The humble ATM card has evolved and has become a multi functional aid that does a lot more than dispensing cash for you. Read tips on how to use ATM Card.

Financial Functions of an ATM Card

The ATM card can be used to withdraw money from your savings account any time of the day from your bank’s ATM. These cards can also be used to transfer money from one account to another provided both the accounts are in the same bank and are linked to the card. Some machines have the facility of depositing cash with the help of using the ATM card.

Use: I have two accounts with the same bank; in the first I receive all my credits the second is linked to my trading account. Often the second account dips in balance so all I need to do is visit the ATM at my convenience and transfer money from account A to B without filling out a deposit slip or a cheque or waiting in a queue.

Non Financial Functions of an ATM Card

They let you perform a host of non financial functions like with the help of your card you could order a cheque book, check your balance, take a printed mini statement or in a few banks you could also use the card to buy other financial products offered by the bank. Often when making a transaction or query through phone banking the ATM card number along with the PIN number is used for authentication purpose.

How to use ATM Card safely

They are less risky when compared to debit and credit cards as they cannot be used for swiping or for making online purchases yet one must be careful when using them.

When you use ATM card, it is important to keep the following in mind:

• Never write the pin number and keep it in the vicinity of the card.
• Do not reveal your pin number in response to a phone or an email even if it appears to be sent by your bank.
• Often you might think that if you have the physical card with you, your account cannot be comprised but technology progress has made it easy for people looking to scam you. Cards can easily be cloned by getting a copy of the card and in case they are able to access the pin then things become easy from thereon.
• In case you lose your card please call the helpline of the bank to immediately block your card. All banks have a dedicated helpline for the same.
• Do not leave the copy of your transaction slip lying around in the ATM cubicle after use.
• If you think that you spot anyone lurking near the ATM or any suspicious devices in the ATM cubicle report to the bank.
• Checking your transactions regularly and being subscribed to mobile banking helps in controlling the damage.
• ATM cards are different from debit cards; it is essential that you learn to identify how to differentiate between both (debit cards carry Master/Visa logo)
• Keep in mind that financial limit and use of your card is limited when you compare it to a credit card or a debit card so plan accordingly especially when travelling.
• My friend was faced with a dilemma on her vacation. She carried two cards on her holiday each with a Rs. 25000 limit which meant that she could effectively had Rs. 100000 at her disposal; Rs. 25000 for withdrawal and 25000 for swiping per card. However when she tried to make her hotel payment one of the cards did not work; the card was an ATM card and not a debit card which meant it could be used only at the specific bank and only for cash withdrawal. Overlooking this aspect had landed her in a soup.
• This also means that in case you have an ATM from SBI then you cannot use it at an AXIS bank ATM for cash withdrawal.

What Banks Do to Ensure Your Safety?

Now that we know how to use ATM Card, lets understand how banks also help

All banks go a long way in ensuring the customer safety. They follow the delivery process laid down by the RBI of never sending the card and PIN together or not even leaving it with the same person in the bank.

Carefully observe the alert message that you get when you make a withdrawal; the message never lists the 16 digit number of the card it blocks out certain digits of the card, this is to minimize the possibility of a misuse in case the message gets into the wrong hands.

Banks send you information about the safety precautions that one must follow when using your card and also advertise the same on its site and in their emails, statements etc.

I recently relocated and changed my address for the savings account with ICICI Bank; a week later I wanted to apply for a new card. I was told I could not do so for a month after I change my address; why so as to ensure that the address change is genuine and the card is not delivered into wrong hands.

If you want to de-block your card you have to go through an elaborate authentication process before your request is processed.

Though the credit debit and ATM cards may differ a little in their operation yet all of them add convenience to our lives so it is up to us to use them wisely. Banks often offer you valuable advise even though sometimes it may appear to be to cautious but its better to be safe then sorry. Use ATM Cards wisely.

How to use ATM Card – Tips for Safe Usage is a post from: WisdomTimes.com

Ever had foods that increase metabolism? You bet! Hot toast with butter and sugar was such a joy as kids. I remember every other day we would indulge ourselves with some along with so many other similar sinful sounding treats. We ate them or rather gorged them all and yet remained healthy and trim. Each day as the gap between now and the time we first bid farewell to our teens grow bigger, even thinking about such foods make us gain weight or makes us feel all bloated.

Our metabolism has stopped racing the way they used to. Along with age and other factors like our food habits, stress, lack of sleep and pollution slows our metabolism. Even with some amount of exercise we find it difficult to shed weight and stay in shape.

