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Saving money in a middle-class family is stressful. Lack of finance knowledge, poor budgeting, relying on a single-income family member, and increasing prices of daily goods and services are some of the biggest barriers to saving money in a middle-class family.  Another core barrier is saving in FDs over investing. Most Indian middle-class families prefer to keep their money safe in fixed deposits or savings accounts which do not offer attractive returns that could beat inflation.  If you too are struggling with wealth creation then here is how to save money in a middle-class family to secure your future. 1. Make term insurance your best friend Buying term insurance is one of the easiest ways to save money in a middle-class family. The cost of buying term life insurance is pretty low, especially if you are young and healthy. Most insurance companies offer term insurance worth lakhs at an affordable yearly premium of Rs. 12,000-13,000.  Term insurance can give your family a good cover amount in case of uncertainty of death. Always think about protecting your family through the right term life insurance.  2. Make saving a monthly chore When it comes to savings, make it a habit. Whether it's savings small sums of money in digital gold or a PPF account monthly, savings should be treated as a habit and a monthly chore!  Start this practice with “pay yourself first” by setting aside money from every paycheck. The next thing you can do is, save for multiple goals like an emergency savings fund, vacation fund, down payments, education corpus for your child, etc. Stick to this plan to the best of your ability and find the best home for your savings. Additional read: What is the education gap? 3. Wealth creation via monthly SIP  The best way to save money in a middle-class family and work towards wealth creation is to start a SIP! You can invest very small sums of money every month regularly for a long period of time and create a healthy corpus by the end of the period.  4. Place a limit on your credit card use  Avoid using credit cards frequently! Most financial advisors urge clients to limit their credit card use to 30% of the total available credit. For instance, if you have a credit limit of 5,00,000 then the credit you can use is 1,50,000!  Credit card companies offer attractive schemes to trap you into spending more so be careful. Another way to save money is to always pay your credit card in full amount rather than the minimum pay offered by the card companies.  5. Set a shopping budget for yourself  Make a habit of thinking before buying a particular thing. There’s a difference between want and need. If you cannot differentiate between the two, you cannot save money in a middle-class family. Before buying, you should analyze whether you need it or you want it. Give yourself a week to decide. Spending that much time will make you think twice and buy only what you need.  If you enjoy shopping then give yourself a shopping budget and try to not overspend on it! 6. Compare costs before spending In our rush, we sometimes forget to compare product features and prices in search of better options. Given the posh showroom atmosphere and the impressive conversations of the highly paid salespeople at the counter, we refrain from bargaining and looking for other means of comparison.  Always compare prices on websites and other stores and pay the best price while spending your hard-earned cash. Every penny saved earns an extra penny at the end of the day. 7. Create a passive or secondary income Besides your regular job, you work towards creating different streams of income. Look for opportunities, and try to create a passive income by renting your assets like an apartment or room. You can take up secondary income jobs if you have the time and your primary job allows it!  8. Teach your children to save early on Kids have no idea about how to save and how to earn money. Parents have to teach them and encourage the habit of saving from an early age. Make your children understand the value of money and how much effort it takes to earn it.  Give them monthly pocket money and teach them how to make the most of their money. Teach them to save a portion of it regularly. This habit will help them in the long run.  9. Be open about your finances with your family As they say, communication is the key. Parents should discuss finances with their children. This wouldn’t only make them aware but is good for their general knowledge. Maybe with that knowledge they can also plan their future. Don't leave them in the dark about financial assets built for their bright future. 10. Create a will to protect your family’s future India has Rs 82,000 crore in unclaimed assets. This money is spread across pensions, savings, mutual funds, stocks, government schemes, etc. All due to a lack of planning and foresight on the owner’s front. So be careful, make sure you have a legal will in case of any emergencies. Make sure your children and family members are aware of your savings, investments, and assets that can help them in the long run.  It might sound difficult to save money in a middle-class family, but following the above steps, proper planning, and execution can help you to achieve your financial goals. Saving in small amounts is easy; starting saving early and channelizing your savings could become a key to your successful financial freedom. Consult an expert advisor to get the right plan TALK TO AN EXPERT

Duke University is an innovative institution that helps students to become productive, responsible, forward thinkers, with vibrant and interactive personalities.  Parents dream of sending their children abroad for higher studies but often lack the funds to do so. The task of arranging the necessary funding is difficult, no doubt, but not impossible. Go through the following blog to know “how to save to send your child to Duke University” The cost of studying at the Duke University Duke University offers several study courses in fields like engineering, medicine, business, finance, science, dental, etc.  The undergraduate tuition fees at Duke University for the academic session 2022-23 are around $60,435 (nearly INR 48 lakh) and fees for room, boarding, recreation, and other activities are $18,903 (nearly INR 15 lakhs). The total cost amounts to $79,338 (nearly INR 63 lakhs).  In its endeavor to boost intellectual strengths and a sense of commitment amongst the students so that they come out stronger and brilliant, the university offers financial support to 51% of undergraduates and 70% of postgraduates.  Students from households that have a total income of $60,000 (nearly INR 47 lakh) or less per year are eligible for financial aid that includes full tuition, accommodation, and boarding fees. Other support systems include monetary aid from individuals, foundations, etc. How to save to send child to Duke University 1. Factor the cost The average cost of studying at Duke university is now known to you. Factor in the rising cost of inflation and how many years you have until your child is ready to enroll in the university. Once you know the amount you need to save and the amount that you can put aside from your income, you can focus on the various investment schemes that will provide the best returns within your schedule.  With help of a college savings calculator, the education counselors on the Edufund App can determine the cost of education and create a customized education plan for the child backed by data and research. 