day starts at 5 am and ends late at night. The hard work was intensified by the pressures of demanding in-laws and children, not to mention deadlines that had to be met at work," says Radha.
Working women, especially, are in a state of continuous stress, which shows up in symptoms like fatigue, feeling irritable, headaches, body aches and gastro-intestinal problems. Obviously, the correct treatment is to reduce the burden on the working mother. "Here, the family, particularly the spouse, plays the most important role. Helping your working wife out with domestic chores and sharing the burden of parenting can really help," says Rishi Gupta, 29, who has a 5-year old son and shares as many responsibilities with his wife as he can. "Discuss with your own partner the role/responsibilities you would like your in-laws to take too," he adds.
Setting boundaries
Making a list of 'non-negotiables' can help a young couple deal with an extended family. "My husband and I had an inter-caste marriage, which his parents were against. We found that the best way to keep relations positive was to limit the number of visits we have with them and the time spent during those visits. Even though we felt bad about it initially, our relations have improved since then," says Manisha Thakur, 26.
Anjali adds, "Keeping personal topics out of bounds helps improve in-law relations too. My husband and I have a 'no-telling policy' when it comes to personal information that we feel can be used to control our lives. We simply avoid discussing subjects about which they could form a strong opinion."
Your in-laws could be anxious too
Even though a son's marriage is one of the most joyous moments in any parent's life, they also realise there is another person in his life who is going to be the centre of his attention. Sometimes, this can make parents feel vulnerable and be on the defensive, even without provocation. "Maybe this is why some mothers-in-law don't allow their daughters-in-law inside the kitchen for a long time as they are afraid of 'losing control'," feels Anjali. "Trust will take time to develop, but you must try and bridge the distance yourself."
How to build bridges
**Forge a strong bond with your husband. Sincerely focus on your relationship with your spouse and do whatever you can to strengthen your bond with him. Communication is the key. Also, try not to criticise your spouse's relationship with his parents, as it may only lead to bitterness
**Make an effort to know more about your in-laws, their lifestyle, and what they consider to be acceptable behaviour.
**Forge a personal bond with your in-laws. Try a few activities together and you may find that you have more in common with them than you thought.
**Be polite. "This doesn't mean you have to change your personality to please your in-laws, simply respect rules and traditions that are important to the older generation," says Manisha.
**If an in-law doesn't react positively to your well-intended gestures or comments, don't take it personally. "Just let it go when it happens. Then discuss solutions with your partner later," says Anjali.
**Consider alternatives. Try to compromise and be flexible, rather than not budging.
**Don't be swayed by stereotypes. Make an effort to observe and understand your in-laws, then deal with the situation.
**You might feel like an intruder in the house initially, but give it a few months and endear yourself to the family before making decisions or changes in the house. "If you act as if you're the boss right from the first day, your mother-in-law will definitely resent it," says Manisha.
**Take your in-laws out shopping and eat out with them once in a while. Laughter is a great binding agent, so rent DVDs of a few comedies and watch them together. Go over old photo albums together in your spare time.
The bottom line? If you have wonderful in-laws, give them a great big hug. If you don't, remember that you're not alone. Remain positive and try making the best out of your situation.
Husband's Perspective
Let's say you married recently, or plan to tie the knot in the near future.
Either way, welcoming your wife into her new home could prove to be tricky. You need to make her feel comfortable, while making sure you don't neglect your parents. Your new bride may feel intimidated by her in-laws during the transition, and this could lead to conflict. If this sounds worrying, relax. There's a lot you can do to bridge the gap.
First, identify the main problem areas that lead to in-law trouble. One, intrusiveness. "Some parents might meddle unintentionally, making the couple feel smothered or controlled. Even though they think they are demonstrating their love, they are not allowing the couple enough breathing space," says Dr Kanchan Misra, a Lucknow-based psychologist. "Some in-laws have difficulty letting go of their parental roles and offer unwanted advice," she continues. On the other hand, emotional distance could prove to be an issue. "Some parents seem cold, emotionally unavailable, or unfriendly," she adds.
Your role
"Let your parents know that you care, respect and love them. At the same time, be clear that you want to set the rules for your new family as well," says Anjali Singh, a 27-year old who has been married for three years. "When dealing with in-laws, it is preferable that the husband deal with his family, and the wife with hers. This is so because families can easily forgive their own family members," says Dr Misra, reiterating what other experts have often said.
