In
this issue, I just want to share two of
my recent learnings from the TYCOON programme I attended recently. Jci.
Sen. Sunil Kumar is not only a excellent
trainer, but also a consultant with wide
experience.
Information 1:
He
said in the future banks will give personal loans, based on your credit card
transactions and nothing else. He said the credit card transaction statement is
a far better proof of your ability to pay, than your Income Tax records or your
Networth statement. The financial integrity of the person can be easily judged,
by taking a closer look at the 3 years record of your credit card statement.
This is what is happening in advanced countries like USA and Europe He
therefore suggested, that we have a credit card and try to pay most of our
bills by credit card and also to settle the credit card bills promptly.
Information 2:
He
said, take a insurance to the extent of the loans you have. For example, you
have a loan of Rs.20 lakhs, for yourself or your own business, then we should
have a insurance policy to the extent of the same amount, so that in the
unfortunate event of our death, our children do not have to face the beating.
This means, your family does not have to dispose any asset in order to clear
your loan. Your family does not have to face the liability of the loan. If
there is a insurance cover, the insurance will take care of your debts and the
loan will not affect the existing life standard of your family. We strive hard
for their well being and we certainly do not want them to be in trouble at any
point of time. The next important thing is, this also gives you the freedom to
play the business/ money game without big hesitations.
I
think the strength of the positive side of life depends upon our preparedness
for the negative things.
Happy Reading,
D. Senthil Kannan
Article Dated Oct 2006
