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Mastering Your Finances: The 50/30/20 Rule for Budgeting Success

Introduction The 50/30/20 rule is a financial guideline that helps individuals manage their money effectively by allocating their income into three distinct categories: 50% for needs, 30% for wants, and 20% for savings and debt repayment. This rule provides a simple and practical framework for budgeting and financial planning, helping people achieve financial stability and …

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What is Form 16? The Complete Guide!

Finance and Economy, Section 80C, Tax Saving / By My Finopedia / September 15, 2023 September 15, 2023

Form 16 is an important document you might encounter when you start working or during tax season. In simple terms, it’s like a report card your employer gives you about your earnings and the taxes they’ve deducted. Let’s break down what Form 16 means, how it works, the perks it offers, and the different types …

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For the First Time Ever, the Nifty50 Crosses the 20,000 Milestone

Finance and Economy, News and Updates, Stocks Market / By My Finopedia / September 11, 2023 September 11, 2023

On September 11th 2023, The Nifty 50 index soared beyond 20,000 today, setting an all-time high, marking a significant historical landmark for the Indian stock market. This outstanding accomplishment serves as proof of India’s economy’s durability and prosperity despite several difficulties and uncertainties in recent years. The Nifty has risen by 17 percent since the …

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PNB Scam 2018- All You Need to Know!

Business, Finance and Economy, Financial Scams / By My Finopedia / September 9, 2023 September 9, 2023

One of the largest banking scams that shattered all together the country’s economy is the Punjab National Bank Scam in 2018. The helmsman billionaire of this scam is one the visionary businessman Nirav Modi. He hailed from a family of businessmen and eventually, after studies joined his uncle’s business. Shifting in India, Mumbai, Nirav Modi …

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How to Teach Kids About Budgeting and Why It Matters?

Child Education Planning, Finance and Economy / By My Finopedia / September 8, 2023 September 8, 2023

We teach our children addition, multiplication and division so that they tend to combat real world challenges and apply them for critical thinking. But have we ever thought of teaching them the application itself? Or why is finance such an underrated topic in common households, submitted to be viewed only patriarchally? However, we should understand …

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Does Your Life Insurance Policy Need An Accidental Death Benefit Rider?

Finance and Economy, Insurance / By My Finopedia / September 7, 2023 September 7, 2023

Life insurance is a crucial financial tool that provides peace of mind and financial security to your loved ones in the event of your untimely demise. While traditional life insurance policies offer a straightforward death benefit, some individuals may wonder whether they should add an accidental death benefit rider to their policy. In this discussion, …

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5 Money Lessons To Learn This Teachers Day

Finance and Economy, Financial Planning / By My Finopedia / September 5, 2023 September 5, 2023

On this very unique day known as Teachers Day, our mentors who impart us with knowledge and life lessons are acknowledged. Therefore, being the mentors of our own life choices and decisions, it is worth considering five important money lessons that instructors may impart to us as we observe this day or may incultivate. These …

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Coalgate Scam 2012

Business, Finance and Economy, Financial Scams / By My Finopedia / September 4, 2023 September 4, 2023

The Coal Allocation Scam, or Coalgate is one of the biggest corruption scandals during the reign of Congress UPA-2 government in India. The incident played a role in shaping the public discourse around corruption & crony capitalism in the country. The scam led to massive outcry from the opposition parties, civil society, and public due …

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State Bank Tops the Distributor’s in AMFI FY 2022-2023

Business, Finance and Economy, News and Updates / By My Finopedia / September 3, 2023 September 3, 2023

Recently, AMFI (Associations of Mutual Funds in India) published data signifying the average AUM (Assets under Management) per year in 2023. The distributor, which tops the list with aggregate Rs. 1.44 lakh crore AUM in the financial year 2022-2023 is the largest government bank in India, the SBI (State Bank of India). By calculation, the …

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Lalit Modi’s Corruption Case 2015

Finance and Economy, Financial Scams / By My Finopedia / September 1, 2023 April 15, 2024

One of the most significant financial frauds involving the role of the Indian Premier League (IPL) is the corruption case of Lalit Kumar Modi. In 2010 financial irregularities, conflict of interest and potential corruption were made against the former chairman & commissioner of IPL Lalit Modi, The BCCI (Board of Control for Cricket in India) …

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