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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

For a new investor, the question that pops up the most is what is the minimum amount to invest in mutual funds? There are numerous types of mutual funds available in the market, all with varying minimum investments. Many of these mutual funds have a minimum investment requirement to be a participant, to ensure enough capital and cover the fund's basic operating costs. Some mutual funds have an option of no minimum at all which means investors can contribute the smallest of amounts to start an investment. These options are ideal for people trying to invest in funds for the first time or for the ones who are not sure about taking this step. What is a minimum investment? The smallest amount or number of shares an investor can buy when investing in a particular asset, fund, or opportunity is known as the minimum investment. Mutual funds frequently set a minimum requirement to guarantee they have adequate assets under management (AUM) to meet their investment objectives and pay overhead. This indicates that an investor must buy or invest at least the minimum quantity necessary; they cannot buy or invest any amount they like. While some funds favor offering low minimum investment solutions to serve smaller clients, other businesses favor offering greater minimum investments that are targeted at high net worth individuals. This quantity might be challenging for new investors to reach. Each fund establishes these minimums to prevent modest, short-term trades from having an impact on cash flows and daily management of the fund. The investment objective and fund style both influence the minimum for each fund. All investors can, however, invest in mutual funds thanks to some funds with lower minimums. Additional read: Investment ideas for child education What is the minimum amount that can be invested in mutual funds? The required minimum investments differ for every fund and its goals. But, there are a few basic rules and regulations followed by all these funds. Here is an overview of the required minimum investment. The minimum investment for new fund offerings (NFO) is typically fixed by the AMC at ₹5,000 per application. This is done more so to obtain affordable application units. Most of the time, this is the standard. For debt funds, the minimum investment is typically higher. The standard minimum investment for lump-sum purchases is ₹5,000. The fund houses, however, only demand this for the initial investment. Additionally, subsequent investments can start at just ₹1,000. The vast majority of funds consistently operate in this manner. The minimum investment for SIP is ₹500 for each SIP deduction. You can request a monthly debit of as little as ₹500 if you participate in a monthly SIP, for instance. Although some mutual funds may allow SIPs to start as low as ₹100, the norm is to need a minimum commitment of ₹500. Do mutual funds have a maximum investment amount? There is typically no upper limit established. However, keep in mind that tax deductions under Section 80C are only allowed up to an investment of ₹1,50,000 per year while investing in ELSS (tax saving) funds. Your investment may still exceed that sum, though Will the minimal investment decrease in the future? It certainly might, and the pattern is clear. For instance, some funds provide weekly and daily SIPs with significantly lower investment minimums. By establishing micro-SIPs, which have a minimum SIP sum of ₹100, the mutual fund industry has similarly targeted the rural sector. This makes it possible for these dispersed individuals to invest in regulated companies and safeguard their money. What is the ideal amount of investment in mutual funds? The appropriate amount that an individual should put in mutual funds is determined after taking into account several different variables. To decide how much to invest in mutual funds, an individual should ideally thoroughly consider his or her investment goals, monthly salary, expenses, and investment horizon. For instance, if a potential investor wants to invest in mutual funds for about 20 years to build a retirement fund of Rs. 25 lakhs, he or she should begin a SIP at the rate of Rs. 2,500 each month. After 20 years, the investor will be able to build a total corpus of Rs. 24.73 lakhs if the fund can produce an average annual return of 12%. In the past, it has been seen that investors who can commit to mutual funds for a long time have the best returns. To enable the investor to continue to invest for a long time without running out of liquid funds, the optimum SIP amount should be chosen. However, it is always a good idea to talk to your financial advisor and begin with a logical approach before choosing an NFO, lump-sum, or SIP. Consult an expert advisor to get the right plan TALK TO AN EXPERT

Collateral is an item that a lender will accept in exchange for a loan. Collateral may take the shape of real estate or other assets, depending on the loan's intended use. The collateral acts as a form of insurance for the lender.  In other words, if the borrower misses a payment on the loan, the lender may sell the collateral to collect part or all of its losses. In this blog, we will, in detail, discuss what is collateral and how it works. How does collateral work? An asset acquires collateral security when a lender registers a charge over it, either by utilizing a fixed or a floating charge. These fees are also referred to as liens. A collateral mortgage over a particular piece of property or the registration of a charge over a distinctive identifier, such as the serial number of a certain car, are examples of fixed charges.  The borrower cannot sell a physical asset without the lender first waiving its security interest once a security charge has been registered over it. Business borrowers sometimes have floating charges, which are frequently recorded using something called a general security agreement (GSA). A GSA protects all of a borrower's assets that aren't specifically mentioned in a security registration (like our property or vehicle examples). GSAs let lenders utilize inventories and other hard-to-identify assets as collateral to help limit credit exposure. What is a collateral education loan? Property that you give to the lending bank as collateral for the loan you are taking is typically referred to as collateral. The value of the collateral must be higher than the student loan. This serves to reassure the bank if the borrower is unable to pay back the loan. What is a non-collateral education loan? Non-collateral loans are those that the lender makes when there is no collateral involved. The bank takes into account the co-borrower's financial history as well as the student's academic record when making this type of loan.  