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Business or Job it’s your choice – True Story

Shitanshu Kapadia
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Business or Job it’s your choice – True Story

business

In world, you will find two types of people. One who prefers to be a master by doing a business and second who prefers to be a slave by doing a job. Well, doing a business or a job is an individual choice. However, we find that people preferring jobs are more compared to business. There are many reasons for this but one main reason is we are being trained to do a job from childhood times.

Go to school, get a good degree and degree will give you a good job. Once you get a good job your life will be set. This is a common philosophy of Indian middle-class family. From the childhood days, many of go through this job minded philosophy and its impact us a lot. Once we grow up we only keep one target in our mind – “I want to get a good job”. Nothing wrong in getting a job, a job can earn you a good income and you can live a good life. However, if you opt for a business you can earn a lot of wealth and live a luxurious life.

Let’s try to understand difference between Job and Business with true story of me and my friend.

Business or Job it’s your choice

I and Sunil is a friend from the school days. From the beginning, my target was to get a good job. So, I completed my engineering and got a job. Sunil was dull in a study he completed his graduation in commerce.

Today when I was returning to home from my regular job, my colleague requested me to have some food at nearest food shop before going home. I was completely exhausted due to hard work at a job but decided to accompany him.

We visited one nearby food shop where famous Mumbai type vada pav is being sold. The shop was full of customers. We order two plates vada pav and waiting for our turn. Incidentally, I saw Sunil sitting at the cash counter. It was surprised to see Sunil at the food shop. It was like a reunion of two old friends at the food shop. I and Sunil started our conversation.

vada pav food shop business

Photo of Food Shop

Sunil asked me that what I am doing?

Me: I am doing a job in MNC Company as a Manager. Sunil was quite impressed.

Sunil: Cool! You must be earning handsome salary man.

Me: Yes

I asked Sunil what about you? Sunil said I started this food shop one year back.

Looking at vada pav shop I simply ask Sunil what do you get by selling these Vada pav?

Sunil: I get 7.5 rupees for each Vada pav that we sell.

Me: “Oh, is that so? How many Vada pav do you sell on an average each day?”

Sunil: “On weekend and on peak days, we sell 600 vada pav per day. On an average, we sell about 400 vada pav a day.”

I was stunned and speechless…..for a few seconds. 400 vada pav per day means he is earning Rs 3000 per day and around 1 Lac rupees a month by selling just vada pav at the food shop. OMG!

Also Read – Why middle class people always remain under pressure?

I was unable to speak a single word more but Sunil continued…
“But one thing…most of our earnings are spent on living expenses and shop expense. Only with the remaining money I am able to take care of other business.”

Me: “Other business? What is that?”

Sunil “It is share market business. In 2007 I bought shares of some blue chip companies like L&T,Infosys, Lupin etc. I invested 10 lac rupees. I sold some shares a few months back for 25 lakhs. I reinvested some amount via mutual funds and bought gold from remaining amount.

Sunil: Further said I am planning to start one new food shop but not getting time.

Sunil: What are your plans?

Me: Well I am doing a job and planning to continue that.

At this point, what could I reply? After all, I was talking to a True Indian Businessman.

We completed our vada pav dish and departed from each other.

On that day, I could realize that small business of food like vada pav can also earn you a big money.

Moral of story
BE AN ENTREPRENEUR and start your own business.

Above story is dedicated to all parents who believes in the job philosophy and set job as a target for their children. They should change their mindset, rather than giving a job as a target to them explain them an advantage and disadvantage of business and job. Let them decide what they want to do?

Business or Job it’s their choice.

How to transfer money via SBI Instant Money Transfer (IMT)?

Shitanshu Kapadia
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How to transfer money via SBI Instant Money Transfer (IMT)?

SBI has recently launched instant Money Transfer (IMT) facility for the customer. Now SBI account holder can instantly transfer money to any mobile number in India. On the other hand, a receiver can withdraw the money from ATM machine without using a card. Features, benefits and usage details of SBI Instant Money Transfer are given below.

SBI IMT Online

SBI Instant Money Transfer Features

  • Transfer instant money to anyone anywhere anytime.
  • Only name, mobile number and address of beneficiary are required by the sender.
  • The beneficiary can withdraw money from SBI ATM with or without using ATM card.
  • No partial withdrawal allowed to the beneficiary.
  • An IMT created once cannot be cancelled.
  • The service charge applicable for the IMT is Rs.25 per transaction at sender end.
  • The minimum transaction amount is Rs.100 and maximum is Rs.10,000 per transaction with monthly limit Rs.25,000 per month per beneficiary.
  • The T+2 days are given to the beneficiary for the IMT withdrawal. If money is not withdrawn it will be automatically refunded back to the sender.

How to Transfer money via SBI Instant Money Transfer?

