IT professionals, dress for success

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IT professionals, dress for success

Sunder Ramachandran |
August 09, 2006 | 11:22 IST

In case you hadn't realised it, you are judged in the first 30 seconds of your interaction with your boss, colleagues or clients. Which is why dressing appropriately can have a�positive impact, giving you the edge over your competition. Here's our dressing guide for some common scenarios that professionals in the IT industry�encounter at work.

Client meetings

You need to make a positive impression as you are representing your organisation. Dress conservatively and stick to business formals. Black trousers, blue shirt and striped ties are good combo. It is safer to wear trousers in dark grey, black or deep navy, at least for your first meeting with the client, as they give an impression of professionalism.

. A crisp white/blue shirt on top will help you command formality and respect.

. A red tie on a blue shirt or dark blue striped tie will also give you a professional look. Make sure you match the colour of your tie with your trousers.

. Have a formal jacket ready in black or navy blue -- universal colours that can be worn on top of any attire.

The weekly conference call

You need to provide updates about the progress of a current task to your counterparts or clients through video conferencing. Wear business casuals. This refers to no jacket-no tie kind of attire. Khakis, slacks and dress shirts are acceptable as business casual. You can club a corduroy trouser in black or brown with a formal striped shirt and leather shoes in black or brown. Do not wear T-shirts on a Thursday though. Your business casual-day outfit should be formal enough that you can throw on a jacket and meet a client, if you suddenly need to.

The project meeting

Your boss calls for a meeting to brief everyone about the new project and assign responsibilities. You need to project the image of a leader to walk away with critical and high impact tasks. Go for a crisp white shirt over a grey or navy blue trouser. Beige or brown trousers with an off-white shirt are also a good option. Team them with a classy brown belt and shoes in the same colour. Stick to neutral colours like off-white, brown, beige and grey.

Review with the boss

This is when you need to have a progress report ready for your boss so he can decide the course of action for the rest of the week. Try cool colours that convey that you are at ease and in control. Formal shirts in blue, turquoise, sea green or light purple are great options. Team up a beige trouser with a purple shirt or try a grey trouser with a spring green formal shirt.

Time out with colleagues

So, it's a Friday and the team has planned a pizza party or small get-together. Try teaming khaki trousers with a plain or striped collared T-shirt. Avoid wearing jeans to work. Instead, wear khakis, chinos, corduroys or other non-denim slacks. Round neck T-shirts are a definite 'No'.

A T-shirt with the company logo is good; a shirt with jazzy tag lines may show snobbishness. A shirt with a competitor's symbol is definitely a 'No' Fridays do not include the option of not shaving, so make sure you are well groomed!

Shirts: Must haves

. Quality shirts: Shirts take centre stage when you're not wearing a jacket.

. All cotton: Buy cottons that have been treated to resist wrinkles.

. Collar details: The best shirts have removable stays, which hold the collar's points and keep them in place. Never wear a button-down collar with a suit; opt for a spread collar instead.

. Stitching and seams: A high quality shirt has single needle stitching and 22 stitches per inch, and cross-stitched buttons for durability. The design on any patterned shirt should meet perfectly at the seams.

. Standard versus fitted cut: Select a cut to accommodate your build. Dress shirts come in either a fitted cut or standard cut, which is looser.

. You can have a size 16 neck and a 30" waist or a 40" waist. Obviously, most commercially available shirts are cut to accommodate both, which means that those on the smaller end can find themselves blowing out to parachute proportions. So, take a little time to find a shirt that fits as closely as possible.

Dressy trousers

. Avoid cheap polyester varieties. Polyester's main claim to fame is carpets. Go for cotton or wools in winter.

. Almost all pants, aside from jeans, require ironing. Turn the pants inside out. Hang warm pants immediately to avoid wrinkling. Fold them through a suit hanger to avoid crushing them in a pant hanger.

. Avoid spot-cleaning pants just before ironing. Any wet spots may become permanent stains if ironed.

Formal jackets

. Get your formal jackets hand-stitched and fully canvassed, not 'fused' (i.e. glued) or semi-canvassed. This is basic, and makes a world of difference.