2. Look at the investment options a. Child education plans Look at the child education plans available in the market to secure your child’s goal. Invest in child insurance plans marketed by different insurance companies. Identify the tax-saving investment schemes that will allow you to save under Section 80C of the Income Tax Act 1961. The child education plans help to create a financial cushion and avoid any financial burden.  If you are an early investor, start saving for the long-term as it will yield higher returns.  b. Balanced funds and growth funds Balanced funds and growth funds are structured savings plans accessed through unit trusts and education policies. These are some of the best investments for a child’s education. c. Mutual funds  The child education products marketed by mutual funds will keep up with education inflation with lesser risk and higher returns on investments. SIP in any equity mutual fund is one of the best options to invest and save for the child’s education. Opt for a direct plan as it cuts down the intermediaries and adds to your investment or through a fund house for assured gains.  Invest through the Edufund app which has access to 4000+ direct mutual funds at zero commission and no hidden charges.  d. Fixed deposits If you are looking for safe and secured deposits then opt for FDs as they yield 5% to 7% interest.  e. Take the assistance of a financial expert Financial experts have the right tools at their disposal to create a personalized financial plan that will prove helpful in investing and saving the required money in the best possible manner.  The SEBI registered investment advisors associated with the Edufund app have tools like the SIP calculator and 128-SSL security to ensure safe investments that will yield the highest possible returns. f. Financial aid programs As a parent, you are saving and investing to send your child to Duke University but keep in mind the various financial aid programs that can make the child’s journey much easier. Identify the scholarships, grants, and bursaries that you can apply for. Duke University has several benefit programs in place hence be vigilant and keep a tab on them.   Conclusion Once a parent is aware of the steps needed for “how to save to send your child to Duke University”, the task becomes much easier. Parents need to save and invest to provide for future education fees so that the path remains smooth. Right investment and proper financial planning are the right way to secure a child’s future. Consult an expert advisor to get the right plan TALK TO AN EXPERT

Lately, more and more students want to study in Canada. Because of the significant cost of living and tuition, several of them abandon the dream. You can apply for Canadian scholarships for international students to lower your costs. Top scholarships by the Canadian government International scholarship programs offered by the Canadian government enable international students to study in Canada at a low cost. Your child will be able to manage their finances, student loans, and lifestyle responsibly if they choose any of these. These scholarships also cover their travel expenses and other costs associated with living in Canada. 1. Banting Postdoctoral Fellowships Given to international and national postgraduates to recruit the brightest ideas. Students receive ₹40 - 45 lakhs every year for two years. 2. IDRC Research Awards Students from underdeveloped nations are eligible to apply for this scholarship. A lump sum is transferred throughout the course. 3. Vanier Canada Graduate Scholarships Program The Canadian government provides scholarships to students pursuing their doctoral degrees. Students will get a scholarship worth ₹28 - 32 lakhs per year for three years. 4. Shastri Indo-Canadian Institute Fellowships for a range of Indian graduate and postgraduate students attending a reputable university. Eligible students can enroll in courses or take a portion of their coaching online at any Canadian university that is a member of SICI. 5. Canadian Commonwealth Scholarship and Fellowship Plan Students from Commonwealth countries have access to several grants each year. The benefits of this scholarship vary from year to year. 6. Ontario Graduate Scholarship Program Students enrolling in Ontario public universities can get funds through the Ontario scholarship. Students may get ₹3 - 10 lakhs. 7. Ontario Trillium Scholarship This fellowship is given to international PhD candidates. A range of ₹20 - 25 lakhs is awarded over four years. 8. Canada-ASEAN SEED Scholarships are awarded by Global Affairs Canada to students seeking higher education. Costs for books, supplies, ground transportation, health insurance, visa, study/work permit fees, as well as travel are covered. 9. National Research Council of Canada (NRCC) Research students getting their Masters or PhDs are awarded research funding. The cost and time are determined by the study level. Additional read: Scholarships in Germany to fund child's college Non-Government Scholarships in Canada In Canada, scholarships that are not funded by the government are given out by nonprofit organizations or powerful people. They do this to entice foreign students to pursue higher education in Canada. Some of the best scholarships for studying in Canada that you can apply for are: 1. Anne Vallee Ecological Fund Two ₹85,000 - 1 lakh scholarships are available from the Anne Vallée Ecological Fund (AVEF) to help students who are enrolled in animal research at the master's or doctorate level at a university in Québec or British Columbia. 2. Surfshark Privacy and Security Scholarship Canadian undergraduate or graduate students can win a prize worth ₹1.2 - 1.3 lakhs. To be eligible to win this scholarship, your child must submit an essay. 3. Trudeau Scholarships and Fellowships 15 international fellowships are available for doctorate candidates. Around ₹12 - 25 lakhs over three years, plus travel expenses. University scholarships to study in Canada Excellent international students are also given international scholarships by Canadian universities. The majority of these scholarships are awarded based on merit and are intended to entice the world's best. If your child falls under this category, they should apply for the following scholarships: 1. University of Toronto Ontario Graduate Scholarship - At the University of Toronto, students pursuing doctoral or master's degrees are given awards ranging from 10,000 to 15,000. 2. University of Waterloo International Funding -The University of Waterloo offers many scholarships to international students, with awards ranging from ₹6 - 10 lakhs each year. 3. University of Calgary International Scholarships - Scholarships for international students to attend the University of Calgary in Canada. Awards might go as high as ₹30 - 40 lakhs. 4. University of Alberta International Scholarships - International students who want to attend the University of Alberta to pursue graduate or postgraduate studies have access to several scholarship programs. 5. UBC International Leader of Tomorrow Award - The University of British Columbia offers many scholarships to international students, ranging in value from ₹1 - 30 lakhs. 6. Queen’s University International Scholarships - Queens offers financial aid to international students attending the university, such as bank loans and other types of loans. 7. McGill University Scholarships and Student Aid - Every year, McGill University provides ₹1.8 to 7.5 lakhs in scholarships to students. 8. Dalhousie University Scholarships - Students at Dalhousie get merit-based scholarships. 9. Western University Scholarship - Excellence-based scholarships are given out starting at ₹1.2 to 60 lakhs. Conclusion The expense of studying in Canada can be managed by making use of the scholarships available to international students. The scholarship for your child will enable them to concentrate on their studies rather than hopping between part-time jobs to pay the bills. In case of any confusion, our financial experts are a call away and available 24/7. Consult an expert advisor to get the right plan TALK TO AN EXPERT

