Personal Finance

Credit Scores Are A Total Scam!

If both the husband and wife are working, will it be wise to spend one's salary for all expenses and save the other one's salary? Pros/cons? Let's discuss.

heartyswordfish

11mo

works at

AmbitionBox

Wish I had known this sooner... My career took a detrimental turn when I opted for a loan in the early stages, resulting in financial strain and a loss of independence. It's a common error, intensifying stress among many young professionals. 🤦‍♂️💸 Indulging in loans for luxuries like cars or gadgets offers fleeting pleasure but leads to long-term stress. Companies should educate new hires on financial management to foster better financial decisions and growth. What were your mistakes, or what do you wish you had known earlier? 📈💼

sastasuperhero

10mo

A Chief Engineer

Credit scores are a system made by the banks, for the banks. It gives you absolutely ZERO benefits as a user. There's this narrative that higher credit scores translate to lower interest rates. Nope! Nada! Banks only negotiate interest rates for HNIs.

satinbaiji

11mo

works at

Do you make any big purchases (say above Rs.5000) on your mobile?

Found it fascinating that 15% of Americans have co-purchased properties with their friends (not romantic partners). And, about 70% have responded to a survey suggesting that they intend to buy homes with their friend. Think it's a good idea from an investment point of view. Not so much for staying long-term. Interested to know what you all think of this growing trend.

skillcandy

10mo

A Senior HR Recruiter

IDK if I'm too old but I ONLY trust my laptop for making big purchases for no known reason. Wondering if it's just me!

dreamystudent

1yr

student at

Delhi University - College of Art

GenZ is not Economically Stable!! THOUGHTS?? The way I see is that our generation(I'm Gen Z), is financially fu***d due to 2 main behavioral changes: 1. Increase in consOOmerism: GenZ is known for show off culture. People spend thousands on sneakers, bags, branded clothes. 2. No Savings: People are no longer saving money. My girlfriend used to got mad at me in market when I tried to bargain. Its considered a turn off lmao. Like I'm looting a poor guy. People don't realize how much our parents sacrificed and bargained everyday to save money.

tallented

1yr

works at

Is Rs.50,000/month the new Rs.25,000/month? Or, am I reading too many success stories of people bagging 1Cr?

naamnahisunahoga

1yr

A Financial Analyst

Savings bank accounts give a 2-3% interest rate, right? WRONG! It's just the established banks like SBI, HDFC, ICICI, and likes that offer such laughably low interest rates. If you want good returns go for new banks that are hungry for customer acquisition like - Ujjivan Small Finance Bank - 7% IDFC FIRST Bank - 7% DigiBank - 7% RBL Bank - 7.50%

friendlyneighbour

10mo

works at

Daikin

Agree or disagree?

Unpopular opinion: If your company pays you to get a master's degree and gives you an opportunity for a promotion. Great! Go for that degree. But, DON'T spend your own hard-earned money to go back to school for a degree.

kaamchor

10mo

works at

TCS

Yeah, yeah we're all independent, capable, and strong people.

But... BUT! If the opportunity to become a rich housewife/househusband arises, are you taking it?

YES! Neki aur pooch pooch.

Naah!

23 participants

.

poll closed

leadersheep

1yr

A Team Lead

I have these 3 credit cards and save quite a bit - - 1 cashback card. Mine is Amazon ICICI - 1 reward-based card. I use HDFC Money Back - 1 fuel credit card because I spend 3-5k on fuel every month. I have the IndianOil Citibank Platinum Credit Card (waves off Rs.1000 for every Rs.30000 spent in a year).

Wondering if I'm using too many. So, how many credit cards do you use?

1 credit card is enough

I have 2

3 credit cards

More than 3

19 participants

.

poll closed

hukumamatata

10mo

works at

Lifechanging Advice: Lend Money Only When You're Willing To Lose It Forever

Don't give money to your friends and family members with the expectation of getting it back in your mind. It can lead to you losing both the money and the relationship. What's your take on this?

lejhand

10mo

A Quality Assurance Specialist

Here's what our generation lacks!

Confidence and strategy. Feel free to add more things our generation lacks in the comments!

hukumamatata

1yr

works at

which upi payment you are using

What's a rich thing you do even though you're not rich?

majnubhai

1yr

works at

Accenture

Is anybody on Fold money? Looks like a promising money management product from India. Recently, I discovered the fold money app and was really impressed by their design and overall look and feel of the product. There are many apps which are catering to a similar use case like fold money: Mint being one of the prime examples! Looking forward to using the app and that's why anyone with an invite code, share your codes.

stylishjasoos

1yr

works at

Xyz1020405090

phone pay

google pay

bharat pay

other

1 participant

.

poll closed

ooohyaa

11mo

works at

Niva Bupa Health Insurance Company

Pls suggest some ideas to make some extra income...

tallented

11mo

works at

Just surprised to know that a lot of people don't know that the interest on your credit card is counted from the DATE OF TRANSACTION and not the "due date" of your credit card bill. Please share it with people so banks don't fool us anymore!

hukumamatata

1yr

works at

India is now the world's 14th most expensive property market! Is this a good time to invest in real estate or is it too late? What are your thoughts? Source: @Knight Frank

satinbaiji

1yr

works at

Stocks with the highest weightage on the Nifty 50 Index HDFC Bank: 13.25% Reliance Industries: 9.11% ICICI Bank: 7.42% Infosys: 5.88% ITC: 4.37% Larsen & Toubro: 4.26% TCS: 4.05% Axis Bank: 3.38% Kotak Mahindra Bank: 2.92% Which of these have you invested in?

lejhand

11mo

A Quality Assurance Specialist

Can we stop saying blogging is a good stream of passive income! Every freaking article I read on passive income usually recommends it without mentioning that it has far more zero-income failures than successes. It might have been in the initial days of the internet but with the rise of so many entertainment channels and AI, who is going to read blogs?

excellentlythyme

12mo

ex -

Recently had a conversation on having your own house is a waste of money & is age-old thinking as it involves lots of maintenance etc. It's better to rent a place & switch whenever you are bored or not comfortable. What's your opinion on it?

