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Today every parent wants their child to be well educated, graduated or post graduated, no matter if they are capable of affording the education fee or not. When the situation started becoming a common issue, and many cases came in front where a father took a loan for the studies of his son or daughter and was unable to pay it all back and committed suicide. Such suicide cases started becoming common. Then, the government came up with a solution and initiated a plan of student loan. Since the time the programme started, many things remained unclear except for an idea. The idea was, a person for whose education the parent is taking the loan for, has to pay back the mortgage along with interest as soon as starts earning. This plan gave satisfaction to the student, and he pays for his own expense.
Though the idea is brilliant, there are many things people usually do not know about student loans. The procedure is not so easy to understand; therefore, I am listing a few points you need to know about student loan:
Even if you get bankrupted someday, that will not free you from paying the debts of student loan. The student loan is like a gum, once stuck to you would not get off unless you wash it off. The only way you can pass the investment is, either if you die out of natural cause or you start working for a non-profit government agency. The better plan would be, you start planning on, how are you going to pay the loan and get done with as soon as possible, as there is no other way around to consider.
The interest on the loan can catch you off-guard any day and anytime. The rates are not constant all the time. If you get unlucky, it would be like you log in to the student loan account one day, and the principal amount you had to pay has hiked up to hundred dollars overnight with an email attached about the interest consolidation. Once this happens, there is nothing you would be able to do and will have to pay it back anyway.
There are two types of loans, the subsidized and unsubsidized. The subsidized loan is the money government lends you after checking through the documents which prove the financial need and therefore pays the interest amount all the while you are graduating or in the school. It also grants you six month of grace period where you could plan, from where are you going to pay the debts from now on. On the other hand, unsubsidized loans are the loans where you have to pay the interest, even while being in college, graduating. You would also not be granted the grace period. In this type, you do not require to give financial proof. You must be aware, which one are you applying for.
It is not easy to maintain your finance or know what to do with the money you earn. So, here are a few financial advices for young investors and beginners:
- Understand that tax saving without buying Insurance Policies-
The starting mistakes made by young investors is when they are investing in tax saving. Almost every new individual in a company felt that tax could be saved only by buying an insurance policy. Buying insurance policy for covering the risk and automatically tax dating saving will happen. Make sure you do not buy policies to save tax. There are other instruments you can use in investing to save tax that will help you understand over some time, but ensure you keep away from the polices.
- Save at least 20% of your income-
Start your saving with about 20% of the monthly income earn. It is very important to develop the method of doing this. Ensure to use any instrument such as mutual funds SIP, PPF, recurring deposit, but make sure to use all of these after understanding the pros and cons. Always keep it simple but make sure to stick to it and never get lured to withdraw the savings, it will be very easy for the ones living with their parents and not for those who have the responsibility of taking care of the family expenses.
- Create Emergency fund by any means-
From the 20% of your income savings that you make every month, the very first thing you should do is to accumulate your three-month income and keep it somewhere safe in a liquidable form so that you can manage emergencies like health problems or job loss.
- Understand the worth of Money-
The first important thing that young investors have to study is understanding the worth of themoney. They should understand that money is what you earn in exchange of your time spent on a productive pursuit. If you earn about $700 per month, meaning in 25 days or 200 hours your earning per hour is $3. When have spent money somewhere, you have to see if that particular spending is worth the time you spent on earning the same. Ensure you respect the money and learn how to be good with money.
- Buy adequate insurances for financial backing-
Accenture was founded in the year 1989 from Andersen Consulting. It is Headquartered in Dublin, Ireland. It has annual revenue of $34.85 billion as of 2017. The firm has a whopping 435,000 employees, including 130,000 in India alone. The services offered are Consulting, strategy, digital, technology, and operations.
Bain & Company
Bain & Company came into existence in the year 1973 and are now headquartered in Boston. Bain is one of the Big Three management consultancies alongside McKinsey and BCG. The company operates from 56 locations. Their revenue as of 2017 was $4.5 billion. They have a total of 8000 employees. The services offered at Bain are majorly advisory such as advising the Fortune 500 companies in mergers, corporate strategy, and acquisitions, market analysis, private equity investments, and finance.
Boston Consulting Group (BCG)
At first glance, we know that Bruce Henderson founded the BCG in 1963. The company now has over 90 offices in 50 different countries. It is Headquartered in Boston, Massachusetts with a whopping annual revenue of $5.6 billion as of 2016 statistics. They have 14,000 employees, and 6,200 consultants worldwide are included in this number. The services offered by BCG as retail, healthcare, and Chemicals.
Booz Allen Hamilton
Booz Allen was founded in the year 1914. It is headquartered in McLean, Virginia, in Greater Washington DC. The company primarily serves the US Government in integration and strategy of IT and has 80 offices worldwide. The annual revenue of this corporate giant is $5.48 billion as of 2014 with a staff of 22,000. Booz Allen separated its main two divisions into two companies, Booz Allen and Hamilton and Booz & Company. Although Booz Allen’s primary interest lies in IT consultancy, its initiatives have reached almost all of the departments including the Homeland Security.
