Archive for May 4, 2012

Staying Financially Prepared for a Child with Special Needs

Regular MoneyChat readers will know that we’ve featured some great advice from financial planner Chitra Iyer, who also happens to be on our expert panel.

Today, we bring you a pertinent story with advice on preparing financially for a disabled child. Chitra is not only an experienced planner but also the mother of Shravan, a special-needs child with Autism. While trying to deal with the challenges of being a care-giver, she reached out for support and joined the Forum for Autism, where she’s the trustee today.

Autism includes a spectrum of developmental disorders that affect individuals to varying degrees. ”At any point of time, we have between 300 to 400 registered members. But over the last 10 years, we have touched over 5000 families,” says Iyer. Forum for Autism conducts informative workshops for parents around the year. “Our annual meet typically attracts some 300-odd attendants from various parts of Maharashtra, Goa, M.P and other states,” she adds. » Read more..

Thinking of getting Life Insurance? Great. Just don’t treat it as an investment.

In the past couple of years, there’s been a lot of noise about the need for life insurance – everyone’s telling you to get it – from your friendly agent to your neighbourhood bank to all those screaming television commercials. They all remind you of good and bad events in life, make you dream about your children’s educational needs, their marriages, your old age or illnesses. They warn you of impending doom, of the need to buy life insurance Right Now!

It is true that an unforeseen accident can leave a family not only emotionally bereaved but also financially devastated. As an earning member with dependents, it is your responsibility to protect your family in the event something happens to you and you are not able to provide for them anymore. But, do you know all the facts about Life Insurance? Do you know how much cover you need and how to calculate it? Do you know the term you need it for? If you can’t figure out the answers to these questions yourself, you’ll be putty in the hands of some unscrupulous agent. » Read more..

10 Common Mistakes That Women Make About Money

In an exclusive article for, Chitra Iyer, Chief Operations Officer and Financial Coach of financial planning company, My Financial Advisor, writes about the 10 money-mistakes that she has seen women make over and over again.

The Indian woman is quite possibly among the best money managers in the world. Whether you look at the smallest household in a remote village or an ultra-modern family living in the city, she has always adopted and followed various methods of saving for her family’s needs over generations. From money that is handed to a housewife to manage the household expenses, small portions are cleverly set aside, irrespective of the woman’s knowledge, education or literacy. She is capable of saving money for a contingency or for a need without anyone teaching her the same in a classroom, she just learns it instinctively from her own parents or her financial situation. However, with changing times, despite our cultural reverence for saving, modern Indian women are increasingly prone to financial mistakes. Here are the 10 most common ones; most women would commit a combination of the following mistakes. » Read more..