5 reasons watching the finance channel can make you rich

TomorrowMakers ™

5 reasons watching the finance channel can make you rich

29 July 2016
Financial channels serve as the source of real time updates as well as expert insights on financial matters to help you fine tune your investments and be money wise.
 
 

At the risk of telling you to watch even more TV, here we highlight what you’re missing out on by not watching finance channels. When it comes to the world of personal finance, these channels can help you stay updated on the latest developments and help you take informed and timely decisions on your finances

#1: RBI monetary policy changes and implications:

RBI is the central bank of our country and one of its key objectives is to control the supply of money in the system by changing variable such as the repo rate, Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) in its periodic monetary policy review.

These changes can have a profound impact on your personal finances. An increase in the repo rate (the rate at which RBI lends loans to commercial banks) can affect at what interest rate commercial banks give you loans i.e. your loans can become costlier or cheaper. Likewise, the interest that you earn on your bank deposits can also change, depending upon which way the rates move.

Finance channels quickly analyse these developments so that you can take quick decisions on matters such as your short term investment strategy, pre-paying the home or personal loan, balance transfer of loan to other bank etc. 

Related: Ever heard of loans that help you save money?

#2: State of the markets:

Finance channels run tickers that relay real time stock prices, overall sensex values, dollar index, currency rates, commodity rates such as gold/silver etc. For a layman investor, this information is useful to help get a broad idea of the short term market trends. However, for traders, this information is a goldmine as this information is the basis for their buy-sell decisions.

Related: How do Indian celebrities invest?

#3: Policy changes and other developments:

There are important policy changes and developments not only within India but around the world. For example, it is being said that the slowdown in China and an accompanying effect in commodity prices can be a prominent factor in a global recession. Corresponding to the changes in oil prices, the Government has also passed it to the consumer in the form of a reduction in petrol and diesel prices. Then, you have a rare global event such as Brexit, the impact of which can be felt for years. Staying updated with these policy changes can keep you in good stead in your long term investment planning.

Related: 4 time-tested tips to help you get out of debt in 2016

#4: Tax rule changes and obligations:

Instead of big bang announcements in the Union Budget, the incremental tax changes are communicated by the government throughout the year. For example, recently, the Government has announced the final rules on Foreign Tax Credit which hold a lot of importance to the Non Resident Indians to claim the foreign taxes paid in their Indian Income tax return. Similarly, finance channels keep you up to date with tax compliance timelines, be it filing of tax return, filing advance tax return, depositing TDS and issuing the necessary certificate, etc.

Related: How much tax do these Investment options save under section 80C? [Infographic]

#5: Learn from the experts:

Financial channels such as ET Now, Bloomberg and CNBC have dedicated shows on tax, personal finance, real estate, start-ups etc. It’s a good idea to upskill on one area at a time, and hence it makes good sense to watch such shows and listen to various eminent experts share their insights which you can then use for your own growth. For example, if you have so far been confined to traditional financial products, you can discover money making instruments that you may not have considered. You may even learn a thing or two about how to invest in the stock market with less risk, through products such as Unit Linked Insurance Plans.

Related: Investment Options- Thinking Beyond the Obvious

Conclusion

In this age of constant change and new developments taking place every hour, financial channels serve as the source of real time updates as well as expert insights on financial matters to help you fine tune your investments and be money wise. If you’re looking for more ways to be aware of where your money is and how to make it grow, here are 6 practical ways to keep yourself updated on Money matters.

 
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