. If you want to wear a jacket every day, don't go for Super 200's -- ie a finer fabric -- because you'll wear it out in no time. For everyday wear, go for something under Super 100's -- the suit should hold up much better. Mention this to your retailer, who will guide you accordingly.

. Get a jacket with high armholes that fits your shoulders and you will get that 'waisted' look. Navy or midnights blue are good standby jacket colours. If you opt for a black suit, keep your contrast colour a bit more sombre -- scarlet, grey or blue.

Stylish leather shoes

. Buy only quality leather shoes, as they will last long. Shoes from brands like Red Tape and Bata will not cost you more than Rs 1,500 and are a worthwhile investment.

. Want to keep your shoes looking as good as new? Learn how to shine them like a pro. Clean dust and dirt from the surface with a shoeshine brush or damp cloth. Use a shoe polish brush to apply a conservative amount of polish to the surface of the leather, and brush in circular motions until it has a dull coating. Get into tight spots using an old toothbrush. Wait 15 minutes while the polish dries. Get a gleaming shine with a clean cotton cloth, such as a pair of old socks or T-shirt.

Remember -- looking successful is just as important as being successful.

Are you ready to have a baby?

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Are you ready to have a baby?

Kanchan Maslekar |
August 08, 2006 | 11:11 IST

Some couples prefer to wait and get 'settled' before having children. Others let nature take its course. And some couples are convinced they don't want kids at all. Irrespective of which category you fall into, having a baby is a full-time job, and also an expensive one. We list 10 parameters to help you decide if you and your partner are ready to welcome a new member into the family. If you satisfy six or more criteria, the answer is Yes!

1. You are in a stable relationship with your partner

Will having a baby help you repair a bad marriage? No. This is a myth. It is you and not your child who will make you love each other. Maria Antao, a child counsellor at Fathima Convent, Goa cautions young couples to get to know each other first before they consider welcoming a third entrant.

2. You have the money

A baby comes with a host of financial attachments, which only increase with time. Expenses could vary from baby products and doctors' bills, to toys, clothes, schooling, further studies, summer camp, tuitions, religious ceremonies, etc.

Make a list and start saving. We have a list of smart saving ideas you can rely on, from principles when investing for your child, to protecting your child's future, how to start saving, saving for new borns, saving for your child's education�and investing for your child.

3. You have the time

Okay, you are financially settled. However, money cannot love your child. "Your child needs your time, which cannot substitute for all the fancy clothes and toys in the world," says Maria. This refers to both moms and dads who need to understand how they will make time for their child, especially if both are working or have demanding careers.

4. You have tackled potential 'issues' in advance

If both of you are from different religions, communities, cultures or countries, all of these could be become a bone of contention during child rearing. Discuss these in depth before junior arrives. "You don't have to agree on everything, but you need to agree on how you will compromise, " says Maria.

5. You and your partner are healthy

"In the case of a person suffering from TB, a baby should be conceived only after nine months of treatment. Jaundice infected partners should avoid conception for three to four months after treatment," says Dr Minali Gada of Gada Maternity Hospital, Malad. She cautions those planning on a baby to check their sugar levels and blood pressure before conception. Minali also advises couples in their early 30s to get a medical check-up and consult a gynaecologist to ensure there are no complications.

6. You have a strong support system

Having help during and after pregnancy, and during those first few years before your child goes to school, makes the journey easier. With nuclear families, having house help cannot be ruled out. Lack of help is likely to put a strain on your relationship, so make a note of all the people who can be roped in for support.

7. You are ready for body changes

Pregnancy is likely to bring about changes in an expectant mother's body, in the form of weight issues and stretch marks. Women need to be comfortable in their skin and not feel pressurised to lose weight. "Reassurances from husbands that they find their wives attractive helps beat weight-related stress," says Maria. After pregnancy, mothers' should give themselves about nine months to get back in shape.

8. You are ready for sleepless nights

Be ready for�disrupted sleep patterns, lesser 'me time', a reduced sex life and�lesser couple outings, with immediate effect post the birth of your baby.�You must be�prepared emotionally before the due date. Also, be conscious of the fact that having a baby right after marriage can put a strain on your relationship.

