A Simple guide to invest – Money Mitr

Savings had begun even before the paper money was invented. Those days people saved grains and metals of various sorts. Once the paper money was introduced, they started o save it.

Savings helps you to withstand tough conditions. It can help you to meet unavoidable as well as uncertain expenses. Savings begins with Investments.

What are the few things you should keep in mind when you start savings?

  1. Are you investing in the right proportion?
  2. Is your rate of returns of savings is above the inflation?
  3. Can it help you to meet your financial like creating wealth, education/marriage of your kids, retirement etc to name a few.

Precautions to be taken while you start saving/investing:

  1. You should not invest all your money in a single company/commodity as the risk is high. Ensure your savings are diversified.
  2. Select the right plan/fund and right fund manager to help you in saving which will go on in helping you to create wealth.

What type of savings are good?

While there is no hard and fast rules for this, an savings that would help you beat inflation is good. For example: If you are investing in bank fixed deposit which gives you 8% interest, it is still not good because after tax, your net interest would be 5.5 to 6% which is way lower than the inflation which hovers anywhere between 8 to 12% in our country.

Savings that offers unbelievable rate of interest is something one should exercise precaution on.

While the above mentioned are good to read, it may not be that easy when it comes to implementing it practically especially for those who do not have Commerce and Accounts background or Knowledge. What would you do when you are in a situation like this?

The answer is Money Mitr.

Money Mitr is the service offered by Funds India which answer your questions and gives you recommendations based on your needs and requirements.

I along with 3 of the other bloggers had the privilege to be invited to the Funds India office to get to know on first hand about the company and the services offered by them.

Funds India is the brain child of Mr C R Chandrasekar and Mr Srikanth Meenakshi – both of them were born and brought up in Chennai and had worked in the US in various companies including Morgan Stanley, Citibank and Fannie Mae.

When they decided to come back to India, they initially thought of developing a software package and sell it but later decided to start a platform which could be used by larger clientele and hence Funds India was born. The company was incorporated in 2008 and the platform was launched in 2009. The company reached the landmark figure of 1,000 Crores of Assets Under Management(AUM) in 5 years but through their excellent and robust service, they almost touched another 1,000 Crores in the very next year.

The company had also got 3 rounds of funding in the past 6 years and 2 of them came from Indian Venture Capitalists and 1 came from Silicon Valley,USA.

Mr Srikanth Meenakshi had also explained in a simple way as to why people should invest in Mutual Funds. It goes like this.

Customer invests in Bank and gets “X” as interest. Bank lends it to Corporate House and gets “X+” as interest where “+” is the bank’s profit and Corporate Houses in turn will or have to make “X++

Mutual Fund is a simple way of making more money by taking a fraction of ownership by investing directly in the Corporate Houses by subscribing to their plan/shares. To put it in other words which is used commonly by the financial experts “Make your money work harder for you“. Since there is a complete transparency and is highly regulated, investing in mutual funds is much preferred.

Why Money Mitr?

This is a personal financial advisor which is available to you 24/7. This will not discriminate you from others. All it needs is information from you with regards to your plan/goals and how much you could afford to invest and for how long. Based on this Money Mitr would work out suitable plans for you.

What makes Money Mitr and Funds India really special is they do NOT charge any additional service charge for this which means you are not paying for Creation,Maintenance and Advisory. Moreover you can get to see all your portfolio in a single page which you can manage it from your laptop/desktop or even through your mobile. You can invest and withdraw your money any time as you wish.

Whenever you have any query, you can also get personalised advice by mailing to the Advisory Review Board direct.

FundsIndia also has integrated family accounts, which means all members of a family can use a single login to invest. Money Mitr has been designed and developed with close to 3.5 years of research and development and secondly, it keeps upgrading constantly which means even when  there is a change in circumstances tomorrow that would impact the people on a larger scale, you can expect it to be incorporated in this. Now let us see as to how this works in a step by step process.

Please Note: This may differ from person to person and has to be considered/used for illustration purposes only:

Intro

In the slide given below, I have selected Retirement

Retirement

In the slide given below, I have selected Dual income, at least one dependent option.

Dual

In the slide given below, I have selected the option – Keep all.

Keep All

In the slide given below, I have selected Maximising gains.

Max Gains

Now I was asked few more details.

Target

Here I have entered my target amount as Rs.2,50,00,000 by Jan 2029.

Money Mitr started analysing the best plans based on my inputs.

Analyse

Based on my inputs, this is the final recommendation I got 🙂

Outcome

Pretty much easy isn’t it? What are you waiting for? Start investing and plan your retirement/wealth creation. By the way, if you are with some other service provider, you can transfer to Funds India without any hazzles by making use of their “Easy Transfer” Services.

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