MProfit Review from Nooresh Merani

One of our users, Nooresh Merani has written a very in-depth review of MProfit on his website.

“This is one of the software I have been using for the last few years and have found it very simple and effective to use for tracking an equity portfolio. But i believe it has a lot of features for tracking all your assets.

MProfit is developed by a Mumbai based software company called MProfit Software. There is a free version as well as a paid version. The free version is for the India retail investor while the paid one is for accountants, CA’s, traders, financial advisors, HNI’s and companies. The paid version costs between 3657-14020 INR for a 1 year subscription. It is also available on android allowing you to see your financial details on the go. The features that are listed by MProfit are the following …” the full review is available on his site.

Manage Your Commodity & Currency Trading with MProfit Pro

MProfit Pro makes it extremely easy to manage all your commodities and currency trades. You can import all commodities and currency digital contract notes or back-office files received from your brokers. MProfit gives you profit/loss statement as well as auto-generate accounting JVs and ledgers in integrated accounting module in MProfit.
Below is the list of sample of brokers for commodities and currency trades, we support for direct import in MProfit. If you don’t find your broker in the list, do get in touch with us at support@mprofit.in with sample of your digital contract notes and we will include the broker in our list

This is not the complete list, we have many more brokers in our list.
MCX and NSE Currency Brokers:

Aditya Birla Money
Alankit Imaginations
Anand Rathi
Angel Broking
Bezel Commodities
Bonanza Commodity
CD Equisearch
Citigroup Global Markets
Edelweiss
Eureka Commodity
Fairwealth Commodity
Geofin Comtrade
Globe Capital Markets
JM Financial
Karvy Stock Broking
Master Commodity
Motilal Oswal
Nirmal Bang
Reliance Securities
Religare
Sharekhan
SMC Comtrade
Sushil Global Commodities
Ventura Securities

Parents Health Insurance Buying Guide

mahavir-coverfoxFrom time to time at MProfit we come across some really guide articles that we feel will benefit our users. Below is an article from Mahavir Chopra of Coverfox talking about buying health insurance for parents. The eBook they provide is very useful and highly informative.

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Culturally, India is a very unique country, especially how we operate as families and take care of each other. When we are young, our parents meticulously take care of all our needs for years together till they are absolutely convinced that we are financially independent.

The role reverses when our parents turn old and they willingly or unwillingly start depending on us.

As they turn old we see small health complaints cropping up, they start getting feeble. Worst-case scenarios start randomly crossing our minds– like a major surgery or hospitalization.

No wonder whenever the topic of Health Insurance for parents gets raised in a group of friends, a strong emotion erupts that results in dead pan silence or an animated conversation around the problems of getting the coverage, high premiums, or worse, being able to make claims around diseases the parents are already suffering from.

This dichotomy has always made me think hard. I knew deep down that health insurance was not as bad and is accessible to 80% of the parents, but almost 50% of us give up for one reason or the other.

I therefore decided to write a short eBook which is an attempt at resolving the doubts, questions and road blocks that exist in the minds of the average 30 year old Indian looking at covering his parents under a health insurance plan.

The book essentially covers:

  • Uncovering myths around Parents’ Health Insurance.
  • How to get health insurance for parents with medical conditions.
  • Comparison of leading Parents’ health insurance.
  • What do you if your Health Insurance is declined.

You can download the eBook here.

MProfit Review From Atul Karmarkar

left-facing-accountingOne of our users Atul Karmarkar has written a very in-depth review of MProfit and other portfolio management tools on his blog.

A year ago, I’d tried MProfit Portfolio Management – it was then available on a trial basis, after which one had to pay. I liked it, but wasn’t sure about paying for something that MS Money and the ET Tracker were doing for free. Some months ago however, it was made available for free for investors (for investments upto Rs.50 lakhs) and I downloaded it again.