Deloitte is set up in the U.K and is said to be one of the big four professional service companies alongside KPMG, Ernst & Young, and PricewaterhouseCoopers. It was founded by William Welch Deloitte in 1845 and is Headquartered in London. It has annual revenue of $38.8 billion as of 2017 and a staggering number of 263,900 employees. Deloitte provides numerous services such as audit, consulting, tax, enterprise risk, and financial advisory services. The organization is organized into three service areas namely, strategy, human capital, and operations and technology.
Ernst & Young
At first glance, Ernest and Young were established in the year 1849. It is now one of the big four and has 700 offices in 150 countries. It is Headquartered in London with annual revenue of $31.3 billion and 250,000 employees. The services provided by the company are mostly financial. Example, financial audit, and accounting advisory services are what is part of 38 percent of EY’s revenue, tax including international tax services make up to 26 percent and advisory, including risk and performance improvement makeup to 26 percent, and finally, the transaction advisory services make up to 9 percent.
Essentially an alternative assets management and financial services organization, Blackstone does not have a long history. The organization was set up in 1985. It’s generally youthful when contrasted with a few other financial services giants. The organization detailed noteworthy lose amid the economic turmoil of 2008. However, the organization proceeded to report benefits in the next couple of quarters. This driving fund organization has practical experience in land, investment, and private equity
P. Morgan Chase And Co
It’s one of the greatest financial organizations on the planet. J. P. Morgan Chase and Co’s head office is situated in New York, United States. Quarterly benefits of the organization are in billions of dollars, and it reserves an expansive number of global business conglomerates. At present, this financial organization is available in well more than 50 distinct nations everywhere throughout the world. J.P. Morgan Chase and Co are mainly known for its extraordinary off-shore banking services. The organization has likewise settled itself as a central player in the stock market financing field.
Headquartered in New York, Goldman Sachs is an outstanding worldwide financial service giant. The organization cam back into reality in 1869. Today, the organization has a substantial world presence. Goldman Sachs is a bulge bracket investment keeping bank and securities organization.
A Spanish financial supplier, the Santander Group, is altogether focused on Banco Santander. In the Eurozone, Banco Santander is the greatest managing an account establishment. Regarding market capitalization, it is one of the most significant banks throughout the world. The head office of this global financial service giant is situated in Santander, Spain. This organization started in the year 1857. In 2010, the Forbes Magazine Global positioned it as the sixth most prominent organization on the planet.
The second most prevalent financial company dependent on the criteria recorded above, Credit Suisse’s home office are situated in Switzerland. This Zurich based organization appeared more than a century ago. Alfred Escher established it in 1856. This Swiss worldwide financial service company has well more than 250 branches in Switzerland alone. The organization has a strong presence in around 50 nations everywhere throughout the world.
Industrial and Commercial Bank of China
Popularly known as the banking giant of the world, ‘Industrial and Commercial Bank of China’ is headquartered in Beijing, China. It is a most likely financial organization of this size which is constrained by the Chinese government. Three other huge banking organizations are controlled and overseen by the Chinese government. The bank was established as a restricted organization couple of years back in 1984. Considering the absolute market value, ‘Industrial and Commercial Bank of China’ can put countless financial organizations on the planet to disgrace! The Forbes Magazine positioned it as the seventh greatest open organization everywhere throughout the world in the year 2011.
This financial institution specializes in offering banking and financial services. The full form of ING is Internationale Nederlanden Groep. It was founded in the year 1991 and headquartered in Amsterdam, Netherlands. The institution is ranked as the largest banking and financial service group regarding its revenue, and its annual revenue is approximately $57.77 billion.
The Santander group was founded in the year 1857 and is headquartered in Santander, Spain. The institution’s annual revenue is about $58.25 billion. Santander Group is ranked as the biggest banking group in the world by its market capitalization, and it is also the largest bank eurozone regarding market value.
It is a financial services institution and a bank that was founded in the year 2000 and ranked as one of the largest banks in the world. It is headquartered is located in Boulevard des Italiens, Paris, France and has an annual revenue is approximately $64.84 billion.
China Construction Bank
The short form for China Construction Bank is CCB an abbreviation for its long name. It was founded in the year 1954 and is headquartered in Beijing, China. The company is ranked as one of the largest banks in China and also ranked before as the second biggest bank in the world regarding market capitalization. The annual revenue of this bank is about $65.06 billion.
Industrial and Commercial Bank of China
It is commonly referred to as ICBC. It is ranked as the largest bank in the world regarding its market capitalization and total assets. The bank was established in 1984 to offer its banking, financial and investment services. The headquarters of the bank is located in Beijing, China and its annual revenue are estimated to be approximately $77.86 billion.
AXA is a financial services company that specializes in offering its customer’s retirement, insurance, and investment services. The company was established in the year 1817 and headquartered in Matignon, Paris, France. The company’s annual revenue is about $116.65 billion.
This financial service company is the largest insurance company in the world and also the largest in Italy. It was founded in 1831 and headquartered in Trieste, Italy. It also has annual revenue of $119.96 billion.
Allianz was founded in 1891 and is ranked before as the biggest insurance company in the world with annual revenue of $144.21 billion. It is headquartered in Munich, Germany.
This institution is the biggest company that is based in the united states of America. The institution specializes in running different kinds of business such as jewelry sales, retail, life insurance, home furnishing, and other businesses. It was established in the year 1839, and its headquarters is located in Omaha, Nebraska.
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