9. You want a baby and are not having one due to parental pressure

A sure sign that a woman's biological clock is ticking is when you will distinctly feel a mothering urge to cuddle or hug a child. This is brought about by a chemical change that takes place in the body. Fathers feel ready when they are financially secure and know they can provide for a child. Another sign that you are ready is when you have already chosen your babies' names. However, unless you have your child for the right reasons, 'parenting pleasure' can soon turn to 'parenting pressure', making you regret having one, through no fault of the child.

10. You will accept your child

Couples contemplating a child should also reflect on the possibility of having a physically or mentally challenged child. Although it is a scary thought, make sure you and your partner are united on what you would do if this were to occur.

Are you comfortable with your EMI?

Are you comfortable with your EMI?

Larissa Fernand
July 27, 2006 09:08 IST

Part 1: What is an EMI?
Part 2: How EMIs are calculated

In the final part of our series on Equated Monthly Installments, we outline what you must know before taking that loan.

When arriving at the EMI, a financier will not just go by what you want. They will objectively look at your income to determine whether or not you can afford to pay the EMI.

Generally, they will not allow the EMI to go higher than 35% to 45% of your gross monthly income.

This, however, is just a broad figure. It not only depends on your income but also on how many loans you are servicing and how many dependents you have.

Let's say you are married with a working spouse and have no dependents. Your chances of a higher EMI are much better than someone who, say, does not have a working spouse but also has four dependents (spouse, child, parents).

Also, the more the number of loans you are servicing, the greater the strain on you and lesser the amount of income left with which you can pay�your�day-to-day expenses.

Ultimately, it depends on you. Here, we tell you how to be smart.

Don't go by percentages

Let's say you have two individuals: Anil and Jayant. Let's say�Anil earns Rs 15,000 a month while Jayant earns Rs 50,000.

Thirty-five�percent of Anil's salary is Rs 5,250; 35% of Jayant's salary is�Rs 17,500. Anil will be left with just Rs 9,750; Jayant still has�Rs 32,500.

Don't go by percentages here;�look at the actual income and actual figures.

How much of an EMI are you comfortable with? Will you have�to stretch too much with the balance amount? Or, will you be comfortable?

If you have to make too many sacrifices to accommodate a high EMI, you may find�you can only do it in the first few months. After that, it will put too much of a strain if you cannot even afford to eat out on and off or watch a movie without carefully counting each rupee.

Moreover, if you have other loans to pay,�you cannot cut down on those payments. So, look carefully at your outflow (expenses) and inflow (income) before making up your mind.

Tax benefits

If you are taking an education loan or home loan, you will get tax benefits. So, it does not matter if you stretch out these payments over time. In this way, your EMI too will be smaller.

But, if it is a personal loan or a vehicle loan -- these do�not give you any tax benefits -- then don't keep the tenure (period of the loan)�too long.

Salary increases

If you foresee great pay hikes in the coming years,�you may not mind living on a tight budget the first year or two. Then, as your salary increases but your EMI stays constant, you will be able to comfortably repay your loan.�

Opting for high EMIs makes sense if you foresee rapid or substantial increases.

Interest rates

If your loan has a high interest rate, don't dilly-dally with repayment. Clear it as soon as you can. This is especially true for personal loans, where the interest rate can go up to 21% per annum.

Let's work it out

Loan amount = Rs 1,00,000

Rate of interest = 12% per annum

1-year EMI = Rs 9,333

2-years EMI = Rs 4,931

3-years EMI = Rs 3,470

So you totally pay out Rs 1,11,996 for a one-year loan, Rs 1,18,344 for a two-year loan and Rs 1,24,920 for a three-year loan.

Finally, when looking for a loan, don't go by what interest rate a company is giving you, go by actual EMIs. Let's say two banks are offering you a home loan or personal loan. With a fixed loan amount and fixed repayment tenure, ask them what the EMI will be.

Since some calculate on a monthly reducing basis and others on an annual reducing basis, go by actual EMIs.

Or, a bank may say�they will give you 35% of your income while another may say 40% of your income. Here too, ask what the EMI will be with a particular tenure and loan amount.

Only when you get an actual EMI figure will you be sure what you are getting into.