One of the most commonly asked questions in the current environment is, “why do you need an education corpus”?   The top priority of a parent is providing quality education to their children, especially higher education so that they can choose desired career paths easily. Wishing and providing for the best possible education are two different things, as it is expensive to bear the educational expenses of one child, let alone two or three children.  An education corpus at such times can prove helpful as it gives parents the freedom to navigate rough waters and provide for their child’s education systematically and effectively. Reasons why parents need an education corpus 1. Education Inflation Education inflation stands between 11% to 12%, and according to these figures, an education course that costs INR 10 lakhs will cost nearly INR 31 lakhs in 10 years. If parents want to send their children abroad for higher studies, then the amount will increase significantly.  How middle-income parents are going to shelve so much money for their children is a serious concern. An education corpus is a blessing that can deal with the required expenses and help the child to have their dream education.  2. High prices  The current rate of inflation in India is 7%, and it becomes very difficult for parents to manage their households and provide education for their children within their budget. The key to success is gradually building an education corpus so that the funds get accumulated through investment over time.  When education is a non-negotiable goal, it is important to start saving early and accumulate the desired funds. An early beginning makes the task easier as parents have the luxury of time to plan accordingly.  The financial experts with the Edufund app can help parents create a solid financial plan to build an education corpus. Read more: Why India needs higher education savings funds? Tips to build an education corpus for your child 1. Plan the total cost Plan the total cost to get an approximate amount that you need to save. Setting the target will create a goal and make the journey easy. The education cost varies from course to course so take the help of professional experts to chart an education corpus plan.  A unique college cost calculator can do wonders for parents. The College Cost Calculator on the Edufund app takes into account various factors and calculates the future cost of college, which makes it easy for parents to set a goal.  2. Start saving early Parents who can start saving and investing early manage in creating a substantial amount of education corpus. The longer time you have in your hands, the more interest you can accumulate.  3. Know your savings options Know your investment options and invest in the right funds to get maximum returns. The financial plan must include the right methods and investment vehicles to accumulate funds. Savings accounts with 3% to 4% per year and FDs with 5% to 7% per year are safe and secure ways to save. Traditional life insurance policies offer 5% - 6% interest per year.  Invest in equities at the beginning as they yield inflation-beating returns in the long run. SIPs in mutual funds are preferred by investors for wealth creation. Scroll through the Edufund app to know your savings option as it provides access to 4000+ direct mutual funds, SIPs as low as INR 100, US stocks and ETFs, ELSS funds, and digital gold.  4. Slowly shift to Debt instruments Aggressive investments will accumulate the desired funds, but it is vital to protect the investment from eroding because of adverse market conditions. Remember the reason why you need an education corpus and shift the corpus to debt instruments as the goal nears to keep it safe and secure.  Start withdrawing two to three years before you will need the money and then shift it to bank fixed deposits or debt funds, as it will give fixed and safe returns. 5. Monitor your investments Keep track of the investments regularly and finetune them based on the need of the hour. Creating a plan is easy but sticking to it is a bit difficult. Don’t divert funds for non-essential needs, as building an education corpus is vital for the child’s future. 6. Forge ahead Revisit your goal, remember why you need an education corpus, stick to the basic plan and forge ahead. There will be distractions and difficulties along the way, but remember it is for your child’s better future. Hence stick to the investment plan at all costs.   Conclusion A substantial education corpus is one of the best ways to create a solid financial foundation and deal with the rising costs of education. Consult an expert advisor to get the right plan TALK TO AN EXPERT

Every year thousands of Indian parents send their children abroad to study in hope of a better future. Planning this mega event is tedious and expensive, any obstacle in this plan can potentially delay your child’s future plans. Scams are one of the biggest obstacles. Let’s find out what are some major foreign education scams and how you can avoid foreign education scams to save money and your child’s foreign education plans. 1. Education counselor scam  Education counselor scams are extremely common in India as the industry has exploded in recent years. More and more parents want to see their child settled abroad and in a reputable university and many take advantage of this desire and hope. Education counselor scammers usually encourage students to apply to universities selected by them, they encourage them to pay deposits and make payments on the behalf of the student. To avoid these scammers, try to be involved in the process and beware of the universities you are applying to.  2. Fake documents   In India, thousands of student visa applications are rejected due to the submission of false documents, fake bank statements, fake gap year certificates, and test scores to dupe the authorities. In fact, the refusal rate for Canadian student visas rose to a whopping 41% this year due to forged documents. Australia rejected over 600 cases due to fake documents.   It's important to know that visa offices screen each document to check students’ eligibility and document authentication. Make sure your counselor is submitting original documents so that your admission is not delayed and your money is saved. 3. Fake Scholarships  Fake scholarships are another common foreign education scams that you must avoid. There are thousands of scholarships available for international students offering monetary relief but not all of them are genuine. To avoid fake scholarships, you must remember never to give money to the authorities. Try to apply only through the official website and make sure to cross-check the history and legitimacy of the organization. 4. University Scam  There are thousands of blacklisted universities in India, the USA, the UK, Canada, and many more countries. The degrees offered by these universities are invalid and these are major institutions that have historically cost parents and children monetary loss and extreme mental stress. Checking the legitimacy of the university by interacting with teachers and current students of the university is an excellent way to know their credibility. For example, Canada university has a list of universities that are recognized and permitted by the government to host international students. These are called Designated Learning Institutions.    