Financial Counselling
Financial Counselling
Financial Counselling
We educate, skill ourselves so we can get money home for our families. Finance is all about creating wealth from economic machineries. Financial literacy requires financial knowledge about various avenues and abstinence from indulgence in borrowings. Passive income to savings is least explored in our community. Debt is a major factor leading to fallen families. Family Business disputes are a result of intentions and lack of policies. Family wills and deeds are need of all hours, as inheritance is what your family seeks after your demise. As the world leaps to new means of wealth creations, i.e. Crypto currencies, Financial Literacy needs to be in your blood.
At Effective Family First Foundation,
We offer the following services:
Debt Counselling
Financial Literacy
Business Succession Planning
Inheritance, Wills and Documentations
Mediation
Debt Counselling
Statistics:
- Indian household debt is in range of Rs. 60,000 in villages and Rs. 1,20,000 in cities
- 35% of Rural houses and 22% of Urban houses are in debt
- Institutional Debt is at 66% in Rural as against 87% in Urban
- Indian households have a record level of Debt touching Rs. 43.5 trillion
- Outstanding retail loans stands at 21.3% of India's GDP
Statistics:
- Indian household debt is in range of Rs. 60,000 in villages and Rs. 1,20,000 in cities
- 35% of Rural houses and 22% of Urban houses are in debt
- Institutional Debt is at 66% in Rural as against 87% in Urban
- Indian households have a record level of Debt touching Rs. 43.5 trillion
- Outstanding retail loans stands at 21.3% of India's GDP
Families have cut back on savings and/or
resorted to borrowings to maintain their
consumption levels
- The number 1 cause for bankruptcy today is medical bills; number 2 is credit cards
- Just 12 accounts responsible for 25% of Rs. 8 lakh crore bad debt with banks - RBI
- 2019: 5.2 Crore users of credit cards in India
- 3 Cardholders for every 100 in India vs 32 cardholders for every 100 people
- 70% of Americans live paycheck to paycheck
The number one cause of divorce in America is money fights and money problems. Spouses just
don’t know how to talk to each other about money.
Effects of Debt
Anxiety
Hyper Tension
Pressure
Depression
Stress
Free Thinking
30% of human illness can be related to Debt issues
As a self assessment,
You are in a Debt Trap, if you have:
- Multiple credit cards and breaching your CC limits
- Mounting EMIs, unable to pay regularly
- Debt is bigger percentage of your salary
No law, regulation, or mandate will fix you
No politician's promises or government handout will fix you
No dream job or sky high salary will fix you
It's only you, your family, your friends, your relatives and neighbours
It’s a DIY – Do it Yourself
Financial Literacy
We educate or upskill ourselves so we can get money home for our families. It’s all about creating wealth from the economic machineries. Financial Management is your responsibility, and you cannot outsource it. Financial literacy requires financial knowledge about various avenues and abstinence from indulgence in borrowings. Passive income to savings is least explored in our community.
Our Courses include:
- Stock Market Trading and Investing
- Mutual Funds
- Ethical Finances
- ETF Gold
- Real Estates
- Alternative Investment Avenues for Businesses
Schedule an appointment for Guidance
Business
Succession Planning
You toiled for your business to grow from nothing. Your next generation is a handful of sons and daughters. Next is a consortium of cousins. Justice is key to ensure that your business moves from generation to generation.
Owners who don t take a proactive approach to succession planning are setting their business and their heirs up for prolonged conflict and a high risk of failure.
Faber Castell formed in 1761 – the German pencil maker is run by the 9th Generation, The Muillez Family, France has a 100-year-old constitution. The Haniel Group, Germany has 650 family members as shareholders. Hoshi Inn keeping is run by the 46th Generation. Japan family businesses use son in laws or adopt a competent to bring in new blood. When a business lacks talented natural heirs, an adopted successor can inject new energy.
So why not your Family Business?
Formalizing your business with processes, procedures can get you going a long way. A professional approach to managing your business can bring about good governance. Your business needs to be passed on to future generations. Getting things right is the key.
Why do you need a Family Business
Succession Consultant?
- As a consultant, we bring about clarity to a very emotional and entangled discussion
- The professional comes with a broad repertoire of up to date research and refreshed statistics
- They bring along experience through encounters
- No two families are the same, so it needs to be tailor made. A bespoke solution. Every family can be inspired by the solutions and successes of other families
Inheritance, Wills and Documentation
As the old saying goes, “you won’t really know your relatives until it’s time to divide the inheritance.”
Your generation next seeks your wealth as their birthright. You need to plan well in advance to ensure this smooth transition. What your family needs to know is important. A detailed record of your wealth be maintained to ensure all assets are part of the transition process, how the distribution should take place and the legal process to be considered.
Mediation
Families dispute with respect to distribution of wealth and so do Family Businesses. It may be due to lack of understanding, confidence and intentions.
There have been unresolved family and business disputes that date back to over decades. It’s time to get your money matters sorted out.
Schedule an appointment for Guidance