Here are 10 foods that increase metabolism, enhance your weight loss efforts and boost your metabolism:-

1. Fruits

Fruits high in Vitamin C and Vitamin B are powerful metabolism boosters. Grapefruit is an example of a fruit with very high Vitamin C and often considered as a diet super food. It is rich in fibres and lowers the insulin levels which trigger your system to store fat. Berries are high in Vitamin B with rich anti oxidant properties and ability to boost your metabolism. Apple is another example of (fruit) foods that increase your metabolism and it is rich in fibres. Have between 1-3 servings of fruits a day.

2. Green tea

Studies show that green tea extracts boost metabolism and aid weight loss. Green tea has powerful antioxidant properties. This wonder tea has also been reported to contain anti-cancer properties and help prevent heart disease. Green tea is available as a leaf, in a tea bag or as an extract which is known as macha. Try and have 3-4 cups of it everyday.

3. Vegetables

Vegetables are rich in vitamins, fibers and low in calories thus extremely good to keep you lean and keep metabolism going. Broccoli, spinach, cabbage, cucumbers and lettuce are some of the top weight loss vegetable choices. Eat atleast 7-9 servings of vegetables a day.

4. Almonds

Almonds contain high amount of protein and fiber which not only keeps you feeling full but also boosts your metabolism. A handful of almonds daily help to lower your bad cholesterol. Almonds contain essential fatty acids that raise the body’s metabolism. But do keep in mind that they are also high in calories so one must keep a control on the quantity.

5. Oats

This is a super cereal to promote a metabolism, weight loss and energy for the day. Oats is a low glycemic index food which provides a rich content of fibers that regulate insulin release for optimal calorie burning. Oats is the perfect food for breakfast as it keeps you full for a long time and gives great energy levels. Oats contain high amounts of calcium, magnesium, B vitamins and potassium, the nutrients required for calorie burning and a healthy nervous system function. The rich fibers lower blood sugar and the bad cholesterol.

6. Cinnamon

A little bit of cinnamon can take you a long way. Cinnamon helps your body metabolize sugar effectively, while maintaining steady blood sugar levels. This little spice can give your body a good boost. Add a little cinnamon to your tea, oats and spice up your food.

7. Coffee

The caffeine in the coffee gives a boost to the metabolism. This proves especially effective when had about half an hour before a workout as it increases the calorie burning process. However, excessive is not healthy and one must try keep within 2 cups a day.

8. Dairy

Yoghurt, milk and cheese are excellent foods to increase metabolism and thereby effective in enhancing weight loss. These products have high contents of calcium, protein and vitamins which triggers metabolism and burns calories which eventually lowers body fat mass.

9. Lean Proteins

Chicken, fish, eggs and turkey are some of the lean sources of proteins. Lean proteins help to keep you full, revs up your metabolism and repairs muscle tissues. Grill, poach, stew or bake your proteins to make it an even more healthy option.

10. Water

Researchers in Germany found that a group of people increased their metabolic rates by 30 percent after drinking approximately 17 ounces of water. Water is also a natural appetite suppressant that banishes bloat as it flushes out sodium and toxins. Make sure that you are starting your day with a big glass of water and drink throughout the day not just all at one time. One must have a minimum of 8 glasses of water in a day.

Conclusion

Hope this list of foods that increase metabolism comes handy. Read additional tips to increase metabolism at our blog – How to boost metabolism

Foods that Increase Metabolism and Help Lose Weight is a post from: WisdomTimes.com

In today’s modern nuclear family set-up, both working parents are facing a huge challenge of raising responsible children and making their child self-dependent. For them it’s a complex project but once achieved smartly, the life of each family member gets simpler.

A little help and proper guidance encourages the child to become self dependent. Early steps towards independence are the cause of confident personality, self-sufficiency and a disciplined life. Follow the few steps mentioned below to raise responsible children and make your child self dependent:

Stop spoon feeding

Children love to explore and experiment their environment, allow them to do things and learn from their mistakes. Trial and error is the best way to develop brain and motor skills.

Encourage them to do small job like fixing own lunch box, making their bed, doing some laundry work like washing their handkerchief or socks etc. Assign them these jobs depending upon their age and capability.

Raising responsible children demands that you stop being “helicopter parents” – stop hovering over your child

Stop rescuing

As a parent we have the tendency to protect the child whether physically or emotionally. Parents tend to finish child’s homework to protect from teacher’s scolding or interrupt while child is being bullied to save from physical hurt.

Stop rescuing your child at each step; understand that you can’t be with your child every time, everywhere.

Resist yourself from saving your child at each step, it will turn out to be a big help for your child.