5. Accommodation Scam  Accommodation scams are another common foreign education scam that preys on international students. Many international students pay deposits for apartments that are either not available, fake apartments, or sometimes broken. Parents and students lose their hard-earned money to these scams so beware. Many universities have listed apartments, and offer dorm rooms and accommodations to international students that parents can go for. These are trusted partners that help international students settle down.   Many universities offer one year of accommodation to international students on their campus to save them from the hassle of searching for the right apartment so make sure to apply for it on time!  Additional read: Education inflation rate in India? How to avoid foreign education scams?  If your child is applying abroad then it’s important to be involved in the process. Always apply through trusted portals, talk to administrative officials involved in the process and verify all your documents. For instance, if your child is applying to the UK, using the UCAS portal for bachelor's courses is a verified route similarly if you are applying to Canada, check your university’s DLI number given on the Canadian visa website.   Remember universities do not call individual candidates, they update the admission portal created by the student and provide all necessary information on the website. If you are unsure of the process and require guidance then approach a trusted education counselor with a reliable history and a trusted online presence.   Take an active role in your child’s admission process and help them with the application, SOP, LORs, and financial documents they may require. This can help you save your child from making silly mistakes like sharing sensitive bank details or falling for these foreign education scams.   Never transfer money to another account without verifying the source. If you do accidentally transfer, alert your bank immediately (within 24 hours) so that they can retrieve your funds in time.    These are some ways to avoid foreign education scams that can be unnecessary mental and financial stress on you and your child. With foreign education becoming popular in India, knowing these scams and making the right decisions can be very helpful for your family!  Consult an expert advisor to get the right plan TALK TO AN EXPERT

Individuals should be aware of “short-term goals” as they are valuable in achieving long-term ambitions and stability.  Short-term goals are referred to as productive and doable plans as their tenure is very short, and it is easy to achieve them. They act as a viable bridge between where an individual is and where they want to be. Definition of short-term goals? Short-term goals are plans or tasks that do not exceed more than one year. These are meant for the immediate future and help to focus on the plans that can accomplish eventual targets effectively.  Short-term goals are realistic, and the chance of goal achievement is also high. Importance of short-term goals 1. Create effective strategies The short-term goals help to create effective and SMART strategies that are specific, measurable, achievable, realistic, and time-bound. Long-term plans are often vague with lots of loopholes, whereas short-term goals have to be crisp and clear because there is very little room for error.  2. Maintain focus It is easy to maintain focus as the plan is realistic and doable. There is little scope for a detour and backtracking. Hence the planners have to be always vigilant and keep their focus on the target.  3. Break up bigger goals Keep in mind that short-term goals can facilitate the process of achieving long-term goals. Be clear and deliberate in your efforts and break the bigger long-term goals into several small-term goals. This makes the path much easier and the target achievable.  4. Quick Feedback The probability of getting clear and quick feedback on short-term goals is higher than the mid-term or long-term goals. Quick feedback is a blessing and acts as a motivational tool. It helps to adjust the strategies according to the available response and align the tasks to the bigger picture.  5. Avoid procrastination Human beings are prone to procrastination, but setting short-term goals helps to avoid it easily. When the goals are precise and small, the goal-achieving path becomes bearable. It also minimizes the chance of postponement and delay. Create Short Term Goals How can you achieve short-term goals? 1. Focus on one goal  Short-term goals require complete focus. Stay dedicated to your efforts and avoid multitasking. Complete one task and move to the next for better efficiency and productivity. 2. Find a buddy Having a buddy or a cheering partner can be of immense help in motivating you to do better. 3. Eliminate distractions Distractions can keep you away from your goals. Eliminate distractions and create a peaceful ambiance to help achieve short-term goals. 4. Find your motivation Remember why you created these short-term goals and what you are trying to accomplish with them. This will motivate you to focus on your goals and stay on track. 5. Stick to your plan Stick to your short-term goals and plans to achieve them at all costs. As these are for a short duration, it is easy to maintain your focus and achieve them anyhow. Invest in US Market Examples of short-term goals  1. Business goals Minimizing overhead costs without an impact on business operations by reducing debts, becoming paperless, and using advanced technology. Improving team and business productivity. It will have a direct impact on financial statements. Adopting best practices for eliminating regular distractions at the workplace. Leveraging social media channels to engage the target audience. Improving customer service. Learning about market trends before the launch of a new product. Creating incentive programs to motivate employees.  2. Career goals Organizing a workstation to increase efficiency. Learning new skills.  Getting certifications to boost your career path. Arriving at the office early to accomplish the given tasks on time. Attending networking events. 3. Study goals Get organized. Spending time in the library. Completing the assigned projects on time. 4. Personal goals An organized daily routine that aligns your work schedule with the tasks ahead. Keeping a daily journal for developing self-awareness. Practicing a daily ritual to develop a sense of togetherness in the family. 5. Financial goals Getting control over your finances.  Eliminating financial debts, especially credit card debt. Minimizing the monthly expenses. Saving for your child’s school fees, laptop, or extra-curricular activity Creating multiple income and savings streams. Take the help of the Edufund app to create financial goals and start investing. It offers access to 4000+ mutual funds, ETFs, US stocks, etc., which can help investors in achieving short-term goals.  Conclusion By now, you must have understood the importance of short-term goals in life. These are day-to-day actions that are more satisfying and fulfilling. Short-term goals are practical goals that are used as stepping stones to accomplish the bigger picture or the long-term goals. TALK TO AN EXPERT