It is desktop based and all data is stored locally, so being online isn’t a must. Data is updated real time to the extent allowed (with the standard 15 minute delay). There isn’t much to configure and once that was done, I went about adding data. The opening screen has a list of investment types on the left, from which one can select the required type and input the details. It is fairly straightforward and… the full review is available on his blog.

The Jago Investor Book

It’s not often we review books on the MProfit blog but a great one for personal finance was just released by Manish Chauhan. You might not know his name but he is the force behind JagoInvestor.com one of the most frequently visited sites for Indian personal finance information. We are very big fans of the site!

What is amazing about Manish is just several years ago he was busy writing software code for Yahoo in Bangalore. Then he started JagoInvestor.com and wrote many great articles about personal finance and turned it into a community. His ability to answer every question on the blog and reply to each and every comment is truly commendable.

I received the book a couple days ago and expected to skim a few chapters and tell Manish how awesome it was. However a strange thing happened, I ended up reading the entire book in a matter of 48 hours. I would not recommend you read the book in 48 hours instead take 2 months. Why 2 months? Because there are 7 chapters and I would advise you read one chapter every Sunday afternoon for the next 7 weeks.

At the end of most chapters he has a quick review section he calls “Flashback Learning” and more importantly he outlines a 2 hour action plan.  The 2 hour action plan is what the book is all about. Quit reading, talking and discussing, instead take some action in regards to your personal finances.

Some of the best bits of information from the book:

  • page 90 – “You can never get excellent returns with safety in the SHORT TERM; that can only happen in the long term”
  • page 128 – he shows a flowchart that I think everyone should make because it visually shows where YOUR money is going
  • page 136 – A simple checklist of what your sample portfolio should look like, it’s all about simplicity

Overall the book is great for beginners and I would highly recommend you buy a copy of Jago Investor from Flipkart.

MProfit talks at RupeeCamp

Over the weekend, the first RupeeCamp was held in Mumbai and led by it’s organizer Ranjan Varma.  So what is RupeeCamp? According to the website “RupeeCamp is a structured program on personal finance where you will learn all the money skills you require. RupeeCamp is for young professionals who need cost effective, independent advice on managing their money.”

In reality, RupeeCamp is an initiative to get like minded people interested in managing their money and discussing topics to help people get a better understanding of what options are available.

MProfit was invited to talk about “Tools and Technology.” It’s a topic that is dear to us and we were quite excited to participate.  We talked about various ways to track your expenses and portfolio. Things as basic as pen and paper to write down your expenses or using Excel were some of the topics we talked about and how to use them.

Overall, it was a great one day seminar and we are looking forward to the next one. For more information, please visit RupeeCamp at http://www.rupeecamp.com

Planning to Buy Mutual Funds?

If you are looking to have some exposure to the equity markets then investing in mutual funds is a good first step. At MProfit we receive many queries from first time investors and one question that is asked often is “How do I buy mutual funds?”

There are two broad categories for buying mutual funds: offline and online.

With offline, it means involving paper forms and signatures. There are two main routes within the offline category:

  1. Direct from the mutual fund house (also known as the Asset Management Company – AMC)
  2. From a distributor or advisor.

If you want to purchase mutual funds online then you have 3 options:

  1. Mutual fund company websites
  2. Websites such as FundsIndia.com
  3. Brokers such as ICICI, HDFC, Reliance Money, etc…(this would require a demat account).

Once you decide which funds to buy and via which route the next step is to manage your investments. That is where MProfit can really help you, since we can aggregate all your mutual fund transactions into a single screen. How do we do it?

No matter where you buy your mutual funds from the record keeper of those investments will most likely be CAMS or Karvy (they are called registrars). We provide an import facility for both CAMS (click for info) and Karvy (click for info). If you setup a SIP for your mutual fund then that data will get updated when you import your data on a weekly or monthly basis.

Once the data is in MProfit you can track your mutual fund performance since we provide auto price updates. Then you can add your other assets such as gold, property, ULIPs, etc…and have a complete view of all your investments. Lastly, you will be able to print reports and take investments decisions since you have a complete view of all your assets.