Immediate family comes first
Sometimes, it is hard to achieve both objectives -- if a husband pleases his wife, he annoys his parents. If he tries to please his parents, his wife is displeased. The solution is to try and be objective.
"If your family is causing your spouse difficulty, you should confront family members involved and request them to stop. If they refuse, or aren't able to do so, protect your spouse and family unit by stepping away from those members and limiting your contact with them. Your spouse and immediate family come first. If the friction becomes unmanageable for some reason, it may be easier if the young couple have their own home," feels Dr Misra.
By giving your spouse and your marriage priority, you are choosing the adult role of being a husband over your role as a child in your parent's family. This gives your wife confidence in the marriage and encourages her to maintain good family ties. "I regard it as my duty to act as a buffer between my parents and wife. She shouldn't have to defend our personal decisions to my parents," agrees Girish Thakur, 29, married for the last three years.
Make the ground rules
Discuss ways to guard the privacy of your marriage with your wife, while maintaining close ties with the extended family. The following concerns should be addressed:
*When do you and your wife have exclusive time for each other?
*When do you spend time with your extended family?
*When do you involve your parents/in-laws in decision-making?
*Where should you discuss your marital conflicts: in private or in front of your in-laws?
"Don't allow room for your relatives and friends to interfere between the two of you. Try solving your problems among yourselves as much as possible. Avoid sharing the secrets of your household with friends or close relatives," says Dr Misra.
Bring your wife and parents closer
*Strengthen your role as a spouse. "Intrusiveness and other issues can be furthered by a spouse who is unaware or unwilling to deal with the problems," says Dr Misra. Although both you and your spouse love your parents, you must be more aligned with each other.
*"When arriving at a solution to your problems, be gentle but honest with your parents," says Girish.
*Decide, with your spouse, on the amount of time and money you give to each other's parents, and review your agreement as your parents/in-laws' requirements change.
*"Treat each other's parents as fairly as possible," says Dr Misra.
*Find mutually acceptable methods for each other's parents to get time with your children.
*Avoid making your spouse choose between her family and yourself.
*Assist in household responsibilities. "Discuss with your wife the role/responsibilities you would like yourself and your parents to take too, so she is not overburdened," says Rishi Gupta, 29, who has a 5-year old son and shares as many responsibilities with his wife as he can.
*Establishing boundaries and making a list of 'non-negotiables' can help a young couple deal with extended family.
*Make sure your wife gets to spend quality time with your parents. If you live away from your parents, make an effort to visit and call them often so your wife can get to know them.
*Make it a point to get on with her parents too. "Show respect and warm hospitality to your wife's family and friends," says Girish. Make an effort to get to know more about your in-laws. Visit or call them regularly.
Thursday, September 14, 2006
How to get financially organised
(By Rachna C, www.rediff.com)
When I was asked to do this piece, I could not help but smile. I am passionate about organising things. No kidding! I cannot bear to see anything in my house in a mess.
Sure, I have learnt to tolerate other people's messiness and even ignore it. But when it comes to myself, I cut no slack.
Here are some tips to help you get organised with your financial paperwork.
src="http://pagead2.googlesyndication.com/pagead/show_ads.js">
Now, I understand that being financially organised may mean different things to different people. So, I will just show you how I put my stuff in order.
To being with, I have four huge files: Tax, Banking, Investments, Other documents.
Tax
As the name indicates, all the papers I have to hand over the income tax department find their way here.
All the pending and past stuff is clubbed together in this file. All my photocopied documents of previous years' filed returns will be here. Returns of 2003-'04 will be in one big envelope, returns of 2004-'05 will be in another big envelope. Every year's returns is put in one big envelope and filed here.
If I have claimed a refund, the correspondence will be kept here.
My salary statements too are kept here.
Banking
Since I deal with two banks, I have a file for each. I keep both files in this one. If you find this too much of a bother, just dump it all together.
Over here, I have all the details related to my savings account, internet banking and phone banking. My cheque books are kept here.
My monthly statements are kept here. However, I submit them every year for filing my returns. Once I do that, they go into one of the above envelopes.
All my correspondence with the banks too are kept here.
I also keep my credit card related information here. In a separate folder, you guessed right. But this is not much since I do not revolve on my card and pay all my bills on time.
Investment
This is by far my largest file. Over here, I have all the details regarding my online trading account.