Masters in Finance Vs MBA in finance - Which one of these is the most profitable? Let’s find out. From international career goals, “Masters in Finance is expected to surge by 10% by 2026”- as per the US Bureau of Labor report. According to it, the country will soon encounter 773,800 jobs in the same sector. MBA in Finance degrees are usually apt for students aiming for managerial roles. It involves several interests like management, marketing, accounting, and leadership. At the same time, a master's in Finance focuses on gaining expertise in a single aspect in detail. The blog will help figure out the best one from the growth perspective Masters in Finance vs MBA in Finance – Overview Masters in Finance  The course focuses on finance and related aspects. It would be ideal for students seeking a detailed understanding of financial theory, mathematics, quantitative finance, markets, investments, and financial reporting. It teaches students how to draft and analyze financial reports. It is intended for students eying full-time expertise opportunities. MBA in Finance MBA prepares students to pursue entrepreneurship by covering the aspects mentioned above. A student can apply either for a full-time or part-time MA degree. To get better at it, individuals require good experience. In contrast, MA does not require detailed partitioning. The difference between MBA in Finance and a master’s is that the first ensures a broader view of business management while the latter calls for functional expertise. Course duration and costs Masters in Finance One can earn a Masters's degree within a year. To talk about costs, Masters’s in Finance stands economical to MBA in Finance degree. The total cost of an MA in Finance is around 8-16 lakh/year.  MBA in Finance An MBA degree is generally of 2 years. The total costs of the program could lie at an average of 16-24 lakh/year. If you are thinking about pursuing MBA, factor in the course costs as per duration; save early. You can pursue MBA along with a job, while MA demands clear dedication. One does not get much exposure to practical assessments and learning here. Masters in finance vs MBA in Finance: Skills required  Masters in finance  To excel in the industry, one must nail a few skills. These include- Analytical Thinking leadership and management Organizational Time Management Technology  Numeracy skills Out of these, leadership management and Technology are the most demanding skills in recent times. To excel, a student must share sound skills in tracking financial trends. MBA in Finance MBA is a diverse field and calls for overall leadership development skills. Apart from this, you would gain the following skills Business intelligence Financial Modelling Cash flow management Risk analysis Data management Financial Reporting Analytical thinking One of the most demanding skills in an MBA in Finance is Analytical Thinking. The course is apt for you if you are good with numbers and possess an inquisitive mindset with analytical abilities. Masters in Finance vs MBA in Finance - ROI & Job opportunities Masters in Finance Master of Finance Students have diverse options to choose from after course completion. One can pursue any of the below niches: Financial Manager, CFA (Charted Financial Analyst), Financial Advisor, Management Consultant, etc The average salary of a Finance Analyst in 2022 is approx INR 38 LPA. One can kickstart their career with some prominent firms like Deloitte, EY, Boston Consultant Group, Citibank, etc.  It is worth eying international career or job opportunities, particularly in Europe, Canada, and the US. Additional read: Education loan vs self-finance MBA in Finance Top 5 job titles: Wealth and Portfolio Management  Corporate Financing Investment banking  Financial Consulting Merchant Banking  Out of these prominent managerial roles, Investment banking shares the highest ROI in MBA in Finance. How to choose the best career option?  While making a choice, factor in the aspects mentioned above along with interest, knowledge, and passion. Begin by fine-tuning your short and long-term career goals. If gaining expertise in management and strategy piques your interest, MBA is an apt option.  As opposed to this, if you aim at a specific specialization in a subject, MA suits the concept better. In case of confusion, it is better to tap an expert. Edufund helps individuals figure out the right career narrowing down the choices. Furthermore, the experts align those choices with future career opportunities. It helps a student choose an apt direction in their career and succeed. Consult an expert advisor to get the right plan TALK TO AN EXPERT

If you want to invest in the US stock market to benefit from US stocks, you may start by opening an international trading account in India. But before investing in US equities, here are the 5 important things to know before investing in US stocks. 1. Regulatory framework One of the oldest, most effective, transparent, and well-regulated stock markets in the world is the one in the United States. On US stock markets are listed some of the largest businesses in terms of market capitalization, sales, and profitability. The worldwide exposure and flavor that US markets offer are crucial since many of these listed firms have a significant global presence, scale, and operational structure. The regulatory body that monitors the operation of the US stock markets is the Securities and Exchange Commission (SEC), which was founded in 1934. It guarantees the strict application of laws and rules that establish the highest standards of openness and integrity—essential for stock markets as well as for the safety and trust of investors. 2. Impact of Foreign Exchange  The volatility in the value of the US and other currencies should be taken into account while investing in US equities. This is because before any gain (or loss) for an Indian investment is realized, it would be converted using the appropriate exchange rate in the Indian rupee. The gains (or losses) will fluctuate in lockstep with changes in the exchange rate. An Indian investor must be aware that the exchange rate can be unpredictable and is influenced by a wide range of political, economic, and supply and demand variables. 3. Liberalized Remittance Scheme According to the Reserve Bank of India's Liberalized Remittance Scheme, an individual may invest up to $ 250000 per year in US equities from India (LRS). The cap covers any money sent abroad for purchases, travel, education, or other international transactions during the year. The investor's brokerage account has to be filled before making any investments in US equities. Investors must complete Form A-2, which is available from RBI-authorized dealers. Any sum over the $250000 cap requires RBI approval. Additional read: US stocks for investing in child education 4. Taxation To make your efforts worthwhile, it is crucial to take into account the tax consequences of your international assets. Due to the Double Tax Avoidance Agreement (DTAA) between the US and India, the same income cannot be taxed twice on investments made in the US stock market. 5. Dividend tax The dividends from US stocks are taxed at a fixed rate of 30% for overseas investors. However, as a result of the tax agreement between the US and India, citizens of India pay a 25% tax rate (deducted before distribution). However, because of the double tax avoidance agreement between the US and India, the tax paid in the US may be claimed as a foreign tax credit in your domestic filing. 