Understanding EMI

Understanding EMI

Larissa Fernand
July 25, 2006 09:32 IST

In our advisories, we have a number of readers who write in with queries regarding EMIs.

The acronym for Equated Monthly Installment, this is the amount you will have to pay every single month when clearing your loan. It could be a home loan, a personal loan, a vehicle loan, a consumer durable loan or an education loan.

This is the first of a three-part series on explaining what they are, how they are calculated and what you must know to make it work for your benefit.

The EMI combines principal and interest

It is an unequal combination of principal (the actual loan you have taken) and interest rate.

In the earlier years of loan repayment, it is mainly the interest payments that are being made while the principal amount is much less. Towards the end of the repayment tenure, it is more of the principal that is being repaid, not interest.

Loan amount: Rs 1,00,000
Rate of interest: 8.75% per annum
Tenure: 10 calendar years
EMI: Rs 1,254

Let's say�the EMI payments start from January 1, 2006.

Financial year	Interest paid	Principal repaid
Jan 2006 - Mar 2006	Rs 2,175	Rs 1,587
Apr 2006 - Mar 2007	Rs 8,349	Rs 6,699
Apr 2007 - Mar 2008	Rs 7,736	Rs 7,312
Apr 2008 - Mar 2009	Rs 7,069	Rs 7,979
Apr 2009�- Mar 2010	Rs 6,343	Rs 8,705
Apr 2010 - Mar 2011	Rs 5,550	Rs 9,498
Apr 2011 - Mar 2012	Rs 4,685	Rs 10,363
Apr 2012 - Mar 2013	Rs 3,742	Rs 11,306
Apr 2013 - Mar 2014	Rs 2,711	Rs 12,337
Apr 2014 - Mar 2015	Rs 1,589	Rs 13,459
Apr 2015 - Dec 2015	Rs 531	Rs 10,755

So, while the EMI remained constant every month,�you were paying a higher component of interest when you began repaying your loan and a higher component of principal�towards the end.

The EMI stays constant

Though the EMI is an unequal combination of interest rate and principal, it stays constant.

There are a few exceptions though.

i. You prepay�part of the loan. In this case, it is obvious�that the amount of your remaining�EMIs won't remain the same if you leave the duration of your loan constant.

ii.�You have taken a floating rate loan where the interest rate keeps changing. In this case, the EMI will change as the interest rates�change. Of course, some have the option of the EMI not changing but the tenure increasing or decreasing.

iii.�You opt for a loan where the EMI keeps increasing over the years. To give�an example, let's say you have a 10 year loan. The EMI stays constant for three years, then rises for the next three years and rises again for the last four years. This will help young individuals who cannot afford a huge EMI at this point but can do so as their earnings rise.

What determines the EMI

Four factors go into the determination of EMI.

• The principal amount

This is the actual loan amount taken. Obviously the larger the amount, the greater the EMI.

Rate of interest = 8% per annum
Tenure = 10 years

EMI for a Rs 8,00,000 loan = Rs 9,935
EMI for a Rs 10 lakh (Rs 1 million) loan = Rs 12,419
EMI for a Rs 12 lakh (Rs 1.2 million) loan = Rs 14,903

• The rate of interest

Another obvious one, the higher the interest rate, the higher the EMI.

Loan amount = Rs 10 lakh (Rs 1 million)
Tenure = 10 years

EMI for 8% per annum = Rs 12,419
EMI for 8.5% per annum = Rs 12,701
EMI for 9% per annum = Rs 12,985

• The tenure

The longer you take the loan for, the lesser the EMI. The faster you want to repay it, the higher the EMI.

Rate of interest = 8% per annum
Loan amount = Rs 10 lakh (Rs 1 million)

EMI on a 5-year loan = Rs 20,871
EMI on a 10-year loan = Rs 12,419
EMI on a 15-year loan = Rs 9,736

• How the�interest rate is calculated

It could be calculated either on monthly reducing basis or on an annual reducing basis. Monthly reducing basis means that, every month, the principal amount paid will be taken into account when calculating the next month's interest.