Now, a lot of parents argue over which of these loan formats is preferable. In actuality, both kinds of loans have a use. As a co-borrower, you must weigh the advantages of both loan kinds and select the one that best suits your needs. Different types of collaterals When making an application for a loan, borrowers can essentially guarantee three different forms of collateral. These are what they are: 1. Immovable assets These might be property assets like a piece of land, a house, a condo, etc. It is important to keep in mind that lenders will not take agricultural land or land that is subject to a Gram Panchayat as security. Open space that is not used for agriculture and has distinct borders, however, is acceptable as collateral for secured student loans. 2. Intangible assets These are liquid securities, such as government bonds, ULIPs, fixed deposits, and mutual funds. FD holders will continue to receive any interest earned on these intangible assets, but the bank will maintain liquid securities like FDs. For an education loan, borrowers can establish a new FD or even pledge a previous one. 3. Third-party secured education loan Uncommon forms of collateral that lenders will accept include the moveable property of a third party (relative or friend). Types of properties that are not accepted in collateral education loan Following are the types of properties that are not accepted in secured education loans: Gram Panchayat assets. Due to the SARFAESI Act of 2002, no lender accepts agricultural land. The property ought to go under a municipality or municipal corporation. Land in the cantonment. A permanent military station and temporary housing for troops in India are both located in the cantonment area. Documents required for collateral education loan? The following typical papers are requested by most lenders: Property title deed.  Registered sale agreement.  Original registration receipt for the above agreement. Letter of Allocation From Municipal Corporation/Authorized Government. Previous chain of sale deed establishing title.  Most recent property tax bills or most electricity bills have the same address.  If the property being pledged is a developed one, an approved plan or map. The latest property tax receipt. Occupancy proof. What is the maximum loan amount for a secured student education loan? The best range for secured education loans for students is between INR 10 lakhs and INR 1.5 crore. Nevertheless, it should be kept in mind that several variables, including the value of the pledged collateral, affect the precise loan amount.  Bank of Baroda authorizes loans up to 100% of the value of the collateral, whereas nationalized banks like SBI authorize loans up to 70% of the value of the collateral. Education loans up to 65-70% of the collateral are approved by private banks like Axis Bank, although at a higher interest rate. Therefore, it's important to understand how collateral functions before applying for a secured loan. Because collateral serves as a form of security for the lender, who has the right to repossess the asset if the borrower defaults on the loan. 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

FDs and savings accounts are the two most common investment options for common masses. These are bank accounts that help individuals to deposit their surplus funds.  Both FDs and savings accounts are financial instruments that offer safe and stable returns. To understand which is the better option among FD vs savings accounts you have to first know about them individually. What is FD? FDs are financial tools offered by banks, NBFCs, and post offices where a lump sum amount is deposited as a one-time investment for a fixed tenure. The banks are offering an interest rate of 5% to 7.5% based on the age of the depositor and the tenure of the deposit account.  Depositors can opt for 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.  What is a savings account? Savings accounts are deposit accounts in a bank where the account holder deposits his income or surplus funds. Different banks offer varied interest rates ranging from 2% to 4% on the savings account.  The savings account is considered a safe and risk-free instrument with assured interest. Any interest earned up to INR 10,000 on the savings account is tax-free under Section 80TTA of the Income Tax Act 1961. FD vs savings account based on various parameters 1. Meaning  A fixed deposit account is a one-time investment where the account holder deposits a fixed amount for a fixed tenure. The account holder can withdraw the money when the term is complete whereas the savings account allows the account holder to deposit and withdraw money at any time. 2. Rate of interest In terms of rate of interest, FDs are much better than savings account because the interest rates offered on FDs ranges between 5% to 7.5% or sometimes more, whereas the interest on savings account varies between 2% to 4%.  3. Considerations for senior citizens FDs are better than savings account for senior citizens as the interest on fixed deposit account is 0.50% - 1% more than common citizens in banks. This is not the case in a savings account where the interest rates remain the same for every citizen.  4. Tenure The tenure of a bank FD ranges from 7 days to 10 years where individuals can invest in multiple FD accounts with different tenures over the years. The savings account does not have a fixed tenure and remains open for a lifetime Additional read: Debt mutual fund vs FD 5. Interest payout Account holders have the option of opening cumulative FDs where the total interest earnings are offered at the end of the maturity period and non-cumulative FDs where the interest amount is offered as monthly, half-yearly, quarterly, or yearly payouts. There is no such option on the savings account.  6. Saving instrument The money in the FDs is locked for a specific tenure and the account holder cannot withdraw or use it until the date of maturity. The FDs act as safe investment options that helps the investor to save more as the compound interest is added to the principal amount to create more wealth over time.  The savings account on, the other hand, allows withdrawal of funds anytime and anywhere which can lead to excessive spending and thus is not considered an apt savings instrument.  7. Partial or premature withdrawal Bank FDs provide the investors with an option of withdrawing the invested amount partially or prematurely before the maturity date after paying a penalty between 1% to 2%. Account holders can withdraw from their savings account anywhere and anytime without any penalty. They are just required to maintain a minimum balance in their account. 