Explain to your child why it is important for to be careful and let the child follow safe practices.

Guide them to solve their own problems

Solving a problem on child’s behalf is another mode of spoiling the child. This prevents them from solving their own problems and dealing with difficult situations.

Suppose your child is facing some issues with classmates, ask them to resolve the matter at their level first instead of approaching you every time.

Initially your child might struggle but will soon find out solution to the problems.

Let them be self sufficient to survive without you.

Teach them to organize

Cultivate the habit to organize their tasks. Start with small things like arranging their toys, placing them at the right place and then graduate them to bigger activities like organizing their room.

Help them to plan their day, write down daily activities and follow it. Help them to draw picture reminders which they will enjoy the most.

Get them a beautiful diary or a calendar on which they can mark library due dates, music lessons, tests, school time table and date of submission of school projects. This will help them to be self disciplined and more organized in life.

Assign some responsibility

Trust the child and let them feel that they are capable of taking responsibilities. Let them take care of their sibling, purchase books from school stationery shop, or deposit school fees.

Praise or reward them for owning the responsibility. The child will cherish these responsibilities and a sense of confidence will develop.

Teach them the value of money

When you start giving pocket money to the child, specify the guidelines for proper utilization of money so that they can save a little bit every month. Teach them to save ten out of every hundred which will go on multiplying if saved every month.

So in the end they can utilize the saved money when needed most. This will develop in them a sense to prioritize their needs and money saving skills.

Never compare your child with others as every child has his own intelligence quotient and capabilities. Let them grow and develop in their own way.

Responsible children – Conclusion

Your child is your treasurer and parents are the role models. You can raise responsible children to become good human beings filled with confidence and independency – by setting an example through your conduct rather than verbal instructions.

For specific tips for kids <3 years, 3-8 years, 9-12 years and teenagers, read our blog – Helping children learn responsibility

Responsible children – Make your Child Self Dependent is a post from: WisdomTimes.com

Although the tough economic conditions of today has made people realize the need to be spending less, they are not sure about where to cut corners and end up making the wrong choices. This has a direct and adverse effect on their finances as well as quality of life. It would help to find out which are the areas where we can restrict our spending and where not to.

Let us look at some practical methods of spending less and living a more fulfilled life by living within your means:

Mindset

Our mindset goes a long way in determining if we are spending less or splurging. Mindset plays a larger role in our decisions and the way we generally go through our lives. We try to keep a standard of living equal to or above that of certain people or make an attempt to get at par with them.

For example: It is very common to notice people sending their kids to reputed schools regardless of their affordability. Some sections of less educated and low income individuals simply rejoice in having their children learn a few words in English and call them ‘mummy’ and ‘daddy’.

It is a proven fact that not all students attending prestigious schools make it big. It is also true that the children attending government and other lesser known schools have excelled at academics and made it into the prestigious colleges or institutions of high ranking. Is it not wise to send the children to a reasonably good school that costs less and use the savings for some specialized training of the child?

The same mindset is responsible for buying gadgets, furniture and jewelry and so on, purely as status symbols. People do this even at the risk of running into huge debts that they cannot handle. Why? Just for the sake of false pride. By assuming the mindset of living only on their means anyone can certainly create a secure financial future and not miss out on anything really worthwhile.

Curb your credit card spending

Credit cards tempt you to spend money that you have not earned yet and keep you indebted for years.

Simply put – you spend money that you expect to earn in the future. So it is better to minimize your credit card spending as a first step towards spending less.

Read more tips on credit card usage at – How to use credit cards effectively

Buy things with cash only when you have the money. The bonus is that we even avoid unnecessary and impulsive buying on seemingly small things but add up to big outstanding balance on your credit card with the addition of fess and interest.

Planning

Big expenditures like going on a vacation trip, buying a plot or house should be planned in advance. This way we can start saving towards that purpose and also utilize discounts and offers for being early birds.

Read our blog – plan before you buy a home

Avoid Leading Brands

Branded items are priced high because the cost of advertising is added to their price. Products from local brands are of equal or better quality and cost less. Make a sensible decision of purchasing quality products from local stores instead of going to hi-fi malls. This is another way to live well by spending less.

Use Coupons

Most popular brands offer coupons allowing discounts of up to 30 to 70% or more. This is a good way to save significantly and spending less on your regular as well as seasonal purchases.

Take care not to use the coupons for things you will not consider buying otherwise.

Spending less – Conclusion

Small things add up to surprising levels if you care to apply the above principles in your spending on a regular basis. You can spend your holidays and spare time in some hobby or volunteering work instead of going to the cinema hall and other pricy joints. You will see that it is more satisfying and gives you a sense of fulfillment.