6. Capital gains tax Your assets in the US are not subject to capital gains tax. However, India requires you to pay tax on your overseas capital gains. This may be divided into two groups.: Long-term capital gain (LTCG)If you keep the equities for more than 24 months before realizing capital gains, you will be subject to indexation advantages and a 20% tax rate in addition to any relevant fees and other surcharges. Short-term capital gain (STCG)Standard income-tax regulations apply to any gains from assets held for less than 24 months, and they are added to your ordinary taxable income. You must also take into account the recently implemented Tax Credited at Source or TCS. Under the new regulations, a 5% TCS will be applied to all international transfers over INR 7 Lakhs in a fiscal year. It is not an additional expenditure to deduct this advance tax when submitting your taxes each year. Charges on US stock-broking account  Using an Indian stock brokerage account to invest in the US stock market is prohibited. You would need to create one with a US stock brokerage company instead. To provide this service, the majority of Indian stock brokers who allow you to invest in US equities typically collaborate with a US stockbroker. You would also be required to pay certain fees for a US stock broking account, just like you would for an Indian trading account. This is something you should also take into consideration when you buy US stocks because these fees can reduce your earnings. These fees include Annual Maintenance Costs, brokerage charges, bank charges, transaction charges, and more. Invest in the US stocks with EduFund  Download the EduFund app and create an account to start investing in US stocks. With zero charges and no hassle account opening process from the comfort of your home, you can start investing in FAANG stocks in your portfolio to geographically diversify your portfolio!! Thus, investing in US firms and equities may give investors access to the worldwide market, credibility, and an opportunity to increase their wealth. Consult an expert advisor to get the right plan TALK TO AN EXPERT

Investing and saving is crucial for self-employed parents as they need to be vigilant in their efforts to provide a secure financial cushion for their children. A self-employed individual is self-dependent and thus responsible for the well-being of their business.  Whatever the economic health of self-employed parents, they need to create a continuous culture of investing in the right assets for future financial stability and growth.  There are several investment options for self-employed parents that will ensure desired wealth creation and keep their financial health safe and sound. Both short-term and long-term investments are important as the former will help in asset creation or a child’s education in the early years and the latter in post-retirement or higher education of children.  Investment options for self-employed 1. Fixed deposits Fixed deposits are good investment options offered by banks, NBFCs, and post offices at minimum risk.  A fixed sum is deposited as a one-time investment for a fixed tenure at a fixed interest rate. The banks are offering a current interest rate between 5% to 7.5%.  Investors can choose a normal FD which is taxable or a tax-saving fixed deposit, which saves taxes up to 1.5 lakhs under Section 80C of the Income Tax Act 1961.  2. Mutual funds Mutual funds are one of the best investment options for self-employed parents as they are structured and professionally managed. The investor does not have to spend time on research. Instead, several investors pool their money, and the fund manager reinvests this amount in several instruments like debt, equity or liquid assets, etc. The investor has the option of investing a lump sum amount in mutual funds or starting a SIP (systematic investment plan) if they want to opt for periodic investments.  A trustworthy app like Edufund gives access to 4000+ direct mutual funds to investors. The associated financial experts, with the help of a SIP calculator and scientific fund tracker, suggest the best funds and ensure better returns in the safest possible environment. It is also possible to invest in international mutual funds through the app and receive returns in dollars.  3. Real estate Real estate is a good investment option as the value is bound to increase and yield a good return with time. Purchase the factory or office space that you are using instead of renting because it is feasible to pay EMI rather than the rent. The self-employed individual can use the property to raise capital or for mortgages when needed. The aim of investing in real estate should not just be buying property instead getting a resale value if required. Additional read: Investment strategies in Volatile market 4. Government schemes The Government of India offers safe investment options with fixed returns under some of the government schemes.  PPF – PPF or the Personal Provident Fund, is a saving scheme where the investor invests annually or monthly for 15 years. It offers fixed returns and tax benefits to the investor. PMJJBY –Pradhan Mantri Jeevan Jyoti Bima Yojana is a life insurance scheme available to investors at a low cost. NPS – The National Pension Scheme is a safe and secure post-office scheme where investors deposit a fixed amount for a fixed interval.  Sovereign gold bond schemes – This government scheme is both a safe and high earner where the investor can invest in gold without owning the gold personally.  5. Shares and equities Shares and equities are investment options for self-employed parents who are ready to take a substantial risk with their investments. It is advisable to be careful in investments and take risks only on a predetermined permissible amount. Choose the shares and equities that will yield safe and highest possible returns.  6. US stocks and ETFs Self-employed parents can invest in US stocks and ETFs from India to create wealth. The Edufund App is a reliable means to create wealth because it allows investors to choose from 1400+ US ETFs and become a part of global companies like Google, Netflix, Apple, and Amazon. The simple and transparent app also helps in fractional investing, where investors can buy top shares that will yield a higher percentage of returns in dollars at zero brokerage.  7. Commodities Commodities in financial terms refer to oil, gas, silver, gold, grains, etc. investors interested in commodities have to invest in a futuristic price of the product. As the commodity market is inversely related to the stock market, it is often used by investors as a hedge against inflation and also against stock market risk.  Conclusion Choosing the right investment options for self-employed parents at the right age is a necessity as they do not have the luxury of a pension to manage expenses during later years. A well-defined financial plan and a diversified portfolio will prove a blessing as it provides significant accessibility and flexibility to tap into the savings when needed. Consult an expert advisor to get the right plan TALK TO AN EXPERT

Studying in Germany is not very expensive as tuition fees charged by public universities are relatively low; however, it might be difficult for international students to pay the monthly living expenses in Germany, which can be close to EUR 1200(INR 1.5 lakhs). Here are some German scholarships that can help you and your child shoulder the increasing cost of living and tuition. Top German scholarships to fund your child's college Germany is one of the few nations that offer free higher education to students from all over the world in its universities. In order to help students cover their living expenses while studying in Germany, the nation offers a variety of scholarships. Following is the list of scholarships for international students planning to study in Germany. German scholarships for bachelor courses  Following is the list of German undergraduate scholarships that you shouldn't pass up if you are planning to study in Germany after the 12th: Jacobs University Scholarship Bayer Foundation Scholarships  Kurt Hansen Science Scholarships Heinrich Boll Scholarships Master Scholarships at the University of Stuttgart Deutschland Stipendium German scholarships for master's courses  Students choose to enroll in master's programs abroad as opposed to undergraduate programs. Master's degrees let students reach their full potential. Below is the list of German scholarships for masters that you should be aware