How To Discuss Money Goals With Your Other Half

Even the closest couples will agree that it is impossible to agree with each other all the time. And that’s what makes relationships special. Each person brings his or her own perspectives to the table. And if the relationship is a deep and mature one, both the individuals learn to move outside their own convictions and accommodate the other’s point of view on things like family, lifestyles, expectations, and of course, the big one: money.

Money can often be a long-standing cause of disagreement between couples. Money management is a deeply personal trait, like driving. Most of us assume that we know exactly how to spend and save. Hence, when a significant other criticises our financial habits, it can often lead to furious rows.

Like with any other disagreement between a couple, it is important to sit down and talk about money. Here’s how to approach that discussion with your significant other.

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1 Ensure that money management is a shared responsibility: A relationship is a two-way street, and the sooner you and your partner understand that, the better life gets. Just like other responsibilities, financial matters should be divided equally among partners. It’s unfair to expect one person to bear the entire financial burden of the relationship. The best way to ensure a comfortable and a mutually respectful relationship is to ensure that both partners contribute as equally and fairly as their finances allow them.

2 Understand each other’s goals and perspectives: Every individual is different and thus, what’s important to one person might not be important to another. The same logic applies to a relationship, and that’s why it’s important to understand and acknowledge each other’s goals and perspectives. What’s your spouse or partner’s five-year plan? How important is buying that additional Smart TV? These may seem like silly questions, but they hold the key to understanding each other’s long-term goals.

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3 Agree on how much to save and spend every month: Irrespective of who’s bringing in how much money, it’s important to agree on some spending and saving limits. Discuss with each other to arrive at a figure that you are comfortable with. If for some reason you can’t stick to the plan during a particular month, make sure you inform your partner about it.

4 Be open and transparent about all financial matters: Decisions like opening a joint savings account are important, so make sure you talk about it openly and clearly with your partner. If you would rather have separate accounts, always keep your partner in the loop in terms of your financial status.

 

5 Talk to an investment expert jointly: This will help you understand each other’s perspectives, choices and risk appetite and find common ground. It also creates a joint sense of responsibility, and allows facts and figures to dictate the conversation, rather than emotions.

Couples who agree on household finances are more likely to be satisfied overall with their relationship. The key phrase to remember here is ‘joint goal-setting’. It is important for two people to have a shared financial vision for their future and work towards achieving it. Mutual funds are a great tool for goal-based investing, as they allow users to select a time-frame, investment volume, and risk level that they are comfortable with. For more information on mutual funds and their benefits, check out the recent ‘Mutual Funds Sahi Hai’ campaign by The Association of Mutual Funds in India (AMFI) at www.mutualfundssahihai.com .

Facebook Moderation Guidelines Leaked, Show How It Reviews Hate Speech, Extremist Content

HIGHLIGHTS

  • Challenges such as revenge porn have overwhelmed Facebook moderators
  • It reviews around 6.5 million reports of potentially fake accounts a week
  • It confirmed that it was using software to intercept graphic content

Leaked Facebook documents show how the social media company moderates issues such as hate speech, terrorism, pornography and self-harm on its platform, the Guardian reported, citing internal guidelines seen by the newspaper.

New challenges such as “revenge porn” have overwhelmed Facebook’s moderators who often have just ten seconds to make a decision, the Guardian said. The social media company reviews more than 6.5 million reports of potentially fake accounts a week, the newspaper added.

Many of the company’s content moderators have concerns about the inconsistency and peculiar nature of some of the policies. Those on sexual content, for example, are said to be the most complex and confusing, the Guardian said.

Facebook had no specific comment on the report but said safety was its overriding concern.

Facebook Moderation Guidelines Leaked, Show How It Reviews Hate Speech, Extremist Content

“Keeping people on Facebook safe is the most important thing we do. We work hard to make Facebook as safe as possible while enabling free speech. This requires a lot of thought into detailed and often difficult questions, and getting it right is something we take very seriously”, Facebook’s Head of Global Policy Management Monica Bickert said in a statement.