You can restrict your spending on parties and outings and use that time for quiet walks and reading or simply being with your loved ones. While you discover the pleasures and benefits of these activities that do not necessarily require you to spend money.

Last Word: Money is necessary, but it is not all. Spending less doesn’t mean that you should become a miser and overdo it to the extent of being a miser.

Spending Less and Living a More Fulfilled Life is a post from: WisdomTimes.com

Like most of us, you may also have had a chance to meet someone difficult to deal with or a negative person. Yes! Dealing with difficult people is a challenge. These people have negative feelings, oppose your ideas or simply do not like you. .

However, you cannot avoid them all. You can avoid one or two people, but not every such person you meet. You have to accept them as part of your life; personal or professional.

I had a colleague in my previous office who (I do not know how) could always find faults with anybody and everybody.

Unfortunately, he was my boss and I had to report him for everything I did. No matter, how much efforts I put in my job, I couldn’t please him, ever.

In fact, he used to find faults and insult me publicly. All this behaviors infuriated me to the core and I could not control and lost my temper one day. And I lost my job next day!

In my next job too there was a finicky colleague whom with I had to deal. But, now, being more mature, vowed to myself that I will not lose the battle, only for the reason that other person is grumpy! I learned ways to deal with such difficult people.

Tips on dealing with difficult people

I want to share those ways to dealing with difficult people. Below are some tips to handle difficult people.

Tip #1: Focus on your behavior

In this regard, there is one important fact to be learned before anything else. It is you, who have to control your behavior with such people.

Any conflict may trigger your emotions and you will react or attack back to defend yourself; a natural instinct. It’s all about controlling your response towards difficult people and their actions/remarks. Focus on your behavior when dealing with difficult people

Tip #2: Do not hold a grudge

If you hold grudges against someone who has been difficult to you, it is only you who is being hurt in the whole process.

Reacting to any kind negativity disturbs your inner peace – creating pain in you. Often people who initiate negativity are disturbed or frustrated themselves and they express it externally towards anybody who is in front of them. So why take it personally! Try to forgive the person and forget the incident.

Tip #3: Avoid conflict of egos

If you happen to confront with a difficult person, do not let your conflict turn into battle of egos.

Though reacting impulsively can be your natural reaction, it is not right. You cannot resolve problems in this manner; rather relax and think what can be the right solution. Avoid ego when dealing with difficult people

Tip #4: Allow things to cool down

Do not answer negativity with negativity as anger feeds anger and things become uncontrollable. Wait it out and let the things cool down.

Now restart the things with a new perspective. The takeway is – hold off responding back immediately and let things cool down.

Read more at – How to manage anger

Tip #5: Ignore provocations

Difficult people often like conflicts and like to provoke others to confront them. If someone sends any negative message to you, just ignore it and avoid sending any response; good or bad.

It will stop the cycle of negative snowballing and that person’s negative intentions.

Tip #6: Stop talking about your conflicts

It is often seen that people just love talking about their conflicts and problems. However, they do not understand that every time they repeat their story to someone who will listen, they are going through the situation again which they hate.

More we talk about a person you dislike, more you notice things about him or her. Thus, stop talking about your problems with others..

Dealing with difficult people – final words

These are just a few ways that can help in dealing with difficult people. As the time passes and maturity grows in you, you will have a kind of calmness in your inner being and a feeling to shrug off negativity initiated by others.

Dealing with Difficult People – Practical Tips is a post from: WisdomTimes.com

“When we develop patience, we find that we develop a reserve of calm and tranquility.” Dalai Lama

Patience is a true virtue everyone wishes to be endowed with. It is the ability to tolerate delay and frustration even if you think you are pushed to the edge. When you have patience, you can overcome criticism and can remain unaffected by the chaos in your surroundings. In modern parlance, patience is the power to remain ‘cool’ even under provocation or trying circumstances.

Nothing is achieved by losing one’s patience. It may lead to a rise in your pulse rate and blood pressure leaving you agitated.

For example, if you happen to be behind a long line of cars at the traffic signal, we see impatient motorists sounding their horns repeatedly annoying the others.

Impatient people usually try to reach their destination fast even by violating traffic rules putting themselves into unnecessary trouble. Even worse, previous lives are lost while crossing railway lines due to sheer impatience.

On the other hand learning to develop patience can take you to greater heights of maturity and harmony in relationships. Patience is a precious gift that can help you to win hearts and also life’s battles admirably. Developing patience is an investment you make in yourself to reap and cherish lifelong benefits.