of: Jacobs University Scholarship Deutsches Krebsforschungszentrum (DKFZ)- German Cancer Research Centre PhD Scholarship  Bayer Foundation Scholarships  Hamburg University of Applied Sciences Masters Scholarship Kurt Hansen Science Scholarships  Goethe Goes Global Scholarships  WHU- Otto Beisheim School of Management, International Scholarships Masters Scholarship at the University of Stuttgart  DLD Executive MBA Scholarship  Konrad-Adenauer-Stiftung Scholarship Heinrich Boll Scholarships Deutschland Stipendium Are scholarships enough to cover the cost of education in Germany? Some scholarships normally only pay a portion of the course fee; the student is responsible for the remaining expenses. As a result, there are several expenses to consider when a student decides to travel to Germany to attend college. These include tuition fees, registration fees for higher education institutions, security deposits, travel-related projects, accommodation, meals, and even trip-related travel expenditures. You can use our College Cost Calculator to determine the precise cost of studying in Germany and help you acquire the funds you need to save for your future education. Cost of studying in Germany Students enrolled at German institutions, regardless of whether they have scholarships, must pay a semester fee or administrative charge, which typically ranges from €250 (INR 22,148) to €500 (INR 44,297), as well as other miscellaneous expenses like living expenses, which you may not be aware of and which are typically not covered by scholarships and student loans, are unavoidable.  Additionally, a lot will rely on the place you have selected to attend school in. For example, Munich, Frankfurt, and Hamburg are more costly than other, smaller cities. Here are the typical costs (indicative) you might anticipate incurring each month while attending a German university: As a parent, you must budget far in advance for all of these fees because they are not covered by scholarships or education loans. You can consider long-term stock funds, such as mutual funds. Additionally, there are specific programs for children that dynamically allocate assets between debt and equity. Because stock investments are made, returns usually outperform inflation rates and also have advantages in terms of liquidity. Starting out in financial planning can be challenging. With so many options for saving and investing, it's crucial to know which ones will enable you to reach your objectives more quickly. So don't be afraid to ask for assistance and create a reliable savings plan from an expert financial planner! We hope this blog helped you learn about scholarships in Germany to fund your child’s study-abroad dream! You can boost your chances of receiving a scholarship by raising your grades and getting involved in extracurricular activities, community service projects, and outreach initiatives. Consult an expert advisor to get the right plan TALK TO AN EXPERT

While studying abroad, Indian students or their parents would have to transfer money abroad to pay university tuition fees and maintenance costs abroad. In such a scenario, it is natural to have doubts about the RBI rules for remittances abroad in India. This post talks about the relevant RBI rules and also how much money can parents send to their kids abroad Outward Remittance comes under the Reserve Bank of India's Liberalized Remittance Scheme (LRS). The LRS specifies rules and limits regarding remittances outside India for education purposes. The maximum amount you can send abroad from India Under the Liberalized Remittance Scheme, authorized dealers can allow Remittance of up to USD 2,50,000 to resident individuals per financial year for permitted current account/capital account transactions or both. LRS Scheme does not apply to Corporations, Partnerships, Firms, Trusts, HUFs, etc. What does this mean for students? The maximum payment limit for a student (including minor students) studying/going to study abroad is $2,50,000 per financial year. This limit covers the purposes of; Education abroad Medical expenses abroad Living expenses of a student studying abroad Gift transfer The limit of USD 2,50,000 can be used in a single forex transaction or multiple forex transactions combined during a financial year. Note: If the sender is a minor, their natural guardian must sign the LRS Declaration Form (Form A2). Special circumstances where you can send more money than the maximum limit In special circumstances, you can withdraw more foreign exchange than the LRS limit of $2,50,000. 1. For the purpose of medical treatment abroad For the amount in excess of the LRS limit, authorized dealers can release foreign exchange under general permission based on the estimate of a doctor in India or a hospital/doctor abroad. 2. For the purpose of studying abroad Bank AD Category I and AD Category II may allow transfers (without prior approval of the Reserve Bank of India) over USD 2,50,000 based on estimates received from the University/Institution abroad. What does this mean for students? For overseas study and medical expenses that exceed the LRS limit, an individual may be allowed to use more foreign exchange than their US$2,50,000 limit if they provide the required documentation. Medical Expenses Abroad – Estimate from a doctor in India or a hospital/doctor abroad. Study Abroad - Estimate from university/institution for tuition fees (and/or maintenance costs). Additional read: How to fund child education in Ireland? The maximum amount of money that can be carried as cash for foreign travel Resident Indians traveling abroad from India can purchase foreign currency notes/coins only up to USD 3000 per visit. The remaining amount can be carried in the form of stored value cards, traveler's checks, or bank drafts. What does this mean for students? An Indian student going to study abroad should carry foreign money in the form of cash only up to USD 3000 (or equivalent in other currency). Cash means carrying money as notes/coins. According to today's US dollar exchange rate in India, USD 3000 is more than Rs 2,20,000. That's enough money to take care of a student's immediate expenses when moving abroad. A student's remaining forex limit ($ 2,50,000 - $ 3,000 = $ 2,47,000) can be carried on a forex card, traveler's check, or bank draft. How to transfer money abroad from India under LRS Select an RBI-authorized bank or exchange through which you want to send money abroad. Choose the one that offers the best exchange rate. The bank account from which you make the transfer should be maintained for at least one year before the transfer. In the case of a newly opened account, bank statements for the previous year, copies of the last assessed income tax order, or filed tax returns must be submitted. Send the A2 form with the reason for your payment. Submit required KYC documents A copy of the sender's passport Copy of PAN card Copy of recipient's passport (if required) Proof of relationship (if required) TALK TO AN EXPERT