Step -1 – Register Beneficiary

The first step before IMT is registration of beneficiary. To register new beneficiary you need to send SMS on 567676 mentioning a mobile number, name and pin code of beneficiary in the following format.

BREG 9800000098 + Raviraj + Parekh + 394510

Step -2 – Instant Money Transfer using SBI ATM

  1. Visit nearest ATM Center.
  2. Insert your ATM card and select transfer option.
  3. Enter your debit card PIN.
  4. Select IMT option and IMT Initiate option.
  5. Enter beneficiary mobile number and your mobile number.
  6. Enter 4 digit code and enter the amount for money transfer.
  7. Select YES or NO on the confirmation screen.
  8. Select your account for the money transfer.
  9. Once IMT is initiated 15 digit IMT ID will be generated and 4 digit SMS code will be sent to Beneficiary mobile number.

Step -3 – Withdrawal of money by beneficiary

The beneficiary can withdraw IMT money from SBI group of ATM with or without ATM card.

  1. Visit nearest ATM Center.
  2. Click on IMT logo appearing at the bottom right touch screen.
  3. Enter your mobile number and sender code.
  4. Enter SMS code received on your mobile.
  5. Enter withdrawal amount and give confirmation by pressing YES.
  6. Collect the cash.

Over to you –

SBI Instant money transfer is very good innovative service especially when you want to do long distance remittances or emergency money transfer. This facility is also useful when you forgot your wallet or lost your debit card.

MIP – Monthly Income Plans for regular monthly income

Shitanshu Kapadia
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3
MIP – Monthly Income Plans for regular monthly income

Earning a regular monthly income is the prime need of every individual today. In order to generate regular monthly income, we generally do a job. However, there are many businessman or investors who generate regular monthly income by making investments.

 If you are a businessman with an irregular income and want to invest money for a regular monthly income you can go through 10 Best Investment options to generate regular monthly income. In this post, I will discuss MIP – Monthly Income Plans and also suggest some of the best MIP for investment.

monthly income

What is MIP – Monthly Income Plans?

MIP is a debt mutual fund scheme that invests its 70-75% funds in government bonds or other fixed income generating schemes. MIP offers regular monthly income in addition to dividend payout. However, income generated from MIP is variable in nature. MIP comes with two options.

MIP with Dividend Option –

As the name indicates MIP with dividend option provides you regular dividend income. You can receive this dividend monthly, quarterly, half-yearly or half-yearly based on the option selected by you at the time of buying MIP.

MIP with Growth Option –

In this option dividend is not paid to the investor it will be reinvested for the growth of fund hence the overall growth of fund will be high. The benefit of this growth will be paid to the investor at the time of redeeming funds.

Types of Monthly Income Plans – There are two types of monthly income plans available in the market.

  • Aggressive MIP Funds – This types of fund invest 15-30% of fund amount in the equity market.
  • Conservative MIP Funds – This type of fund invest 0-15% of fund amount in the equity market.

Features of Monthly Income Plans (MIP)

Unfixed Monthly Returns – MIP provides very good returns to the investor. However, returns from MIP is not fixed. The returns generated by MIP is based on the performance of the fund. If fund performance is good the return generated by the fund is high, whereas if fund performance is poor MIP may end up giving bad returns.

MIP returns depend on Interest rates – The returns generated by MIP is based on market condition and prevailing interest rates. As a majority of investment done by MIP is in debt component any change in interest rate by the government directly impacts the performance of MIP.

Comparison of MIP with Other Fixed return Options

A comparison of MIP with other fixed return options is given below for your better understanding.

Comparison MIP

When to Invest in MIP? – Practical Purpose/Examples

Well, as per the discussion above you must have understood the benefits of Monthly Income plans (MIPs). MIP is a boon for the investor who wants to generate regular income for meeting some fixed expenses. Let’s take a look at practical examples of the same.

Pocket Money for children – Giving fixed pocket money to children is a regular expense. One option of fulfilling is expense is directly paying money from your income. However, if you are a smart investor you can invest in monthly income plan to generate regular monthly income for paying pocket money to your children. By adopting this way you can easily keep track of child expenses.

Yearly Vacation – Taking a break and enjoying a yearly vacation is sometimes necessary. You can plan your yearly vacation without hampering your regular budget by making an investment in right monthly income plans.

Regular Monthly income after retirement – If you are a retired person you can generate monthly income by investing your money in monthly income plans. As per me, MIP is a better option compared to MIS and fixed deposit. You can enjoy a financially free retired life by investing in MIPs.

Conclusion –

MIP is one of the best investment options that helps you generate regular income and fulfilling your regular expenses. If you are planning to invest your money in fixed deposit I advise you to look at Monthly Income Plans before taking any investment decision.

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