Practical tips to develop patience

How can anyone develop patience? Here are a few tips:

1. Begin with small goals:

You cannot expect to be totally different overnight. So start in small ways which you can manage comfortably. Identify things or situations that annoy you and try to control the urge to react one thing at a time. Slowly you will master the art of controlling your impatience. With practice it will become easier to be patient and to tolerate these situations.

2. Use of perspective:

If you look things from a different perspective and think about the more important aspects, you will realize the futility of losing patience or getting upset at the slightest provocation. Always remind yourself of the fact that things take their own time and being impatient and acting in haste can cause a bigger set back.

People who end up being caught bribing middlemen to speed up the process of getting their projects cleared by authorities are good examples of this type.

3. Taking deep breath and count to 10:

When you feel highly irritated or about to blow your top, stop and count slowly to ten mentally. By the time you reach ten, your mind would have calmed down and the frustration melting away.

The impulse to scream or act violently would have died down. Deep breathing at these moments is the best way to calm down and let your better sense take control of the situation.

4. Practice stress relief methods:

A healthy way to fight frustration, impatience and anger is to master stress relief methods. Deep breathing exercises in yoga and meditation are found helpful in combating stress and maintain a cheerful disposition at all times. You will find the ways to live in the present moment and control your emotions which includes patience. The calmness of mind also

Will lead you to handle situations with more clarity and tact and you will be surprised to find a decline in the tendency to lose your patience.

Read more stress management tips at – Yoga for stress relief

5. Grow plants:

Activities like growing flowering and other plants in our garden is a good way to develop patience. Watching every stage of the growth of the plants is a joyful experience and instills patience and a sense of balance. You will learn to accept delays, setbacks or complications are part of life and can be dealt with and will be well prepared should they happen at all in future.

Spending time with kids also teaches a lot of patience. Try to laugh more often.

Conclusion

All the above steps help you to love life and drive out bitterness and have a positive approach to everything. When you have imbibed such qualities, you will be surprised to see the level of patience you have achieved.

How to Develop Patience is a post from: WisdomTimes.com

One of my friends, Mr. Kumar was actually upset spending time picking and investing in stocks. During a casual meeting he asks me “I have lost faith in stock or fund picking nowadays. I don’t have time or energy for these things anymore”. Kumar had some knowledge about ETFs and index funds, but I started from the basics to make sure he could differentiate ETF vs Index funds. I will discuss some portions of advice given to Mr.Kumar as well as published research and data to back up my assumptions and analysis.

Introduction to index investing

Exchange Traded Funds (ETFs) are hybrid investment vehicles that have the characteristics of both mutual funds and stock combined in to one instrument. If you want to invest in an index, say Nifty, you have two options – one is investing via index ETFs and the other is via index funds (which is well known by many investors).

Index ETFs are the best examples of ETFs that mirror an index and maintain a portfolio which closely tracks the benchmark such as Nifty or the Sensex. On the other hand index funds, which are regular mutual funds also have similar characteristic of closely tracking the index and providing returns proportionate to the benchmark or index returns. Both index ETFs and index funds are good choices for Passive Investors, who are known to be keen on investing in an index portfolio and are happy with index-linked returns.

Example: If you invest in one unit of index ETF when Nifty is at 5200, you may have to shell out Rs.523 assuming Nifty ETF is trading at Rs.523/unit on the stock exchange.

However, if you want to invest in an index fund you need to invest atleast Rs.5,000. Assuming you invest Rs.5,000 and the NAV of ABC Index fund is Rs.100 you will be allotted 50 units of the fund.

However, index funds and index ETFs have a few differences which needs to be examined. For the sake of simplicity let us compare index ETF with index funds, because ETFs in general cover more indices, assets, etc compared to index funds.

ETF vs Index funds

Courtesy: Information partly sourced from Rediff.com/BankBazaar.com

Disclaimer: This is just for knowledge and information purposes. Readers are advised to consult their financial advisor before making investment decisions. Also individual product features can vary from the category (index fund/ETF) as a whole.

Why ETFs score over index funds?

ETF vs Index funds – which is a better passive investment? Index funds are good passive investment vehicles but index ETFs are even better than index funds as evident from the points above. Some of the key advantages as evident from the table above are:

• Price transparency due to daily trading
• Low transaction costs
• Low recurring costs (expense ratio)
• Minimal (Lowest) tracking error

In terms of cost and efficiency ETFs are better than index funds, however, index funds are still far better than other mutual funds (diversified funds, sector funds, etc.). One area where index funds score over ETFs is the option to invest through SIPs. However, in recent times some ETFs have also started providing this facility.