8. Financial goals FDs are used for investing and reinvesting to achieve long-term financial goals as it offers better interest rates. A savings account does not have any such option.  9. Loan and overdraft Bank FDs act as collateral and investors can apply for a loan or overdraft against the FDs to meet financial emergencies. There is no need to withdraw from the FD prematurely and suffer financial loss.  The loan and overdraft both have a lower rate of interest and can be repaid in installments or as a lump sum amount. There is no such option with a savings account, hence in the FDs vs savings account debate, FDs are better than savings accounts based on this parameter.   10. Tax rebate Investors who invest in regular FDs are not eligible for any tax benefits but investment in 5-year or more tax-saving FDs is eligible for tax deductions up to 1.5 lakhs. Interest earned on the savings account is tax-free till INR 10,000 and beyond the limit is taxable.  11. Building a credit history Individuals can take out a loan for short-term against the FD and repay it within time to build a credit history. Savings account holders do not have this option.  Conclusion In the debate, ‘FD vs savings account: which is better?’ let us say that both accounts have their pros and cons. A savings account is a necessity to meet daily essentials, whereas an FD is a safe investing instrument for conservative investors. It ultimately depends upon the individual and his purpose in opening that account. Consult an expert advisor to get the right plan 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

“What is goal-based savings” is a common query of an investor exploring different ways of creating a well-planned financial strategy. Goal-based savings refer to a savings plan that is exclusively created to fulfill a specific goal. These goals can have either long-term, mid-term, or short-term tenure.  Developing the habit of goal-based savings will help the investor focus on setting and fulfilling financial targets successfully. It is an effective way of being smart about a target, pushing yourself towards that end goal through saving and investing, and ultimately making your financial dreams come true.  Goal-based savings can be anything from buying a house to purchasing a laptop or as simple as investing in an SIP every month through systematic and concentrated efforts.  With the Edufund App, you can set up goal-based savings for almost anything you desire because ours is a safe and secure investing platform that provides hassle-free and transparent savings options to fulfill the dream of every single investor. Types of goals in goal-based savings The goals in goal-based savings are based on their savings tenure and their value. The strategies involved in fulfilling them are quite different. 1. Long-Term Goals Long-term goal-based savings refer to a savings plan that lasts for at least five or more years. These are the end goals of an investment and savings journey. If an investor starts early, they can accumulate a substantial amount for their future with small savings. Investment vehicles to achieve long-term goals are real estate, mutual funds, and equity/shares.  Examples are retirement plans and saving for a child’s higher education. 2. Mid-Term Goals Mid-term goals are savings plan that lasts for more than two years and less than five years. Investors find it expensive and difficult to save for these goals because the results hover between immediate and long-term.  Mid-term goals can be achieved by proper planning. Investment vehicles to achieve mid-term goals are debt funds, fixed deposits, and gold investments.  Examples are car loans and down payments for buying a house. 3. Short-Term Goals Short-term goals are savings plan that lasts for less than two years. These are repetitive, require disciplined efforts, and are meant for the immediate future. Investment vehicles to achieve short-term goals are savings accounts, FDs, and debt mutual funds.   Examples – Vacation, jewelry, school fees, a new laptop.  With the Edufund app, you can choose any of these goal-based savings as the app has 4000+ mutual funds, digital gold investments, ELSS, ETFs, and US stocks. You can choose the appropriate investment vehicle to achieve your goal. It is a one-stop app to fulfill your aspirations for goal-based savings.  Additional read: Education inflation rate in India How do achieve goal-based savings? Step 1: Set SMART goals The first step towards investing, saving, or wealth creation is identifying and setting up a need-based specific goal that will help the investor to move forward and work towards achieving it.  Set SMART goals that are specific, measurable, achievable, realistic, and time-bound.  Step 2: Break it into achievable goals Be specific while making your financial goals and ask yourself what goal-based savings is and fit them in one of these categories- long-term, mid-term, or short-term. Remember, every goal has its own time horizon and demands discipline from the investor. When the goals are vague, then it becomes difficult to focus on your approach; hence break down the bigger picture and convert it into small, measurable, and achievable goals. Step 3: Make a budget The investor has to know about their spending so that they can create a financial plan accordingly. Calculate your monthly payments and expenses to get a picture of how much money is left with you. Determine the portion you want to use for savings. Create a budget and put aside the amount regularly, which will help you start investing.  Step 4: Invest wisely Decide on an investment plan and vehicle according to your investment capability, and invest wisely if you want to continue with it for the whole tenure. There are numerous investment schemes in the market, and it might create confusion. Take the help of reputed financial advisors like the ones at the Edufund app to know about investment opportunities in detail.  Step 5: Review and make periodic adjustments Review and readjust the investments periodically to realign them with the current goals. Keep asking yourself if you have invested and saved as per your specific needs. Goals change with time, and it is vital to make corrections along the way for a better financial future.   Conclusion The desire for goal-based savings and investing helps an investor create a solid financial foundation that will lead to stability and financial wealth. EduFund app offers numerous options through its different investment vehicles to achieve goal-based savings effectively. 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