Are you up for the challenge of controlling your spending habits?

Let’s begin learning: The safest way to double your money is to fold it over once and put it in your pocket. ~ Kin Hubbard

Kin Hubbard is right in saying that if we do not spend money unnecessarily we would be able to save money and double it. However most of us like to spend and would find it difficult to not spend at all. We feel that it could stress us further. Accepting the 3 financial challenges could help you in controlling unnecessary spending. Once you control and avoid unnecessary spending you can save more and invest more.

So you can achieve your financial goals easier and earlier. Here are the challenges:

The Mckinsey report had said that the wealth in the emerging markets have grown 3 times more than the rates of assets in developed nations. Now here's a report that is specific about India. Indian wealth management has given a return of 18% against the global 9.7%.

The wealth management arm of the KARVY Group released the 2nd edition of its India Wealth Report today.

This Report studies patterns of individual investments across financial asset classes (excluding physical assets like gold and real estate) and finds that India's individual wealth is expected to nearly triple from the existing 86.5 lac crore to 249 lac crore by FY16. In fact, the wealth of India's HNIs has grown by over 18% compared to a mere 9.7% for global HNIs in the last one year.

Interestingly, the Report shows that fixed deposits & bonds has become the top contributor to overall wealth held by individuals in India, displacing last year's topper, direct equity, primarily due to the uncertainty in the financial markets.

R Sukumar, Mint's editor decided to carry a small note to readers every time Mint carried what the paper’s marketing department calls a Media Marketing Initiative (or, in short, MMI). Sukumar writes that a Media Marketing Initiative is essentially an advertorial, but both advertisers and publishing firms prefer more ambiguous terms. MMI is one such. Then there are others including special feature, special report, and the like. (Link to the post: The Inviolable Line)

Here’s what that note says:

.....From time to time, you will see a page or a feature in Mint that is clearly labelled as Media Marketing Initiative. Such sponsored content is entirely generated by an advertiser or the marketing department of Mint on behalf of an advertiser, and does not involve any Mint editorial staff. Such pages/features also have a different font and style to help let you identify that they are not part of Mint’s editorial content. As clearly stated in Mint’s Journalistic Code of Conduct, which is available on our website www.livemint.com, there is an inviolable line between news and advertising at Mint.

Sukumar goes on to explain the three types of advertorials