ETFs are known for their flexibility, because you can buy one unit of Nifty Bees (Nifty ETF) for Rs. 575 (assuming Nifty is around 5730), and you can accumulate more if the market falls to 5550. This way your overall long term holding cost reduces over time, provided you have a long term view of the market. When the market goes up significantly (say 15-20% upside) you can sell your holdings partly and invest in other asset classes such as gold, fixed deposits, etc or use the funds for other life goals or needs.

Although we have compared index ETF with index funds, (ETF vs Index funds) – the ETF category as a whole is much larger and can provide investors the option to diversify across asset classes such as Gold, international equity, etc.

Active vs. Passive Investment Debate

Time and again there has been a debate about active style of investing vs. passive style of investing. Believers in active style have faith that their stock picks or funds would outperform the index due to superior stock selection, investing process and methodology. The passive style group on the other hand has a strong belief in simply matching index performance, which according to them is good enough. The passive investors group believes in efficient market hypothesis (which says that all news and information is prices in stock prices). The passive camp is not bothered about out performance and would rather be happy with returns equivalent to the benchmark returns.

For small investors active funds (mutual funds) has been the best route to invest in equity, but today investors have index funds and a basket of ETFs to choose from.

Research and past data comparing some of the best mutual funds with their benchmarks show that in most cases very few funds managed to surpass index (benchmark) returns. So why not invest in the index directly?

Conclusion

Whether you are a large investor or small, its very important to be in tune with the changing times. Today diversification by spreading across many stocks has lost its value. Finance graduates who learn about systematic and unsystematic risk know that unsystematic risk (which is company or industry specific) can be reduced by diversification. Today, financial advisors as well as investors are keen on diversifying across asset classes rather than trying to pick more stocks and funds. Increasing the number of stocks or funds in your portfolio to diversify is just becoming as old fashioned as putting cash under the carpet or pillow.

Today, diversifying across asset classes known as Asset Allocation is the key to long-term investing because each asset class be it debt, equity, real estate, gold, etc have their own cycles and patterns and are not directly co-related. So if you have 3 or more asset classes in your portfolio you will be better off than having just 20 stocks and assuming that you are diversified. Asset allocation helps you to spread across two or more markets thereby diversifying across assets as well as markets, which will provide more stability to your portfolio.

So once you have invested in index ETFs your equity allocation is more or less complete. You may increase or decrease this amount depending on prevailing market conditions. Any surplus can be invested in other asset classes such as Gold, fixed deposits, etc so that you are not at the mercy of equity markets like Mr.Kumar. Hope there is better clarity on ETF vs Index funds now.

Read more at – Index ETFs in India

ETF vs Index Funds is a post from: WisdomTimes.com

Banks today offer banking to their customers through various alternate channels which has virtually brought the bank at the customer’s doorstep or even inside the house. An important tool in this direction has been cards: credit cards, debit cards, ATM cards, prepaid cards etc. While all of them are similar in one respect they eliminate the need of carrying cash but these cards differ in a lot of aspects and hence serve a variety of purposes.

Often ATM cards and Debit card are used interchangeably for each other and this can cause confusion for customers. All leading banks like ICICI, AXIS and SBI etc offer various types of cards to their customers What’s more each broad card category has sub categories so that the customer can pick a card as per his or her choice. We will talk about a few types of cards here and their uses and see how Rohan uses them for various purposes.

ATM cards and Debit cards are similar in their basic function they let your access your savings account any time and any place!

ATM Card

ATM card lets you access your savings account from the ATMs (Automated Teller Machine) and also let you perform a host of non-financial functions by entering your PIN (personal identification number). The amount that you can withdraw depends on the daily limit of your card type and what is available in your bank account. The card limit varies from bank to bank and from one account to another. The withdrawal is immediately debited from your account.

These are the simplest form of plastic cards issued by banks. These days you will rarely be issued an ATM card by a bank. Though the cards that are linked to a savings account are known as ATM/Debit cards they are actually (functionally) debit cards. ATM cards are now issued to only a few specific types of accounts and if a customer specifically requests for an ATM card.

Use: Rohan’s wife has a NRO account for which she has been issued an ATM card; she uses the card to withdraw money from her account, check her account balance, order a cheque book etc.

Debit Card

All debit cards are ATM cards but the reverse is not true. This means that debit cards perform the function of an ATM card and additionally they can be swiped at POS to make purchases. You can distinguish a debit card from an ATM card with the help of the logo on debit cards. Debit cards usually carry a logo from the financial network they belong to like Master or VISA. These cards can be used at all ATMs or locations where cards from that financial network are accepted. This means that if your card carries a VISA logo you can use it at all places that display the VISA logo (ATMs, restaurants, shops).