It has all the details relating to my demat account and regular statements on the balance in my demat account.
The paperwork of all the bonds and company fixed deposits that I have invested in, my life insurance policy papers, my medical insurance papers, my Public Provident Fund passbook and my National Savings Certificate.
Other documents
This is where I keep my marriage certificate, my birth certificate, school leaving certificate, and all other such related documents.
I also keep photocopies of my PAN card and passport here.
I do not have any loans, else I might have had a loan file. But my husband is servicing a home loan so he does keep such a file. This includes all the correspondence with the home loan company and a photocopy of all the documents lying with them.
And, yes, I have a file which has marked across it in huge letters 'TO DO'. Over here I keep all my current bills (newspaper, cell phone, society maintenance, electricity) that have to be paid. Or any urgent matter that has to be looked into.
Quick tips
* Keep photocopies of very important documents
* My PAN card, ration card, passport, election card, driver's license and other membership cards are all place in one box and kept in the cupboard. When my credit cards or debit cards are not in my wallet or bag, I keep them here.
* Always keep passport-sized photographs ready. You never know when you might need them.
* I go through my files only once in six months to pull out stuff I no longer need -- like old correspondence, etc.
* I mark the subject on the files so I can locate them easily
Alright, I may sound really fastidious. But the truth is, being organised ensures I never lose anything. And if I really need it in a hurry, I get it easily.
Even if all the above was too much, maybe you can start with at least one file.
Go on, sooner or later you will have to.
When I was asked to do this piece, I could not help but smile. I am passionate about organising things. No kidding! I cannot bear to see anything in my house in a mess.
Sure, I have learnt to tolerate other people's messiness and even ignore it. But when it comes to myself, I cut no slack.
Here are some tips to help you get organised with your financial paperwork.
src="http://pagead2.googlesyndication.com/pagead/show_ads.js">
Now, I understand that being financially organised may mean different things to different people. So, I will just show you how I put my stuff in order.
To being with, I have four huge files: Tax, Banking, Investments, Other documents.
Tax
As the name indicates, all the papers I have to hand over the income tax department find their way here.
All the pending and past stuff is clubbed together in this file. All my photocopied documents of previous years' filed returns will be here. Returns of 2003-'04 will be in one big envelope, returns of 2004-'05 will be in another big envelope. Every year's returns is put in one big envelope and filed here.
If I have claimed a refund, the correspondence will be kept here.
My salary statements too are kept here.
Banking
Since I deal with two banks, I have a file for each. I keep both files in this one. If you find this too much of a bother, just dump it all together.
Over here, I have all the details related to my savings account, internet banking and phone banking. My cheque books are kept here.
My monthly statements are kept here. However, I submit them every year for filing my returns. Once I do that, they go into one of the above envelopes.
All my correspondence with the banks too are kept here.
I also keep my credit card related information here. In a separate folder, you guessed right. But this is not much since I do not revolve on my card and pay all my bills on time.
Investment
This is by far my largest file. Over here, I have all the details regarding my online trading account.
It has all the details relating to my demat account and regular statements on the balance in my demat account.
The paperwork of all the bonds and company fixed deposits that I have invested in, my life insurance policy papers, my medical insurance papers, my Public Provident Fund passbook and my National Savings Certificate.
Other documents
This is where I keep my marriage certificate, my birth certificate, school leaving certificate, and all other such related documents.
I also keep photocopies of my PAN card and passport here.
I do not have any loans, else I might have had a loan file. But my husband is servicing a home loan so he does keep such a file. This includes all the correspondence with the home loan company and a photocopy of all the documents lying with them.
And, yes, I have a file which has marked across it in huge letters 'TO DO'. Over here I keep all my current bills (newspaper, cell phone, society maintenance, electricity) that have to be paid. Or any urgent matter that has to be looked into.
Quick tips
* Keep photocopies of very important documents
* My PAN card, ration card, passport, election card, driver's license and other membership cards are all place in one box and kept in the cupboard. When my credit cards or debit cards are not in my wallet or bag, I keep them here.
* Always keep passport-sized photographs ready. You never know when you might need them.
* I go through my files only once in six months to pull out stuff I no longer need -- like old correspondence, etc.
* I mark the subject on the files so I can locate them easily
Alright, I may sound really fastidious. But the truth is, being organised ensures I never lose anything. And if I really need it in a hurry, I get it easily.