In your opinion which is better for a working professional: Owning a house or renting?

Own House

On Rent

0 participants

.

poll closed

kyachahiye

11mo

A Software Developer

How much percentage of the salary a person should give in investments?

tallented

11mo

works at

Although the joke ended in the 2nd word... On a serious note, what do you think of investing in gold?

naamnahisunahoga

1yr

A Financial Analyst

Stock that can benefit from the 2024 elections in India IMO 💹Larsen & Toubro (LT) 💹Adani Green Energy 💹Tata Power Renewable Energy 💹Hindustan Aeronautics 💹Mahindra Lifespace Developers 💹Grasim Industries Which are the stocks that'll go up in the election season according to you? 📈🚀

leadersheep

1yr

A Team Lead

Companies planning to launch their IPOs is 2024 - 1. Swiggy 2. Tata Play 3. Biba Apparels 4. Ixigo.com 5. BoAt 6. Oyo Rooms 7. NSDL 8. FirstCry The list for sure is controversial. But, who would you trust your money with?

satinbaiji

1yr

works at

This is what I know about Sovereign Gold Bonds - 1. If held till maturity, I don't have to pay any capital tax. 2. I have to hold it for a minimum 8 years (can exit after 5). 3. I can redeem after 8 years at face value (gold price at maturity) or market price, whichever is higher. 4. I'll earn 2.5% interest on the initial investment every year I stay invested. I have decided to invest 15% of my savings in SGB. Is that the right decision? Please let me know if I should know something else as well.

wineymoose

11mo

An Operations Manager

Why is our generation so unhappy? Cause half my paycheck goes to rent. 🙃

tallented

11mo

works at

It's high time schools stop teaching BS like "moral science" and include Personal Finance as a new subject in the curriculum. We've conditioned too many generations to think "money doesn't matter" for way too long and it has to come to a halt. No?

doctordaaru

1yr

A Tech Lead

Interesting how Russia is soaring even with the ongoing disputes! Proud of India. Share it with your investor bros!

doctordaaru

1yr

A Tech Lead

Is this the sign to invest in real estate in India? I think India will experience a real estate boom like the US in the 2000s did and smart investors can make good money out of this.

satinbaiji

1yr

works at

I have been reading a lot of online arguments in favor of women being housewives. But, in this economy (not even getting into the gender equality debate), do you think it is possible to run a home efficiently without a double income?

tallented

11mo

works at

What would you do, if you could do only one of the two?

No Wankur Arikoo were hurt in the making of this post

gurugrind

1yr

An Assistant Manager

If you are a beginner in investing, don't make the mistake of trusting credit rating agencies like Credit Rating Information Services of India Limited (CRISIL), ICRA, CARE, etc. They are mostly "Bikao" and make money when companies pay them to get a good credit to fool retail investors like you an me.

leadersheep

11mo

A Team Lead

I've been investing through PayTM Money all my life. The recent fiasco is making me a little worried. Is there a way to shift my investments to another platform or should I just wait and watch?

lejhand

11mo

A Quality Assurance Specialist

I know there's no way to guarantee or time the market but what does your gut say...

Will the elections correct small-caps and mid-caps?

Yes

Not really

4 participants

.

poll closed

chaturchartwala

1yr

student at

Indian Institute of Technology (IIT), Kharagpur

Just heard of "Money Dysmorphia". It means a feeling of insecurity around one's financial situation even when there is little cause for concern. Can't be sure whether it's a real thing or the US trying to gaslight it's population into thinking everything's fine.

Have you experienced "Money Dysmorphia"?

Yes

No

11 participants

.

poll closed

lejhand

1yr

A Quality Assurance Specialist

61% of American millennials said they would rather spend money on life experiences now than save for retirement.

Save for retirement

Spend on experiences

28 participants

.

poll closed

cerealkiller

1yr

works at

HNI Corporation

What percentage of your in hand salary do you spend on rent?

gurugrind

1yr

An Assistant Manager

May the stock get thunder's speed 'cause honestly, that's the only social media platform that's made a difference in people's lives. Are you on Reddit? If so, lemme know your fave subreddit in the comments. Bye.

hukumamatata

11mo

works at

Which of these Large-Cap stocks will you invest in during this slightly shaky market?

Maruti

TCS

ITC

Bharti Airtel

Hindustan Unilever Limited

36 participants

.

poll closed

satinbaiji

1yr

works at

What's a toxic financial habit you have? 🚩

hukumamatata

1yr

works at

The domestic equity market (BSE & Nifty) is expected to close in 2023 at an all-time high! After giving positive returns for 8 consecutive years, do you think 2024 will also show such incredible performance? Some experts suggest the 2024 year-end target to be around 23,500-24,500 for Nifty 50.

leadersheep

1yr

A Team Lead

While therapy has its benefits, what most of us really need at this point is more money.

Money >>> Therapy

Agree

Disagree

31 participants

.

poll closed

satinbaiji

1yr

works at