April 17, 2014 Leave a comment
‘Sorakaya/Lauki/Bottle Gourd written on a piece of paper is not capable of being turned into curry.’
Learnt this very useful lesson from my dad yesterday.
Beware of whom you accept cheques and promises to pay.
For Whom Wealth Matters
April 13, 2014 2 Comments
I often feed the squirrels on my walks in St James Park and I always notice how if you throw two peanuts at them, they will always take only one and save the other. They finish the first, and only then come back for the other.-SP Hinduja
April 7, 2014 Leave a comment
Ths IRS releases a list of the 400 highest returns filed in the US.They are known as the Fortunate 400.So how do they get there?-Their money works for them.
The Fortunate 400 make as much as half of their incomes (in blue) from investments, and their household incomes have swung very similarly to the S&P 500 (in red) over the past 100 years.The S&P 500 is a broad mix of 500 stocks across multiple sectors, it is a much more accurate gauge of market sentiment than the more well-known Dow Jones Industrial Average – which tracks only 30 stocks.At the very top of the economy, the 400 richest tax returns analyzed by the IRS take home about 50 percent of their income from capital gains i.e they sell at the top of the market.Capital gains are income earned through investments, and they have shot up 1,300 per cent since 1992.
So are there any repeat names on the list ?-73% of the people make it to this list just once.Only four households appeared every year in the last 2 decades.So who are they?Your guess is as good as mine.For privacy reasons the IRS doesn’t publish these names.
April 7, 2014 Leave a comment
The bottom nine-tenths of the 1 Percent club have about the same slice of the national wealth pie that they had a generation ago. The gains have accrued almost exclusively to the top tenth of 1 Percenters. The richest 0.1 percent of the American population has rebuilt its share of wealth back to where it was in the Roaring Twenties. And the richest 0.01 percent’s share has grown even more rapidly, quadrupling since the eve of the Reagan Revolution.
So where do they have their money?In real estate and bonds.So don’t underestimate their relevance to the wealthy.
April 6, 2014 Leave a comment
This Act was passed to address the inequalities in succession to agricultural land, Mitakshara joint family property, parental dwelling house and certain widow’s rights.
One of the most significant amendments in the Hindu Succession (Amendment) Act, 2005 is the deletion of the gender discriminatory Section 4 (2) of the 1956 HSA. Section 4(2) exempted from the purview of the HSA significant interests in agricultural land, the inheritance of which was subject to the devolution rules specified in State-level tenurial laws.In States where these laws were silent on inheritance, the HSA applied by default, as also where the tenurial laws explicitly mention the HSA. But, in Delhi, Haryana, Himachal Pradesh, Punjab, Jammu and Kashmir and Uttar Pradesh, the tenurial laws specified inheritance rules that were highly gender unequal. Primacy was given to male lineal descendants in the male line of descent and women came very low in the order of heirs.Also, women got only a limited estate and lost the land on remarriage.Moreover, in U.P. and Delhi, a “tenant” is defined so broadly that these inequalities effectively covered all agricultural land. U.P. alone has 1/6 of India’s population. This clause thus negatively affected innumerable women farmers.The 2005 Act brings all agricultural land on par with other property and makes Hindu women’s inheritance rights in land legally equal to men’s across States, overriding any inconsistent State laws. This can benefit millions of women dependent on agriculture for survival. Read more of this post