Even if all the above was too much, maybe you can start with at least one file.
Go on, sooner or later you will have to.
Wednesday, September 13, 2006
Reverse Mortgage
(By Sanjay Matai, www.moneycontrol.com)
We are all aware of the mortgage or the housing loan that we avail of when we buy a house.
The value of a house is usually much higher than what we can afford today. By putting in some amount ourselves say around 15-20% and taking the balance from a bank as a home loan, we are able to buy our dream-house today.
This loan is then repaid to the bank together with the interest over say next 15-20 years, in the form of EMIs (equated monthly installment) i.e. a fixed amount every month.
Reverse mortgage, as the name suggests, is just the opposite. To put in very simple terms, herein you already own a house, which you mortgage to a bank. Against this, the bank pays you a fixed amount every month. In other words, the bank pays you an EMI, while you continue to stay in your house.
Therefore, unlike a home loan where you debt decrease with time, in reverse mortgage it increases as years go by - as both principal and interest increase with each payment your receive.
The important point to note here is that this loan is not repayable – at least not in cash. At the end of the mortgage period, the house becomes the property of the bank, which then sells it off and recovers its’ loan amount plus the interest from the sale proceeds.
There could, of course, be many variations to the above transaction. For example, instead of taking a fixed monthly amount you can get some amount as lump sum in the beginning. Or maybe a credit line could be set-up, against which you can draw money as and when needed. But the essential nature remains the same – you are selling your house in installments, while continuing to stay there.
Think from the perspective of old retired persons, who usually have a place to stay but not enough money to meet their day-to-day expenses. For them this option works beautifully. They get a monthly cash flow and live in comfort for say next 15-20 years, by which time they would have left for the heavenly abode. The bank then takes over the property for sale and recovery of their loan.
Therefore, by reverse mortgage we are converting a dead asset into a useful income.
National Housing Bank (NHB) has recently taken steps to introduce this product in India, though it is quite common in the US. This scheme would provide greater financial security for the elderly, especially those who either prefer or are forced to live independently in their twilight years. Now, they need not rely on their children or family or the government to support them.
This may prove to be a useful scheme in India, where more than 90% of the population does not enjoy any old-age benefits like pension or social security.
However, there are certain issues – operational, legal and emotional - which need to be sorted out, before the scheme can become popular.
Operational issues
NHB has to fix certain eligibility norms. One very obvious norm would be that you should the owner of the property (which is ideally debt-free) and you are residing in it.
Apart from this there could be age criteria. For example, in US the person must be at least 62 yrs of age to be eligible to borrow under reverse mortgage. Further, older homeowners get larger amount of loan vis-à-vis the younger borrowers.
Interest rate would be another criterion. The loan tenure is another tricky issue. NHB has proposed a maximum of 15 years; which is a debatable issue. What happens if the owners survive this period? Does the borrower get evicted?
Then, there would be the issue of valuation and the maximum percentage of age that the bank would be willing to finance.
Financing fees, insurance, maintenance, property taxes etc. would be the other minor issues that would need ironing out.
Legal issues
The necessary regulations have to be put in place. This would require new laws apart from amending some of the existing ones such as the NHB Act, RBI Act, etc.
Besides, there is a tax angle to all this. Should this amount received from the bank be treated as income (and hence taxable) or a loan (therefore, no tax)?
Further, as the experience in US shows, mortgage insurance would become important. This would protect the bank in case there is a shortfall in the sale proceeds vis-à-vis the loan amount. Otherwise, it is the lender, which bears the loss. The borrower is not asked to pay the difference, if any. Nor can he be forcibly evicted.
Emotional issues
A house is considered to be a very dear asset in India. It has a very high emotional value attached to it. Therefore, creating a debt on it will require a big change in the present mindset.
Also, house is something, which one usually leaves behind as a legacy for ones’ children. Therefore, to give it away to a bank would be another mindset hurdle to overcome.
Reverse mortgage is a new product and there are bound to be some teething problems. Not withstanding all the above issues, which seem quite challenging, the reverse mortgage is a product, which offers an option to the old people to continue to live with dignity.
Note:-Dewan Housing Finance Corporation has very recently launched one such scheme. A home owner of 60 yrs or more will be eligible to receive EMI for 15 years @12% i.e. for every Rs.1 lakh of property value, bank pays an EMI of Rs.205/month. Further, on survival after 15 years, the owner continues to stay, while the loan accrues interest @12% p.a.
rodhokar
We are all aware of the mortgage or the housing loan that we avail of when we buy a house.