Use: Rohan uses his debit card for making online payments and as well as for withdrawing money or other functions like requesting a mini statement etc. He uses his card at ATMs of other banks too!

More reading on debit cards at – Using debit cards in India

Prepaid Card

These cards as the name suggests have a preloaded with a specified amount; that is you pay first for these cards and use the amount later. They can be compared to prepaid phone connection; you can use only the amount loaded in the card. These cards can be in the form of Gift cards, Forex cards, Meal cards etc.

Use: Rohan uses the Forex Plus Chip card from HDFC on his trips overseas; he does not have to bother about carrying cash or traveler’s cheques.

Difference: For using a prepaid card you do not have to be a bank customer; anybody can buy these cards and discontinue it after the amount is used. In case the customer wants he can get the card reloaded too.

Advantage of ATM Cards Compared to Debit Cards

ATM card has a single but a major advantage when compared to debit cards. In case the card is lost ATM cards prove to be safer. ATM cards can be used to withdraw money only with the help of a pin; Debit cards also have this feature but debit cards can be swiped which makes them vulnerable to huge financial frauds.

Disadvantage of ATM Cards Compared to Debit Cards

The most obvious disadvantage of a ATM card vis-à-vis a debit card is that they can be used only for cash withdrawal and not for swiping. The network where as ATM cards can be used is limited as obviously. A debit card can be used at all ATMs of the same network (Master Card or a VISA) which while an ATM card can be used at the bank specific ATM only.

Despite not being very common these days the ATM cards are a no frills way to access your account and in case you value safety more than convenience you could get one from your bank.

What is an ATM Card? – Pros and Cons of ATM Card is a post from: WisdomTimes.com

I spent one evening in “Taco Bell” nibbling on Nachos. When I glanced around, I saw teenagers bounding up and down the restaurant ordering for a Taco or Nachos or Quesadilla’s for their parents. Their parents in turn sat in stony silence with a foreboding look on their faces. Some were nibbling on a few pieces with a forced enjoyment look on their faces. The kids, on the other hand, had this absolute sense of bliss while they were eating.

The entire incident made me reflect upon the most famous term “Generation Gap”. A simple incident like “An evening in Taco Bell” can bring out this difference so glaringly, I never imagined.

Reasons for Generation Gap

There are a multitude of reasons for generation gap

Respect for different opinions

My friend Shantha used to go out for movies with her boyfriend without telling her mother. Her idea was that it was not wrong to enjoy a movie with someone whom you want to spend your life, whereas her mother thought it was seriously wrong to go out with someone before marriage.

When her mother came to know, she beckoned me home to sort out things with Shantha. I was playing mediator between the two generations at a time when both had mental blocks about the other person’s thoughts.

It is better to agree to disagree on any subject but respect the other person’s wishes.

Falling behind

Some time back, I met my cousin after a gap of 10 years. We were quite fond of movies at one point and would watch all movies in town. She asked me excitedly, did you watch ZNMD? No. Transformers? Inception? Don2? Ra-One? No. No. No. All I had watched was Puss in Boots, Tintin and My friend Ganesha.

Somewhere my priorities changed and I just got outdated with movies and songs.

It is important to keep in touch with your own interests before being the sacrificial lamb and putting yourself on a guillotine.

Resistance to change

My mom wants to learn facebook and she asks me everyday how to do it. The moment I tell her click here, she says she’s got something on the stove that is terribly important and that she will learn it later. I would say that she has at least conquered one step in that she wants to learn.

Most people don’t want to accept change. Be it in lifestyle or in technology.

Technical ignorance

Times are changing. While my parents learnt their alphabets on a slate, we learnt it in a book and the next generation learns it on an ipad or on educomp. My mother terms educomp as a money making device, I wonder whether it is really required and my daughter loves educomp classes. More often than not, it takes time for us to shake a leg and by then the technology is so advanced that we are often outdated.

Social networking is a good example. Most parents are now onto social networking just to monitor their kids more than anything else. So, how to parents who are computer illiterates cope with this?

Peer pressure vs values

While all the above reasons relate to the generation above, this is one very good reason that boils down to the younger generation.

I hate drinking but very often agree that its very nice to have a good drink along with company. My values don’t agree with drinking, but I very often shelve this aside to agree to drinking colleagues.

It is very difficult especially for teenagers to uphold values inculcated in us over peer pressure.

How to overcome generation gap?