Facebook confirmed that it was using software to intercept graphic content before it went on the website, but it was still in its early stages.

The leaked documents included internal training manuals, spreadsheets and flowcharts, the Guardian said.

The newspaper gave the example of Facebook policy that allowed people to live-stream attempts to self-harm because it “doesn’t want to censor or punish people in distress.”

Facebook moderators were recently told to “escalate” to senior managers any content related to “13 Reasons Why,” the Netflix original drama series based on the suicide of a high school student, because it feared inspiration of copycat behavior, the Guardian reported.

Reuters could not independently verify the authenticity of the documents published on the Guardian website.

Facebook Rainbow Reaction Is Here and This Is How You Can Get It Now

HIGHLIGHTS

  • Facebook has added the Rainbow reaction to support LGBTQ Pride
  • There are also Pride-themed masks and frames
  • Pride-themed features on Facebook will till June-end

Facebook has launched a new Rainbow emoji reaction, among several other features, in honour of the LGBTQ Pride Month — celebrated every year in June — and show support to the community and the cause. The Facebook Rainbow reaction is accompanied by a Rainbow Frame for profile pictures, Pride-themed masks and frames in Facebook Camera, and even the option to start fundraisers for the community on the platform. The new features will be available throughout the month of June.

How to get the new Facebook Rainbow Reaction

To get the new LGBTQ Rainbow Reaction and the other Prime-themed features, you need to ‘like’ the LGBT@Facebook official group. Once you like the page, you will soon see the Rainbow emoji reaction when you long-press on the like button on a post, photo, link, video, etc. Similar is the process to get the new The new features are available only in the US for now, and some even in the US complain of not getting the new features despite liking the page.

Facebook Rainbow Reaction Is Here and This Is How You Can Get It Now

Apart from the Pride-themed features on Facebook, there are some LGBTQ-supporting features on Instagram and Messenger as well. On Instagram, walls in major US cities will be turned into colourful beacons of LGBTQ support, where you can leave supportive comments on your posts. You can also celebrate Pride and be creative with stickers and a rainbow brush. Similarly, Messenger users can use Pride-themed stickers, frames, and effects in the Messenger Camera.

In a statement, Facebook said, “As Pride celebrations begin around the world, Facebook is proud to support our diverse community, including those that have identified themselves on Facebook as gay, lesbian, bi-sexual, transgender or gender non-conforming. It added over 12 million people across the globe are part of one of the 76,000 Facebook Groups in support of the LGBTQ community.  The social networking giant noted that more than 1.5 million people plan to participate in one of the more than 7,500 Pride events on Facebook this year.

How project management is optimizing real estate value in India

Over the last few decades, India has undergone rapid industrialization – predominantly in the manufacturing ‘clusters’, most of which thrive in and around the metropolitan cities of the country. Some of the prime movers for this rapid growth have been the steady increase in per capita income propelling urbanization, and the accurate perception of India as a hub for cost-effective manufacturing.

Another encouraging factor has been a supportive politico-economic climate which has fostered favourable conditions for more and more large MNCs to set up operations in India. Various initiatives like Skill India, Make in India, Start-up India, etc. that have been launched by the government in recent times have significantly driven economic development. All of this, in order to be successful, has required project management as an underlying enabling factor.

Project management is certainly not a recent phenomenon in India. Historical architectural marvels like the Taj Mahal, the Ajanta-Ellora caves and the Sun Temple at Konark, to name just a few, are all examples of excellent project management back in the country’s ancient times.

So, what essentially is Project Management? Just like in any other industry, it involves the use of skills, tools and techniques to successfully execute projects in order to deliver the requisite product and process outcomes. In the real estate realm, it may entail Project Management Consulting, Capital Improvements, Multi-Site Program Management, Development Management & Advisory, Base Building Monitoring, Move Management, Build-to-suit Development, Construction Management and Tenant Improvements.

