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We are a leading Service Provider of Top 10 Financial Steps To Take In Your Lifetime, Inflation Fears Overdone, Rbi Should Cut Rates, Economics Nobel For Lloyd Shapley, Alvin Roth Rewards Theory, SEBI Must Not Attempt To Insulate Investors From Risks, Vodafone Should Pay Tax By The Shome Panel's Own Principles and Deepak Parekh Committee Proposals To Fund Infrastructure from New Delhi, India.

The only things certain in life are death and taxes. It is in our own interest, therefore, that apart from keeping our financial house in order, we must plan and do certain things to ensure that our loved ones not only know our wishes, but are also cared for in the unlikely event of our death.

Here are the top 10 financial steps to consider before saying goodbye to the world:

1. Take stock of all your assets & liabilities

The first thing to do is to make a list of all your assets (within and outside the house) as well as liabilities and also update the list annually so that things are easier on your family after you are gone.

"Your assets may include physical assets like jewellery, real estate, etc, and also financial assets like bank accounts, PF accounts, insurance policies, etc. Also, check for loans in your name or were you were a co-signer. Share this information with your spouse or the guardian of your wealth," says Rajesh Saluja, CEO and managing director, ASK Wealth Advisors.

2. Cover your liabilities

A key component of your financial plan is ensuring that your future liabilities are covered.

For instance, "you should make sure you have enough insurance to cover all your future liabilities. You also need to analyze how much money you need to meet future financial goals, including the annual outflow required to maintain the current lifestyle. For this, you should subtract all your current financial assets and insurance taken from this sum - the remaining sum is the incremental insurance cover you will need," informs Karan Bhagat, MD & CEO, IIFL Private Wealth Management.

3. Manage your debt

Debt has become a way of our life today, with very few of us being sure how to get out of it. You should, therefore, ensure that at least all your high-cost debt is paid off well in time so that your family members don't have to suffer in case you are no more.

"Even if you can technically afford the monthly payments on the debt you're carrying, having a lot of debt is still a financial burden and could be preventing you from getting ahead. Pay down your debt as quickly as possible so that you can enjoy the benefits of a debt-free lifestyle," advises Ashish Kapur, CEO, Invest Shoppe.

Also, if your investment portfolio is yielding a lower return than what you are paying on your loans on a post-tax basis, "you should evaluate rebalancing your portfolio to reduce the debt component of the portfolio. You should also ensure that loans taken in a high interest rate scenario are renegotiated, if possible," says Bhagat.

4. Check name & address for all assets

This is especially important for women who may have some assets titled under their maiden name. Many people when they move residences or change jobs do not take the time to update the information for old EPF accounts and other legacy holdings. But this is very important to have your financial house in order and avoid any inconvenience in future.

Courtesy: ET

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Stating that inflation fears in India are over-done, Joseph Stiglitz, Professor at Columbia University told ET Now that the Reserve bank of India ( RBI) should look to cut interest rates and push growth.

"I don't think inflation has as adverse an effect as many people say in the financial market," Stiglitz said. Calling inflation in India within the moderate range, Stiglitz felt that raising interest rates is unlikely to make a 'big' dent on inflation.

"Low growth has a huge cost, it is a waste of resources and causes lower income and higher unemployment," he added.

Commenting on the outlook of rating agencies on India, Stiglitz said that countries should put very little weight on what they say. "They have an amazingly bad track record and they are unfair on countries like India," he opined. Only 'some' attention should be given to what rating agencies say because a lot of 'foolish' people pay attention to them, he added.

Asked about the recent slew of economic reforms announced by the government, Stiglitz said that they are symbolic in nature and their importance should not be over-emphasised.

Courtesy: ET

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Why is it that some marriages are stable and last for decades, while others don't? Why do some kinds of markets endure, while others collapse? Why do some biases persist, even after they are recognized as such? From the 1960s to the 1980s, Lloyd Shapley tried to understand and answer these questions with a number of collaborators and lots of mathematical firepower.

Alvin Roth, an younger economist, put Shapley's elegant theoretical constructs to the test by devising real-life experiments to ensure stable 'pairings': of couples, of patients with organ donors, and residents with housing cooperatives. Though they never worked together, the success of their efforts has received the greatest accolade economists can aspire to: the 2012 Nobel prize for economics.

Though Shapley contributed pioneering work in many areas of economics, including cooperative game theory, utility theory, voting and competition, his work on pairing will probably remain his most lasting contribution. Put simply, it says that a group of many pairings will be stable, if nobody in any pair has any incentive to square off with anyone else.

Apart from shedding light on marriages, Shapley's stability explains some odd things as well. For one, it explains the persistence of bias in society: conditions can be such that biased people have no incentive to deviate from their beliefs. Markets, too, can remain skewed if it suits everyone to let things be. Through the 1990s, Roth helped put Shapley's ideas to practice in many areas. He helped redesign the school admission process in New York and Boston by devising systems that were better than existing ones.

He also helped to solve a major problem in medical administration, by devising a system of kidney exchanges, where an incompatible donor and recipient could pair up with those who were compatible.

In a discipline notorious for mathematical high-jinks and ivory tower theorizing, Shapley and Roth's intergenerational pairing proved to be socially enriching. After awarding the peace prize to the EU and raising many hackles, the Nobel committee has demonstrated a lot of savvy while choosing the economics laureates.

Courtesy: ET.

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The capital market regulator SEBI has needlessly shot itself in the foot with its circular detailing the criteria for rejecting draft offer documents. SEBI's intentions may be laudable — to provide greater comfort to investors and thereby enthuse them into returning to the stock market. Its eagerness to see investors re-enter the stock market is also not surprising.

SEBI's mandate under the 1992 Act is to regulate and develop the capital market. And here, the harsh reality is that less than 5% of the populace invests in stock markets. Strange as it might sound for a country that averaged close to 8% GDP growth over the last decade, the total number of demat account holders is little over 2% (and falling) against almost 17% in the US.

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There is speculation that the Shome panel's conclusions let Vodafone off the hook as regards tax on capital gains in the acquisition of Hutchison's stake in Hutch-Essar. This is unwarranted. Within the logical framework of the panel itself, the tax is fully justified. The panel classifies retrospective amendments into four types: (i) to correct apparent mistakes/anomalies in the statute, (ii) to remove technical defects...which had vitiated the substantive law, (iii) to 'protect' the tax base from highly-abusive tax planning schemes that have the main purpose of avoiding tax, without economic substance, and (iv) to 'expand' the tax base. It rules the last type wholly unwarranted, rightly so.

Courtsey: ET

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Deepak Parekh committee proposals to fund infrastructure make sense

The High-Level Committee on Financing of Infrastructure makes eminently sensible suggestions on revamping the working of India Infrastructure Finance Company (IIFCL), which, set up to arrange longterm finance for infrastructure, has been content to make small loans for short terms, just like a commercial bank. Providing it with callable capital, shifting its focus to credit enhancement of bonds issued by infrastructure companies, etc, are doable and likely to have the desired effect.

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