Annual reducing basis will take into account the principal amount repaid every year before calculating the remaining principal amount.��

Rate of interest = 8% per annum
Loan amount = Rs 10 lakh (Rs 1 million)
Tenure = 10 years

EMI on an annual reducing basis = Rs 12,419
EMI on a monthly reducing basis = Rs 12,133

This means there is a�difference of Rs 34,320 over 10 years. Which means, the more frequently it is computed, the better.

Now that you have understood the basics of EMI, tomorrow we will tell you how exactly the EMI is computed.

EMI Calculation

How EMIs are calculated

July 26, 2006 09:30 IST

In Understanding EMI, we explained the basics of an Equated Monthly Installment and what it consists of.

Today, we tell you how the EMI is mathematically determined. Though this is a complicated formula, all you have to do is figure it out on MS Excel.�

Here we give you step-by-step directions.

Loan details

Let's say�these are the basic details of your loan

Amount = Rs 1,00,000
Tenure = 10 years
Rate of interest = 8.75% per annum

Using these�figures, we shall explain how you can calculate the EMI for any particular�amount.

What is my EMI?

• Open Microsoft Excel
• Go on to an Excel sheet
• Click on the�fx option; you will find it on the menu at the top of the page
• You will get Function Category, click on Financial
• On the right hand side, you will get Function Name, click on PMT
• Click OK

A box will appear.

Rate	8.75%/12
Nper	120
Pv	100000
Fv	0
Type	0

Rate: Insert the interest rate here. When adding the interest rate, add the interest rate figure. Don't just put 8.75, put 8.75%. Always divide by 12 to indicate the monthly payments.

Nper: This is the number of months you will take to repay the loan. Do not put in the number of years, but number of months. So 10 years would be 120 months.

Pv: This is the total loan amount. Do not put any commas here. So do not write it as 1,00,000 but as 100000.

You will see Formula result, which is the answer. Here it is -1253.267504. Or, if you click OK, you will get $1253.27.
Of course, we go by rupees so your EMI will be Rs 1,253.27 (rounded off to Rs 1,254)

What is the interest component of my EMI?

Let's say you are repaying your loan but want to know how much is interest payment and how much is the principal amount. You can find this per EMI.

Here's how.

• Open Microsoft Excel
• Go on to an Excel sheet
• Click on fx option, you will find it on the menu at the top of the page
• You will get a Function Category, click on Financial
• On the right hand side, you will get Function Name, click on IPMT
• Click OK

A box will appear.

Rate	8.75%/12
Per	16
Nper	120
Pv	100000
Fv	0

Rate: Insert the interest rate here. When adding the interest rate, add the interest rate figure. Don't just put 8.75, put 8.75%. Always divide by 12 to indicate the monthly payments.

Per: This is the installment you are referring to. Let's say it is the 16^th installment of the loan.

Nper: This is the number of months you will take to repay the loan. Do not put number of years, but number of months. So 10 years would be 120 months.

Pv: This is the total loan amount. Do not put any commas here. So, do not write it as 1,00,000 but as 100000.

You will see Formula result, which is the answer. Here it is �668.8227439. Or, if you click OK, you will get $668.82.

Since we go by rupees, the interest component of your Rs 1,254 EMI is Rs 668.82.

The balance is principal repayment. But, if you want to directly check the principal amount, we show you how.

What is the principal component of my EMI?

• Open Microsoft Excel
• Go onto an Excel sheet
• Click on fx option; you will find it on the menu at the top of the page
• You will get Function Category, click on Financial
• On the right hand side, you will get Function Name, click on PPMT
• Click OK

A box will appear.

Rate	8.75%/12
Per	16
Nper	120
Pv	100000
Fv	0

Rate: Insert the interest rate here. When adding the interest rate, add the interest rate figure. Don't just put 8.75, put 8.75%. Always divide by 12 to indicate the monthly payments.

Per: This is the installment you are referring to. Let's say it is the 16^th installment of the loan.

Nper: This is the number of months you will take to repay the loan. Do not put number of years, but number of months. So 10 years would be 120 months.

Pv: This is the total loan amount. Do not put any commas here. So do not write it as 1,00,000 but as 100000.

You will see Formula result, which is the answer. Here it is -584.4447605. Or, if you click OK, you will get $584.44. Since we go by rupees, the interest component of your Rs 1,254 EMI is Rs 584.44.