The value of a house is usually much higher than what we can afford today. By putting in some amount ourselves say around 15-20% and taking the balance from a bank as a home loan, we are able to buy our dream-house today.
This loan is then repaid to the bank together with the interest over say next 15-20 years, in the form of EMIs (equated monthly installment) i.e. a fixed amount every month.
Reverse mortgage, as the name suggests, is just the opposite. To put in very simple terms, herein you already own a house, which you mortgage to a bank. Against this, the bank pays you a fixed amount every month. In other words, the bank pays you an EMI, while you continue to stay in your house.
Therefore, unlike a home loan where you debt decrease with time, in reverse mortgage it increases as years go by - as both principal and interest increase with each payment your receive.
The important point to note here is that this loan is not repayable – at least not in cash. At the end of the mortgage period, the house becomes the property of the bank, which then sells it off and recovers its’ loan amount plus the interest from the sale proceeds.
There could, of course, be many variations to the above transaction. For example, instead of taking a fixed monthly amount you can get some amount as lump sum in the beginning. Or maybe a credit line could be set-up, against which you can draw money as and when needed. But the essential nature remains the same – you are selling your house in installments, while continuing to stay there.
Think from the perspective of old retired persons, who usually have a place to stay but not enough money to meet their day-to-day expenses. For them this option works beautifully. They get a monthly cash flow and live in comfort for say next 15-20 years, by which time they would have left for the heavenly abode. The bank then takes over the property for sale and recovery of their loan.
Therefore, by reverse mortgage we are converting a dead asset into a useful income.
National Housing Bank (NHB) has recently taken steps to introduce this product in India, though it is quite common in the US. This scheme would provide greater financial security for the elderly, especially those who either prefer or are forced to live independently in their twilight years. Now, they need not rely on their children or family or the government to support them.
This may prove to be a useful scheme in India, where more than 90% of the population does not enjoy any old-age benefits like pension or social security.
However, there are certain issues – operational, legal and emotional - which need to be sorted out, before the scheme can become popular.
Operational issues
NHB has to fix certain eligibility norms. One very obvious norm would be that you should the owner of the property (which is ideally debt-free) and you are residing in it.
Apart from this there could be age criteria. For example, in US the person must be at least 62 yrs of age to be eligible to borrow under reverse mortgage. Further, older homeowners get larger amount of loan vis-à-vis the younger borrowers.
Interest rate would be another criterion. The loan tenure is another tricky issue. NHB has proposed a maximum of 15 years; which is a debatable issue. What happens if the owners survive this period? Does the borrower get evicted?
Then, there would be the issue of valuation and the maximum percentage of age that the bank would be willing to finance.
Financing fees, insurance, maintenance, property taxes etc. would be the other minor issues that would need ironing out.
Legal issues
The necessary regulations have to be put in place. This would require new laws apart from amending some of the existing ones such as the NHB Act, RBI Act, etc.
Besides, there is a tax angle to all this. Should this amount received from the bank be treated as income (and hence taxable) or a loan (therefore, no tax)?
Further, as the experience in US shows, mortgage insurance would become important. This would protect the bank in case there is a shortfall in the sale proceeds vis-à-vis the loan amount. Otherwise, it is the lender, which bears the loss. The borrower is not asked to pay the difference, if any. Nor can he be forcibly evicted.
Emotional issues
A house is considered to be a very dear asset in India. It has a very high emotional value attached to it. Therefore, creating a debt on it will require a big change in the present mindset.
Also, house is something, which one usually leaves behind as a legacy for ones’ children. Therefore, to give it away to a bank would be another mindset hurdle to overcome.
Reverse mortgage is a new product and there are bound to be some teething problems. Not withstanding all the above issues, which seem quite challenging, the reverse mortgage is a product, which offers an option to the old people to continue to live with dignity.
Note:-Dewan Housing Finance Corporation has very recently launched one such scheme. A home owner of 60 yrs or more will be eligible to receive EMI for 15 years @12% i.e. for every Rs.1 lakh of property value, bank pays an EMI of Rs.205/month. Further, on survival after 15 years, the owner continues to stay, while the loan accrues interest @12% p.a.
rodhokar
Subscribe to:
Posts (Atom)
Posts