India’s expansive geography, diverse cultures, range of languages, differing regulatory environments and methods of professional practice make achieving consistency across the country a challenge. This is where external project management experts come into play. Expert project management ensures that:

# Companies can direct their time and efforts to their highest priorities.

# There is a single point of contact (SOP) who gives attention to tactical project delivery from start to finish

# Consistency is ensured throughout the project journey, whether across multiple tasks or geographies, by using standardized processes, controls and best practices.

# Effective risk management is applied to help achieve desired returns on investment, along with real-time reporting and compliance with companies’ internal governance, thereby protecting and enhancing their reputation.

# Productivity improves thanks to proven processes to effectively manage cost, time and quality.

# Cutting-edge technological platforms to deliver best-in-class facilities are applied.

According to the Project Management Institute’s Pulse of the Profession 2015, ‘Organizations that drive optimal project management practices meet their goals 2 ½ times more often than those in low performing organizations (90% vs 36%).’

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Project management is not a recent phenomenon in India.

When delivered by international property consultancies such as JLL India, project management involves the deployment of professional project managers who conceive and orchestrate the design and construction of complex real estate projects from beginning to end, handling every detail. At the end of the day, the objective of effective project management is to ensure that clients realize the maximum potential of their assets, and this requires a firm eye on myriad aspects of the project cycle – from enhancing safety and quality to driving innovation, efficiency and maximizing cost savings – to deliver facilities that meet the specified requirements and support business goals.

When it comes to managing projects, PM professionals must work as an extended technical arm of the hiring firm, bridging the gap between the designers and builders. It is not an exaggeration to state that professional project and development services keep the landscape of the industry in constant forward-looking evolution. Such services not only make the industry more organised, but are also the single-most important influence in driving awareness on safety, sustainability and quality.

All these advancements in the sector and awareness about it are making project management a lucrative industry in the eyes of academia, and this has naturally resulted in project management being increasingly seen as both a rewarding and responsible career option.

That said, much remains to be achieved. While technological advancements are happening all across, this sector has majorly remained untouched by such developments. The industry certainly has seen some bright sparks in compartments, like use of drones for project updates, or real-time visibility with the help of CCTV cameras at sites. However, it largely remains a people-driven industry in India as compared to the more developed parts of the world, where technology greatly aids the project manager in efficient deliveries. There is a great opportunity for project management firms to add value to their portfolios by embracing technology at a faster pace.

The introduction of GST will now usher in better prospects for project management in the warehousing sector. We will also see increasing investments into professional PM coming in from the pharmaceutical sector and large-scale infrastructural projects.

How Co-Living Spaces Reshape Real Estate Industry of India

India’s millennials, about 30% of our population, are typically changing jobs every 18-24 months and are increasingly valuing experiences over assets. This makes the concept of ownership no longer relevant for the urban Indian millennial. Especially when they think of homes.

Millennials want flexible, social and affordable homes. They want to rent. Having said that, residential real estate will now need to transform to give these millennials just that.

Structural design of residential real estate hasn’t evolved in the longest time. When we think of a house, we think of a Bedroom, Hall and a Kitchen.

Here’s a simple understanding of the relative utilization of spaces in a typical 1BHK housing 2 people: The Dining and Living Room is typically around 180 square feet and the average time spent there is 2 hours – that’s relative utilization rate of 19.39%. A Bedroom is around 150 sq. ft. and we spend an average of 9 hours a day there, a utilization rate of 72.70%. A kitchen maybe around 70 sq. ft. and spending 1.5 hours a day there means it has a utilization rate of 5.65%.

When we look at the above real estate utilization and their relative utilization in these typical structures, you’ll see how basic design changes and sharing areas with lower utilization amongst a larger community could drastically drive down costs making quality accommodation more affordable and accessible.

Co-living spaces seek to do just that.

The underlying philosophy of co-living spaces, for realtors, is to maximize space utilization which in the current scenario could save a person as much as 30% in rentals in Tier 1 cities while giving the realtor as much as a 12% rental yield on his property, and for residents, to drive more human interactions making homes and the people that live in it more social and acceptable.