Processing fees for education loans are fees charged in advance by the education loan provider to the applicant. Processing fees vary from bank to bank; it also depends on whether you are pursuing a domestic degree or opting for an international program. Most banks charge a processing fee of 1% and above on the latter What are processing fees for education loans? There are the following types of processing fees for education loans. Refundable processing fees: Some banks offer refundable processing fees. The bank tries to adjust the amount in the loan withdrawal cycle. However, you cannot apply for a refund if your application for a loan is rejected. Non- refundable processing fees: Regardless of approval or rejection, some banks charge processing fees during the education loan process. Amortized processing fees: Some financial institutions don't impose any up-front processing fees. Over the course of the loan, processing costs are added as an additional percentage on top of the annual interest rate that is offered. It follows the idea of the annual percentage rate (APR). The interest rate and processing charge amortization make up the annual performance rate (APR). There are many banks that do not charge processing fees for education loans. Additional read: Education loan process in Germany Characteristics of education loans in India Maximum Amount: The education loan amount provided can range from Rs.4 to Rs.40 lakhs. Higher amounts may be allowed on a case-by-case basis. Age Group: An education loan to study abroad can be applied by any student between the ages of 18 and 35. Course Eligibility: Education loans can be used to study a variety of fields, including science, maths, and engineering. Law, management, fashion, architecture, and arts are just a few examples of availing of education loans.  Cosigner: Since the principal borrower must not be employed, the loan needs to be co-signed by a co-applicant (it could be either a parent, sibling or other close family members). The co-loan applicant's score is considered when approving the loan. The applicant may be required to satisfy a margin of 5-15 percent. Coverage: Tuition fees, cost of books, cost of food and lodging, laboratory and library fees, travel expenses, study tour expenses, and so on are covered by education loans. Moratorium: There is a moratorium on education debt until graduation. During this time, only basic interest is charged on the borrowed amount. During this time, the applicant can only pay the interest amount. Depending on the lender's policies, the duration of the education loan can be up to 10 years, excluding the moratorium period, and up to 15 years, including the moratorium period. Tax Benefits: As per Section 80E of the Internal Revenue Code, interest paid on education loan EMI is tax deductible. Top banks for Education loans in India  State Bank of India HDFC Bank ICICI Bank Axis Bank PNB Mpower financing Prodigy Finance Avanse Conclusion Processing fees charged on education loans may vary from lender to lender. Some lenders charge a fixed amount irrespective of the education loan amount and some charge a fixed percentage on the loan amount. Before applying for an education loan, know the processing fees. Consult an expert advisor to get the right plan TALK TO AN EXPERT

Purchasing a mutual fund is fairly simple; you can even do it quickly online! It does, however, have paperwork, just like any other financial transaction. Here is a list of documents required for mutual fund investments in India. Documents you need  The list of documents needed to invest in a mutual fund is as follows: 1. Application form For a mutual fund, you might need to submit more than one application. A mutual fund account must first be opened, a SIP plan within the fund must be chosen, and an  Electronic Clearing System (ECS) form must be completed if you want to make an electronic transfer from your bank account. Other forms, such as a Risk Profile form, may be requested by some asset management firms. 2. KYC compliance To invest in mutual funds, your PAN must be validated by the Know Your Customer (KYC) regulations of the Government of India. Through the CDSL Ventures Limited website, you may assess your KYC compliance or sign up for it (CVL). The KYC acknowledgment letter or a copy of the KYC-compliance page must be sent if you are currently KYC-compliant. If not, keep the necessary paperwork on hand: KYC individual form Passport-sized photograph 3. Proof of identity As identification documentation, any of the following is acceptable: PAN with photograph Aadhaar Passport Voter's ID card Driving license 4. Proof of address  You can provide any of the following documentation as evidence of address: Aadhaar Driving license Passport Voter's ID card Ration card Registered lease/sale agreement of residence Flat maintenance bill Insurance copy Utility bills that are less than three months old, such as a landline phone bill, an electricity bill, or a gas bill It is also appropriate to provide proof of address in the spouse's name. 5. Third-party declaration for minors  Parents may invest on their child's behalf if they are a minor. For this, a third-party declaration form must be completed. For non-individuals, such as businesses, trusts, partnership firms, Hindu United Families (HUF), etc. The following documents must also be prepared in addition to or in place of those mentioned above. Once you have the necessary paperwork on hand, you can open a mutual fund account and select a fund that matches your risk tolerance and financial objectives. 6. Canceled blank cheque Contrary to the past, there is no longer a need to provide a blank canceled check. Still, it's preferable to present a canceled check if you want to simplify your SIPs. This will provide your fund house access to your account number, MICR code, and IFSC code, as well as allow you to swiftly issue an Electronic Clearing System (ECS) to your bank. If you are investing in mutual funds online, you do not need to provide a voided check. Investing in mutual funds on EduFund App Compared to offline investment, online investing will be much faster and easier. By downloading the App, you may select a mutual fund that fits your aims. You can invest in over 4000 mutual funds and personally designed EduCases to create the corpus you need for your child’s future. When the OTP is ready, enter the necessary data and wait for it to appear on your registered cellphone number. You may then input the amount and select whether you want to invest via SIP or lump sum after that. Using your UPI ID or internet banking are your two choices for completing the transaction. This is common practice for the majority of fund companies. If you wish to invest in a couple of each fund house's programs, you must register on their websites. You can invest in a variety of mutual fund plans from several asset management firms all in one place on the  EduFund App. You can make small investments like Rs. 100, 500, or 2000 in lumpsum or SIP orders. Additionally, you may consult financial professionals through the app, who can direct you toward the best investment opportunities based on your risk tolerance and investing philosophy. Factors to consider before investing in mutual funds As you start making mutual fund investments, you must strictly monitor the following: When investing in mutual funds, you must rigorously take your risk tolerance into account. For instance, it is suggested that you start with investing in debt mutual funds since they carry less risk if you cannot afford to incur much risk with your assets. On the other hand, equities mutual funds should be your pick if you have larger risk tolerance. When investing in mutual funds, it's crucial to take your acceptable investment horizon into account. Consider investing in long-term equity funds, which produce larger returns over the long run.  If your objective is to save for your retirement level of risk appetite will directly affect the results of your mutual fund investments. It has been shown that a larger risk appetite will often result in higher returns. Since its inception, the mutual fund industry has made a concerted effort to draw in more investors. It used to be a tedious procedure to finish the paperwork for mutual fund investments, and you had to visit an AMC or RTA office to do your KYC. But all of these annoyances have been eliminated owing to the development of technology. TALK TO AN EXPERT