Just like it is impossible to walk and not leave footprints, it is impossible for a normal adult to live and not leave financial footprints. To be aware of all the various financial footprints that you may be leaving behind becomes important to you for many reasons. To give you an idea, a recent RBI study puts life insurance sums lying unclaimed with Indian Banks alone at a whopping 11, crore rupees. This could save a lot of trouble, real and emotional, for your heirs. Take stock of your financial footprint now, so you can keep them updated for a complete picture. While the importance of making a will cannot be overstated, to have a complete list of all that may be material, for inclusion in your will, is the first important step. Check to see if any, or all, of these are ones you may be leaving in your wake. Land: Big or small plots of land bought by you personally, on the basis of several recommendations, and typically located in various parts of the country. You may stand to inherit some share in a land as part of a family or marital inheritance, including your right to compensation to be paid for land of which you my be a part owner. Such details become especially relevant if you reside in one country and own land in another country, as the progress and outcomes of such cases are difficult to keep track of for your heirs, unless you catalog your interest and keep track of them.
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What Is a Financial Footprint?
But does that claim remain true for both consumers and financial institutions? Or does one party benefit more than the other? A financial footprint is very different. Instead of measuring what a person could reasonably borrow, or how much they will pay over time for a certain service or product, it measures all the places a person is obligated to spend. For example, this often means canceling a subscription or changing a payment method. While that may sound like a lot, consider what some of those payments include:. For many people, those alone can easily total several hundreds of dollars per month.
One view of credit is that it represents spending future money or unearned money to acquire goods and services needed today. Credit availers should be aware that lenders will try to ensure that the money lent will be within what can actually be earned or sourced by the borrower. To get a loan approval from whichever source, like banks, credit cooperatives, microfinance institutions, credit-card companies and other financial intermediaries, the borrower will be assessed based on available records, whether good or bad. Positive credit information will be gathered on good past performance such as, but not limited to, information on timely payments and meeting promises made. Lenders also take a look at negative credit performance of the borrower such as late payments or non-payments.
Search also in: Web News Encyclopedia Images. Digital Footprints. Digital footprint is a track left by user in form of data in process of transmission of information online. These software proposals helps the Business Professionals to automate routine tasks. He is positionned besides and slightly behind the leading aircraft. Internet Legacy. To add entries to your own vocabulary , become a member of Reverso community or login if you are already a member.