Richers Diary

Hello Readers, Planning a proper financial portfolio is not an easy task. Nowadays people are getting aware about savings and investments but they don't get proper information on where should they can invest for good return and safety. Security of capital is major concern of traditional investors where they are ready to compromise with higher returns but cannot take risk of capital loss. In India, where incomes are low and saving ratios are also not in good position. Here people have hardly knowledge of other way of investing other than bank FDs and RDs. But one thing people love to invest is Gold which is traditional way of low risk high return conceptual investment. Today I will share you one of the safest investment where you can get assured return. In traditional way of investing, people like to invest in physical gold and when value increases, they sell at market price and book profits. But in between of buying and selling gold, people have to take care of gold in a w...

Nowadays, everyone is familiar with 'Bank' and related terms. Here, I will not be explain the meaning of bank however, we will look at an interesting fact about where the word 'Bank' originated from? There are two interesting stories behind it which everyone should know. The word 'Bank' came from the word 'Bench'. Before 12th century, in Rome (Central Itly), local merchants used to do their business using bench. Their main work was to give loan to public and to take interest against the loan. They also kept safe deposits of excess wealth and issued repository notes to their customers. The bench they used for trading was not ordinary. Those were made of fine wooden work with precious coins of gold and silver fixed on them. The size of coins was symbol of status for every merchant. As the time passed, the word 'Bench' became 'Banco' and then gradually it transformed into 'Bank'. In same way few other words also came with Bank...

Mutual funds  are best options for savings and achieving our goals. But when an investor goes to invest into mutual fund, he finds difficult to select which fund would work to be the best. There are various mutual funds schemes out in the market, and I would guide you today to not choose these funds because of certain reasons. Lets start. Nowadays, in every sector there are few negative techniques to grow business. For example, in medical sector, pharmaceutical firms are offering their medical representative, an attractive commission to build up their business revenue and MRs (Medical Representatives) are not focusing on customer benefit in front of their own. In a same way, Mutual funds companies are also offering the same offer to boost up capital into fund schemes and few financial advisers mostly advise us on the basis of their high commission, not on the basis of our goal. It is not sure that all financial advisors are greedy but before choosing any mutual funds on ...

It is also called "Day Trading" where a trader trades with stock or other financial securities within a day. In this trading method, stocks are traded (Bought & Sold) in a market time which is 9-15 AM to 3-15 PM from Monday to Friday in India. Every trader trading in intraday has to open & close his stock position on a same day itself. Intraday traders take one of the highest level of risk with their own capital. When share market moves up and down within a day, they try to utilize their capital with this  movement. Why should one participate in Intraday trading: 1. Higher margins available to traders compared to investors. 2. High return potential. 3. Lower brokerage charges, especially with the Free Intraday Trading (FIT) option. Important guidelines for Intraday trading As it seems easy to earn profit by Intraday but one disconnect with time and analysis can wipe out your whole capital within second. So Before choosing any stock, follow the gui...

Hello Readers, Today I would be sharing few easy tricks that can eventually change your change your monetary status. Sometime we see that a person earns well but his status remains the same and doesn't change with change in increment. So here comes few habits which if implemented, can surely build up your monetary status in long term: 1) Control your Borrowing habits: Today its easy to apply for loan and an option to repay back using simple EMIs. But when we repay the loan, money is charged more than its worth. It is true that facility of taking loans from banks or traditional ways fulfills our short term needs but in long term it decreases our lifestyle. To maintain balance in lifestyle we again opt for loan. I higly recommend you to leave these cycles of borrowing habits. We should always borrow wealth for productive tasks which can create wealth after repayment. 2) Say No to Smoke and Alcohol: Nowadays, people are spending a significant amount on their bad habits. ...

Employees Provident Fund Organization (EPFO) is India's one of the largest central  government organization, which regulates the Central Board of Trustees, a statutory body formed by the Employees' Provident Fund and Miscellaneous Provisions Act, 1952 and is under the administrative control of the Ministry of Labour and Employment, Government of India. It provides to all industrial labour, a retirement benefits scheme which covers two major benefits after retirement that is: 1) Provident Fund 2) Pension Fund Provident Fund In this scheme, an employee get a lumpsum amount after retirement. He contributes a deduction from his salary during his working life and this small drop of contribution become an ocean at retirement. Pension Fund This scheme provides a fixed monthly income for life time after retirement. The same contribution which deduct from once salary for provident fund, a part of it goes to pension fund and secure for monthly payments. How it works?? Du...