Co-living spaces seek to drive up relative utilization of spaces by combining private (Bedrooms and Bathrooms) and communal areas (Utility Rooms, Living Rooms, Dining Areas and Kitchens) for a larger group of people that then become part of one large community.

Chronic loneliness, which is now a modern-day epidemic amongst the urban millennial, is one of the reasons why we’ll now see higher adoption of such models of living in India. A WHO study points out that the total estimated number of people living with depression increased by 18.4% between 2005 and 2015 and with the rate at which our cities are growing this number is on an alarming rise.

Living in a community of like-minded individuals which is the ethos of co-living spaces is easily the safest bet to fight this modern day epidemic amongst the urban millennial.

Co-living spaces use design in a way that allows for people to interact, make friends and feel like they belong to something bigger than themselves, i.e. a community.

Much like how increasing adoption of the sharing economy is helping drive down costs in the transportation industry, the same philosophy of sharing spaces and living in co-living spaces will play a huge role in driving down costs in the rental residential industry, thus allowing for more people to move into higher quality accommodation which will transform the residential real estate industry in India.

Disclaimer: The views expressed in the article above are those of the authors’ and do not necessarily represent or reflect the views of this publishing house

Separating Your Personal and Business Finances: Why and How

New business owners may seek to keep things simple and co-mingle their business and personal finances. This is a BIG mistake. Here’s why, and what you can to do to appropriately separate your financial activities.

Why and How to Separate Your Personal and Business Finances

Why Keep Finances Separate?

There are important financial, legal and tax reasons to separate your finances:

Why and How to Separate Your Personal and Business Finances

  • Financial. It’s difficult to know how well your business is doing if you can’t easily eyeball a bank balance devoted to your company. You may run into cash flow problems using a single account for business and personal expenses. Also, having a separate credit card for the company helps to build business credit scores.
  • Legal. If your business is a corporation or a limited liability company, you can lose the personal liability protection you sought by setting up such an entity by co-mingling your finances. The reason: If you don’t respect the separate legal status of the entity, creditors may not have to and can go after your personal assets to satisfy their claims. There’s a legal doctrine called “piercing the corporate veil,” which means courts can ignore your entity’s status for purposes of your personal liability for any claims against the business if you haven’t observed the formalities of a separate business entity.
  • Tax. For federal income tax purpose, the law requires you to keep good books and records. This can only be done if you have a business bank account into which you deposit income and from which you pay expenses. A rookie mistake is thinking you can remember what expense is for business, such as a meal, when it comes time to prepare your tax return; you can’t — and it can cost you tax deductions!

How to Keep Finances Separate

It’s really a no brainer. All that is needed to keep your business affairs untangled from your personal money matters is to have a separate business bank account and a separate business credit card. If you choose to use PayPal, also set up an account for your business.

You also need separate accounting for your business income and expenses. So, for example, if you use Quicken or Mint.com to track your personal expenses, use a separate accounting solution, such as QuickBooks, for your business.

To make sure you input expenses into the correct accounting solution, be sure to keep business receipts separate from personal expenditures. This can be done using separate files for paper receipts or separate online folders for e-receipts. Online options, such as Shoeboxed can help you keep track of business receipts.

If you use a home office, business with personal matters can all too easily get mixed up. In order to claim a home office deduction, the space must be used regularly and exclusively for business. Incidental personal use may not kill the deduction, but it’s better to keep personal things out of the home office area.

If you use a paid professional to prepare your tax return, ask that you receive separate invoices for services related to your business and personal income and expenses. For example, if you’re self-employed, an itemized bill enables you to take a business deduction for the cost of preparing Schedule C; the balance is deductible only on Schedule A if you itemize.

Conclusion

Keeping your business and personal life separate is extremely helpful. It’s easy to do. It merely requires a little housekeeping to set things up properly, and then to follow through.