Sound Financial Advice

7 Pieces of Financial Advice That Forever Changed My Life

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President Pranab Mukherjee today asked young Indian Defence Accounts Service IDAS officers to provide "sound" financial advice to the military establishment at a time when defence outlays were increasing. Interacting with a group of probationers of this all-India service and batches at Rashtrapati Bhavan , the President noted that the department had the "crucial responsibility of guaranteeing financial propriety, probity and integrity in all transactions.

The President welcomed the probationers to government service and assured them that there will be no dearth of challenges and opportunities in their long career ahead. A Rashtrapati Bhavan spokesperson said Mukherjee spoke about the "canvas, scope and breadth" of exposure and responsibility that a career in government offers and that too at a relatively young age, it was an experience and opportunity for these officers unlike any other.

He also congratulated the young officers for clearing the civil services exam which is recognised as one of the toughest competitive examinations. Established several years ago, the Defence Accounts Department was known as the Military Accounts Department till The department renders finance related services and is mandated with the task of ensuring financial propriety and accountability in the Ministry of Defence. It handles the payment and accounting functions, pension management, internal audit, budget management and the financial advice function for the Armed Forces and allied establishments like the Ordinance Factories, Coast Guard and Border Roads Organisation.

Eight major defence achievements for India in of 9. Defence achievements for India 5 Jan, Largest-ever warship to be built in India 5 Jan, Indigenous combat helicopter 5 Jan, INS Sumitra commissioned 5 Jan, Read more on pranab mukherjee. Indian Defence Accounts Service. My Saved Articles Sign in Sign up. Find this comment offensive? This will alert our moderators to take action Name Reason for reporting: Their example and their advice have revolutionized my life and my view of money.

This is not because I made lots of money. Quite the contrary, it is because I learned from a young age that generosity has rewards of its own and is always worth the sacrifice. Always consider the money, but never let it be the determining factor. In , following a two-year internship after college, I began the search for my first full-time job. I remember, at that time, seeking the counsel of a spiritual mentor of mine.

Sitting across from his desk, I asked about money and how much I should let that factor dictate my decision. He responded with some of the best advice I have ever received: A job that pays too little or seeks to take advantage of you will ultimately add stress and worry to your life and keep you from doing your best work.

So you have to consider it. But never let it be the most important, determining factor in your search. Always consider your talents and skills and strengths and the opportunity to make a difference in the world first. I have tried, throughout my life, to consider income in the jobs I have taken, but have never allowed it to be the most determining factor. While working through the specifics of our first home purchase, our real estate agent made a passing comment concerning our mortgage payments. But for me, it became a life-changing goal—make one extra monthly payment each year on my mortgage.

What is the single most significant piece of financial advice you have ever received? And how has it improved your life?

Inspiring others to live more by owning less. Follow on Twitter Like on Facebook. I think that our parents especially can be a huge influence in how we think about and use money.

Eight major defence achievements for India in 2014

Sounds like your parents were a positive force in how they showed you the value of giving back. Best advice I tell my kids that I coach in High School.. One house,one job you love and only marry once.. Little extra marry ugly they wont leave you.

Now most people say I see your wife took your advice. Same house and wife 39 years and had 2 jobs that I stayed with for 40 years total.. That was perfect for your time. Nowadays, everything is different.

Provide sound financial advice to military: President Pranab Mukherjee to IDAS officers

All very good advice! We live in one of the states that was hit the hardest by the real estate market collapse. That in turn caused a terrible downward spiral in the construction industry that we work in. We are very grateful that our company survived and we had no issues paying our very affordable mortgage. I also took to task to arm myself with knowledge of how expenses and the different types of incomes from a tax standpoint.

The time I took to understand income, expenses, and taxes has led me to the conclusion that I am better off starting my own business, and learning to spend wisely. It has also freed me from tying myself to a 9 to 5 job, spending time in a 6 x 6 cubicle, and doing things that do not add any value to my life whatsoever just to survive in a corporate jungle. My mother is a very bad money manager.

When she had retired from her job, she had nothing as saving. Because of some unfortunate circumstances, she had to repay most of her retirement benefits. She was so much afraid of that situation that made her ill and a patient of panic attack. At that time, I took the mater in my hand and I become the money manager of my house. From the very beginning of her pension income, I started to save a little, than spent on the needs like grocery, bills etc. After 8 years of her retirement, i saved quite a lot and my mother is now always amusing that money saving is that easy….

One financial adviser told me to get rid of my current whole life policy which he sold me a year before , and buy this new one at a new company he went to. This was the best financial advice because it opened my eyes to the fact that I am my own best advocate for my finances.

I dropped him and the whole life policy and began to read books, articles and blogs and I am so much better off financially. When the investment guy came around to talk retirement money at my very first professional job, there was no way I was going to do it.

My supervisor kept insisting, and gave me a motherly talk and the push I needed. However, after a few pay periods, we had adjusted and no longer missed it.

Having my money grow since the age of 22 has made a big difference in the amount we will have in our later years. I still save a little each check in my K before and after tax deductions. I may not make a lot of money but I love my job and it allows me to support my family. My parents taught me nothing in regards to financial advice.

They bought cheap junk rather than spend on quality.

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