Here are some useful tips on how to deal with generation gap

Strong communication

The first and foremost thing is effective communication without the fear of rejection. This needs to come from both ends. The generation below needs to put forth their ideas and the generation above should accept that without getting too judgemental.

Spending quality time

It is important to spend good quality time as a family to encourage familial ties and to help understand the changing ideas and ongoing events in each other’s lives. It is important to bond with not only kids, but to know their friends and society to a certain extent. My in-laws are absolutely comfortable playing bowling with us.

Respect for other’s opinions

As I mentioned before, it’s perfectly fine to disagree, but we should at least agree to disagree and respect each other’s opinions on this matter. So, though I may be vary of educomp, I need to understand that my daughter loves it and it’s a very effective way of driving home certain facts.

Shedding Inertia

It is more a matter of laziness and resistance rather than anything else to move that butt and get to learn something new. Somehow the lethargy post exams remain through the rest of our lives. It is just a matter of making up our mind to learn new things rather than actually learning it. Afterall the brain is as ready as we make it to be.

Better time management

Obviously, in order to attain all the above, we need to manage our time better.

Conclusion

Generation gaps are something that all of us usually face in everyday life. With a little effort, we can easily conquer this gap and ensure a happy and prosperous relationship. It might not be very difficult to enjoy a Wii with your kid or watch a classic black and weight with the younger generation.

How to deal with Generation Gap is a post from: WisdomTimes.com

One person has made an impeccable name in the Global Steel industry. He is also called the “steel magnate”. If your guess is as good as mine, you would know that I am talking about none other than Mr. Lakshmi N Mittal, CEO and chairman of ArcelorMittal; the world’s largest steel making company.

Mr Lakshmi Mittal is an inspiration to every Indian entrepreneur. He is known for his novel approach of acquiring state owned loss making steel companies and quickly turning them around.

Early days

Lakshmi Niwas Mittal was born on 15th June, 1950 in a place called Sadulpur in Churu district of Rajasthan. He has two brothers who are also in business. . His father Mohan Mittal moved the family to Calcutta when he joined a steel company as a partner there. Lakshmi graduated in Bachelor of Commerce from St. Xaviers College Calcutta. He has also studied at the Indian Institute of Social Welfare and Business Management. He married Usha in 1976.

Success and status

Mittal started on his own with the LNM group in 1976. Ever since, he went on to become a global steel producer in 14 countries across 4 continents. He started his work in the international area and became a pioneer in developing the integrated mini-mills. He made many acquisitions in countries like Romania, Ukraine and the US in 2004 before the most important merger with Arcelor to form the world’s largest steel company, in 2006.

Mittal, with US$ 31.1 billion, is the richest man in India, Europe and UK. He is placed fourth among the richest of the world. Mittal’s residence at 18-19 Kensington Palace Gardens is worth US$128 million, most expensive house in the world. It is decorated with marble from the same quarry that supplied for the Taj Mahal and hence it is called “Taj Mittal”.

Lakshmi Mittal ranks at 44 among the 68 individuals of Forbe’s “Most powerful people”. In 2007, according to “Time Magazine”, he was one of the “100 most influential persons in the world”. His daughter Vanisha’s wedding of US$50 million was the most extravagant wedding of the century.

Achievements & Awards

Lakshmi Mittal is the member of Board of Directors of various companies and institutions like the European Aeronautic Defense and Space Company, The World Steel Association, the Foreign Investment Council in Kazakhstan, The International Investment Council in South Africa, The Investors’ Council to the Cabinet of Ministers of Ukraine, The World Economic Forum’s International Business Council, The World Steel Association’s Executive Committee, The Presidential International Advisory Board of Mozambique and The International Iron and Steel Institute’s Executive Committee.

He also serves as board council member of “Prime Minister of India’s Global Advisory Council of Overseas Indians” and is a member with “Kellogg School of Management” and “Indian School of Business”

Key Learnings from Lakshmi Mittal

1) Radical Thinker

Dare to think different from others. Try new ways to achieve results. Implement new ideas. Some may succeed, some may not. At least you will know what will work and what will not work.

2) Passionate about work

Be passionate about everything you do. This will drive a positive energy in all the tasks you take. This in turn will keep you going even during the toughest times.

3) Hardworking

Hard work always gets rewarded sooner or later. It is a quality which brings one only closer to success.

4) Outstanding vision

You should have a vision of where you want to be. You should foresee issues and resolve them.

5) Convincing, Motivating and Guiding

Innovative ideas and enlightening insights give a person the ability to lead and motivate his or her team and peers at work. This will also help you look at processes from a different perspective.

Who is Lakshmi Mittal? is a post from: WisdomTimes.com